Fed Bails Out Wall Street, Ignores Main Street (Again)
Statement from the Green Party of the United States
WASHINGTON — The Green Party of the United States (Green Party US) and the Green Party’s Banking and Monetary Reform Committee (BMRC) have released the following statement in light of recent reports that banks including JPMorgan Chase, Goldman Sachs and Citigroup received $4.5 trillion in potentially illegal repurchase agreement loans (“repo loans”) from the Federal Reserve in the final quarter of 2019:
Green Party of the United States
For Immediate Release:
Tuesday January 25, 2022
Michael O’Neil, Communications Manager, [email protected], 202-804-2758
Diana C. Brown, Co-chair, Media Committee, [email protected], 202-804-2758
Philena Farley, Co-chair, Media Committee, [email protected], 202-804-2758
Mary Sanderson, Co-chair, Banking and Monetary Reform Committee, [email protected]
Howard Switzer, Co-chair, Banking and Monetary Reform Committee, [email protected]
Green Party US strongly condemns the emergency repurchase agreement loan bailouts by the Federal Reserve System (FED) to Goldman Sachs and other major banks. The purpose of these loans is to allow the banks to continue to pay dividends to their shareholders, continue to pay bonuses to their executives, and continue business as usual — all while everyday people continue to struggle to pay for basic needs.
The Green Party believes that a monetary system owned by the people is essential if we want to achieve a democratic, just and sustainable economy. If the people own the monetary system, they won't be subject to its inherent instability. This can be accomplished through the Green Party platform’s Monetary Reform (Greening the Dollar) plan, as per the U.S. Constitution (Article 1, Section 8 Clause 5).
The FED is privately owned by Wall Street banks, authorized by Congress to create all the money in circulation as debt. This special privilege and power has allowed them to amass fortunes. They lobby to continue this system even though it has produced a national debt now reaching $30 trillion with no way for the government to pay it off or continue with the ever-rising cost of paying interest on the debt. Although some economists want to continue the status quo and claim that government debt should be ignored, they do not have a realistic solution for the unsustainable personal and government debt that has grown compounded steadily under the present system.
Quote From Green Party Banking and Reform Committee Co-Chair Mary Sanderson:
"The Green Party is aware of and supports the courageous journalism of Pam Martens and Russ Martens from Wall Street on Parade who have released information about emergency repo loans and other breaches of banking laws. This is a serious matter of collusion between the FED and the banks that deserves public attention."
Quote From Green Party Banking and Monetary Reform Committee Co-Chair Howard Switzer:
“Greens are calling for a sovereign money system, where all money to be issued would be authorized by the Congress, debt-free. It would be a revolving fund that could issue loans at zero interest and fund infrastructure projects, green energy, small businesses, affordable housing, and student debt relief to restore economic and ecological stability."
Quote From Green Party Banking and Monetary Reform Committee Representative Steven Showen:
“A debt-free public money system will redirect the flow of wealth to the many, not just the few. It can easily provide full employment needed to repair the socio-economic and ecological devastation of the current system and lift the tax burden off of working people who create the wealth.”
The Green Party of the United States is an independent political party rooted in American social movements and a global Green movement founded on Four Pillars: Peace and Non-Violence, Ecological Wisdom, Grassroots Democracy, and Social Justice.
The Green Party Banking and Monetary Reform Committee provides position statements and educational materials to Green Party candidates about Green monetary policy and current events affecting banking and monetary systems.
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