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Roosevelt said it best

Posted: January 31, 2014 - 9:29am

I often think I should have lived during my grandfather’s generation. He was in his early 40s during the Great Depression. He seemed to understand the importance of future generations. What a difference from today where money is key component of people’s desire. Today, most love money and most of my grandfathers generation loved the future.

I believe President Roosevelt was a reflection of my grandfather’s generation. I recently read FDR’s first inaugural address. He understood money creation through credit and the underlying cause of the economic turmoil the nation was facing in the 1930s. I quote from his speech: “Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They know only the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish. The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit. Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. ”

President Roosevelt understood the failings of speculative investment banking. He pushed through the Glass-Steagall Act and created credit, through government, to build infrastructure. Today, people are blind, lost in “the rules of a generation of self seekers.” Washington DC will not change. There is a lot of money to be made (for some) in this current failed economic system.

It is my hope that Alaskans are different. That we reflect the thoughts of my grandfather’s generation. “Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.”

Alaska can close down the money changers of Wall Street and establish credit as spoken of by President Roosevelt. Just establish a public Bank of Alaska and create credit to expand the productivity of all Alaskans. Or perhaps we reflect the thinking of Wall Street gamblers and our federal politicians. Roosevelt said it best: “They have no vision, and when there is no vision the people perish.”

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kksalm 01/31/14 - 11:39 pm
I think we should think about the future

I like this thought about Alaska setting up an in state banking system. At first I thought this was an impossible idea until lo and behold, there's another state already doing it!

Thank you Ray, for pointing out the obvious. I know you've been selling this idea here on our Peninsula Clarion on other threads. Without a boatload of money and politics behind you I'm not sure how to get the message to all of Alaska. I do know the time has come.

Have a wonderful day!

RaySouthwell 02/01/14 - 10:02 am
Thank You

We need public discussion. Thanks for the Ellen Brown Link. She is also attempting to establish a public bank in all 50 States. Here is the link.

On Christmas I sent an e-mail to all 60 Legislators and the governor. To date here is the list that have responded.

Representative Hughes
Representative Kreiss- Tomkins
Representative Kawasaki
Senator Ellis
Senator Micciche
Senator Bishop
Senator Gardner

Only Representative Kawasaki seems to understands public banking. He e-mailed me saying he is a friend of State Senator Hasegawa from Washington. Hasegawa has introduced a bill (past years) to establish a public Bank in Washington State. Kawasaki said he hoped to introduce a bill this legislative session. I was encourage by Senator Micciche desire to understand public Banking. He borrowed my book written by economics professor Richard Werner called " New Paradigm in Macroeconomics."

Contact your State Legislators and give them encouragement to understand the concept.

RaySouthwell 02/01/14 - 10:11 am
Letter to legislators and governor

Here is my letter to our State Legislators sent on Christmas.

"In 1976 Alaska’s State Legislature worked together for the common good of all Alaskans. They mandated a law to protect water by forcing all oil tankers to have double hulls. Big oil took the State of Washington to court (on a similar issue) and won the case. The Commerce clause gave such jurisdiction to the Federal Government. D.C did not care about Alaska waters. The few double hull tankers started to fill the air space with oil. It all changed after the Exxon Valdez disaster. Federal government mandated what Alaska attempted to do years earlier.

I raise this issue because it is time for Alaskan politicians to unite again for the common good. Washington D.C. is in complete disarray and our federal politicians play the role of divisiveness.

We Alaskans need to understand our untouched resource called money. Money is a tool that helps promote commerce. Alaska has many organizations to help business “find money” to help them develop. However, if we had a public Bank of Alaska, we could expand money through credit creation. Banks have had the privilege for decades. They take their assets and create credit (money) 10 times more than they have and lend it into productive ventures or speculative investments. Attached is a video with economic Professor Richard Werner explaining “where money comes from.”

On a National scene Senator Elizabeth Warren (D-Mass) explains the problem in D.C. "Today, the four biggest banks are 30 percent larger than they were five years ago," she said. "And the five largest banks now hold more than half of the total banking assets in the country." ( Elizabeth Warren Slams Regulators Nov 12, 2013)

And where is this money going on a world scale? The Bank of International Settlement (BIS) states “They Show that notional amounts outstanding (derivatives) totalled $693 trillion at the end- June 2013.” That’s right T as in trillion. (BIS-”OTC derivatives market activity in the first half of 2013”-7 November 2013)

Alaska could develop our own bank and create credit to expand infrastructure and economic growth outside the feds behavior. The good news it is not a new idea. In 1919 Bank of North Dakota established the only public bank in the USA. Today the bank adds almost as much to the State coffers as oil and gas. North Dakota unemployment is lowest in the nation 3%. They were challenged in the courts and the Federal Supreme Court agreed with North Dakota. Here is a video link to better understand the Bank of North Dakota.

So, here we sit wondering where the money will come from for a road to Nome or rail expansion or a large volume in-State gasline. Create credit through public banking and build the infrastructure for all Alaskans. Other States are talking the same. Here is a video link with Washington State Representative (now Senator) Bob Hasegawa.

It is time for Alaska’s politicians to step forward and unite for the common good. The common good was double hull tankers decades ago. Now, will you drop the party politics of D.C. or will you continue to follow their lead.

Ray Southwell Nikiski "

RaySouthwell 02/01/14 - 10:41 am
Borough Assembly

I also sent the above letter to our Borough Assembly members. I have not heard back from any. However, I did have a conversation with Mayor Navarre. He seems to support the idea of public banking. As the individual who is responsible for the borough expenditures he seems to understand compounded interest payments. Think about the benefit of borough interest payments being paid to the public Bank of Alaska instead of outside interests. All interest payments would stay in Alaska. Money is a tool. It must be used to help build Alaska's infrastructure. Just like a hammer is used to build things of value.

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