26 Jun 2012

US Congress investigation into Fractional Reserve Banking

My thanks to Jake for sending me the news that Congressman Ron Paul (ex. Republican candidate) and Chairman of the Domestic Montary Policy and Technology Subcommittee will be holding a hearing on the 28th June to examine fractional reserve banking.

It could be interesting to hear.

I would just love to hear a banker explaining why it's better to get commercial banks to create money to lend the the US government, who then ends up paying $8.5 trillion in interest charges since 1988 (i.e more than half the entire US government debt), rather than just allowing the treasury to print its own money debt free like Abraham Lincoln and the Colonists.

NOTE ADDED Sunday 1st July

There's a Youtube version that you can find here.
I've not watched it yet (it's 75 minutes in length), but it's been seen by over 5000 people so far, with 323 likes. And as one commentator points out, with a leverage ratio of 10:1 that would make 3230....


  1. Hmm, let's hope thing are moving at last but that it doesn't turn into another Radcliffe Committee.
    My old favourite Dennis Kucinich is also adamant about fighting the banks in this - he's certainly has more than one riff-raff with them especially when he was Cleveland's mayor.

  2. Well... I'll be trying to find out what went on tomorrow