To: Janet Yellen, Chair, Board of Governors of the Federal Reserve System
A patriotic petition to restructure the Fed
In order to function as a public bank, the Fed should
(1) Issue loans ONLY to create real wealth, such as tables and chairs and professional services;
(2) Loans at cost;
(3) Loans to benefit everyone (by funding -- through local banks -- individual entrepreneurs, cooperatives, ESOPs, and public entities with taxing power, so that loans can be repaid).
Why is this important?
The monetary system is broken – the world over.
It is not working for the poor.
It has led to the collapse of the middle class.
It is not working well for the rich, except in an illusory and transitory way.
We have to turn the Fed from serving the few, rather badly, to serving everyone well.
If the proposed structure is in place, let Wall Street tremble or financial behemoths collapse, Main Street will continue to prosper.