Remaking America by George Shollenberger, Idea XXXXII (A New Banking System)
Through the administration of Abe Lincoln, three national banks were opened. The purpose of these national banks was to augment the State and local banks, which concentrated on the monetary needs for local farmers, miners, etc. The third national bank, under Lincoln, developed new standards for the State and local banks,new industries for the Southern States, and new homes and towns for the West.
Unfortunately, national developments by the U.S. government were never understood by people who work in the private sector because development usually affects business. In fact, many people in the private sector do not like developments by the national government. To stop national developments, today’s Republicans seek political power in order to limit government. To help their cause, Republicans say that national development is socialistic and then call it Marxism. How silly the Republicans are today.
Recently, President Obama and Treasury Secretary, Timothy Geithner, proposed a new banking system. This system would ‘unify’ the capital needs for national U.S. developments with the capital needs for State and local developments. Such banks would become a 50/50 joint venture between the U.S. government and the private sector. These two different forms of development could become the most brilliant idea that emerged since 1776.
Apparently the concept ‘development’ is not well understood by many Americans. American must adapt to continuous developments. Otherwise, the USA will die long before the sun darkens.