Banking Debts Load On Taxpayers





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Published on Feb 9, 2012

Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Rep. Elijah Eugene Cummings (2011-12-16, video provided by U.S. House of Representatives).

Mr. William C. Dudley, President and CEO, Federal Reserve Bank of New York;

Mr. Steven B. Kamin, Acting Director, Division of International Finance, Board of Governors of the Federal Reserve System;

Mr. Mark Sobel, Deputy Assistant Secretary for International Monetary and Financial Policy, U.S. Department of the Treasury

Key Economic Facts:
Most governments (e.g. in the Euro-block countries, i.e. The Maastricht Treaty, November 1, 1993, e.g. Art. 104, i.e. The Lisbon Treaty, December 1, 2009, e.g. Art. 123), have lost their primary source of Monetary Sovereignty; their Central Banks do not fund the State's budget demands

Senator Bernie Sander said, "This report confirms that ultra-low interest loans provided by the Federal Reserve during the financial crisis turned out to be direct corporate welfare to big banks".

"The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole... Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..." .- Prof. Carroll Quigley, American historian

Today's developed country governments are prohibited by law from printing money directly. However, their central banks may buy government bonds in the financial market in order to finance government spending, thereby monetizing the debt.

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Monetary Sovereignty
Fiscal Compact


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