Petition to Nationalize Banks

[DrYe5]

Please sign my White House petition to nationalize the banks.

I also have one for instating reporting standards on private health insurance companies.

-Thanks

[herzmeister]

wrong forum 

[ALPHA.]

That would be unconstitutional and would make something that was too big to fail impossible to fail. Wonderful.

[notme]

We don't need to nationalize banks.... We just need to put a cap on assets, or an aggressive tax schedule past a reasonable size.  That way, when they fail, we can afford to let them.  That's what the FDIC is for.

[KaptainBlaZzed]

Never, keep the government out of the banks.

Small government is better.

[notme]

Never, keep the government out of the banks.

Small government is better.

+1. The average American politician is more corrupt than the average businessman.  Promises become broken and people lose faith.  With a little luck, maybe Ron Paul can finally slay the demon and we can all have a little breathing room again.

[crawdaddy]

Please sign my White House petition to nationalize the banks.

I also have one for instating reporting standards on private health insurance companies.

-Thanks

This is a great plan that allows me to longer buy toilet paper, because what value is left in the "governments" fiat currency would be gone in weeks, hence putting to use as TP. Where do I sign?

[MoonShadow]

The last thing that we want to happen is the bankers gain access to the legalized force of the state even more directly than is presently so.

[Xenland]

Lets start with no more fractional banking....

[SlaveInDebt]

Lets start with no more fractional banking....

^This

If I was allowed that scam I'd be wealthy too. What's amazing is banks still managed to fail with a 1:9 money creation scheme.

[pointbiz]

Lets start with no more fractional banking....

+1

Demand deposit accounts are supposed to be 100% backed with currency reserves. Anything less is a fraud.

Savings accounts and term deposits should not have to be held in reserve since by their very nature the funds are being used to lend at interest and earn the savings account or term deposit holder a portion of that interest.

Instead of nationalizing the banks why not just have US Congress pass a law to increase the amount of US Notes the Treasury can print. Then they can print debt free money and pay back the federal reserve and all the debt holders and enact another law to limit the amount of fiat printed.

[herzmeister]

Nations issuing money by themselves again is probably better than the FED system that we have today.

But still, it's a good idea that nations aren't allowed to do it. That is just the next step in Separation of powers (not that those powers are really divided nowadays).

The FED isn't really owned by the state as many believe, but it isn't entirely private either, as there are laws in place to secure its monopoly.

The real solution is that banks issuing money should be in competition, which actually means competition of currencies (and gold, silver, bitcoin etc), which is what Ron Paul is advocating.

[cbeast]

The real solution is that banks issuing money should be in competition, which actually means competition of currencies (and gold, silver, bitcoin etc), which is what Ron Paul is advocating.

I'm not gonna accept anyone's funny monopoly bills. This is only really feasible with a Satoshi type client. Competing currencies would be alternate block chains, but they would run on anyone's system. The only question is what makes anyone's currency any better than Bitcoin?

[Hawker]

The UK government nationalized several banks as a result of its bailouts. That didn't help the people in any way though.

Its the old story.  Socialism for the rich and free market economics for the rest of us. 

[herzmeister]

I'm not gonna accept anyone's funny monopoly bills.

It's your choice. You as an individual are part of the market. Nothing more, but also nothing less.

[GideonGono]

Please sign my White House petition to nationalize the banks.

I also have one for instating reporting standards on private health insurance companies.

-Thanks

Explain why you think this will be beneficial.

[DeathAndTaxes]

The real solution is that banks issuing money should be in competition, which actually means competition of currencies (and gold, silver, bitcoin etc), which is what Ron Paul is advocating.

I'm not gonna accept anyone's funny monopoly bills. This is only really feasible with a Satoshi type client. Competing currencies would be alternate block chains, but they would run on anyone's system. The only question is what makes anyone's currency any better than Bitcoin?

Not any more funny money then buying corporate or municipal paper (bonds).  That is the great thing about free markets.  People will demand accountability, transparency, and stable value.  Those that fail to

For the record you already accept monopoly money.  The federal reserve is a private corporation.  They only difference is a lack of free market.  They have a absolute and Congressionally enforced monopoly on the issuance of monopoly money.  So when they decide to "help" the economy by creating inflation and eroding your buying power you have no alternative.

How would 20 entities be worse than 1 private entity.  Is there any other industry that you think a single monopolistic power is best?

[cbeast]

How would 20 entities be worse than 1 private entity.  Is there any other industry that you think a single monopolistic power is best?

That would make counterfeiting much more lucrative. I don't pay for a happy meal with junk bonds, though that may be appropriate.

[DeathAndTaxes]

How would 20 entities be worse than 1 private entity.  Is there any other industry that you think a single monopolistic power is best?

That would make counterfeiting much more lucrative. I don't pay for a happy meal with junk bonds, though that may be appropriate.

No need for it to be paper money.  Honestly there is very little need for paper money.  You could just buy your happy means with electronic payments.  VISA currently processes 100+ different currencies globally.  Adding a few private versions wouldn't be much more difficult.  The only difference is that you would be paying in xyzBucks instead of USD.

[cbeast]

How would 20 entities be worse than 1 private entity.  Is there any other industry that you think a single monopolistic power is best?

That would make counterfeiting much more lucrative. I don't pay for a happy meal with junk bonds, though that may be appropriate.

No need for it to be paper money.  Honestly there is very little need for paper money.  You could just buy your happy means with electronic payments.  VISA currently processes 100+ different currencies globally.  Adding a few private versions wouldn't be much more difficult.  The only difference is that you would be paying in xyzBucks instead of USD.

Well sure, local currencies are fine when I'm traveling. If VISA can offer a lower exchange rate and processing fees than a Bitcoin based exchange and money processor, then good for them. Personally, I think VISA will migrate to Bitcoin, change their name, and restructure their entire business within ten years.