Posted by WARREN MOSLER on December 23rd, 2010
pitiful stupidity/ignorance of monetary operations.
Very good post/critique by Bill on same goes into more detail:
On Thu, Dec 23, 2010 at 10:55 AM, Scott Fullwiler
Kucinich wants to end “private money creation” by banks or anyone else.
“Sec. 102. Unlawful for Persons to Create Money.
Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under Title 18, United States Code, imprisoned for not more than 5 years, or both.”