Why States Going into the Banking Business Would be a Distraction, not a Solution to their Fiscal Problem

By Jamie Walton, AMI Researcher.

August 5, 2009.

“We may not be able to stop them, but we can join them. We the people need to play the bankers’ game ourselves.”¹ – that was written by one of the promoters of the notion that the state governments should go into the fractional reserve banking business to beat Wall Street at its own game and solve their fiscal problems.

What an insult to humanity! How about a dose of morality and common sense. Isn’t that like saying: “We’re victims of organized financial crime, so lets join the criminals!”

Trying to beat Wall Street at its own game is obviously not the answer. As Albert Einstein once said, “We can’t solve problems by using the same kind of thinking we used when we created them.”

…Read more at American Money Scene 5

Scroll down to leave a comment. Please keep comments succinct (generally under 300 words) and on topic! Thank you!