Congress should reclaim authority

To The Eagle:

How can our government be creating money?

Congress can use the same technique banks use to create their money. But there is a major difference.

Banks create their money "out of thin air." By what authority do they do this? Their claim is that the constitution gives Congress the authority to do this and that Congress has delegated this authority to the banking system. Therefore Congress can reclaim this authority.

If Congress does create our money, it can be spent into circulation. This is the complete opposite of what the bankers' system does. Every dollar banks create is borrowed into circulation with an interest charge attached.

The banking system should be made subordinate to the Treasury Department. Banks should be prevented from creating money by requiring them to have 100 percent reserves. If banks need money, they should borrow it at low interest rates from the Treasury.

Government created money would introduce credit money into our system; black ink money if you will. Despite the banking magician's bookkeeping, illusions to the contrary, all the money in our system, except coins, is red ink money. How could we not have a gigantic debt?

Gilbert Vik

Puget Island