The federal government should borrow money directly from its citizens / by kevin murray

It is quite unfortunate that because of its name, that the Federal Reserve Bank, is considered by many to be the national bank of the United States, but it most surely is not.  In fact, the Federal Reserve Bank, is made up of banking consortiums, such as Citigroup and Chase, and is a separate and independent banking consortium, which is not part of the federal government.  However, our coin of the realm comes from this Federal Reserve Bank, in which the dollars so used, are designated as Federal Reserve notes.


As might be expected, anytime that anybody borrows money from a bank, that entity is going to have to pay something for the privilege of that money so borrowed, of which, the United States,  as reported by, is estimated to be expending $479 billion on its national debt for the fiscal year 2020.  That is to say that $479 billion is paid from this government to the consortiums that are the member banks of the Federal Reserve Bank.


A far better idea, is for the United States, itself, to get its funding, not from the Federal Reserve Bank, but rather from the people that populate this country, and to do so, directly, by putting forth bond issuances or similar to the people, that will thereby create the "greenbacks" to use as the legal currency in this country.  In point of fact, this issuance of currency directly generated by the government might not even necessitate interest payments, whatsoever, depending upon the structure of that money creation.


For instance, crypto currencies, which are so prevalent today, are backed by absolutely nothing, but are accepted as a form of currency because such is anonymous, prevalent, electronic, reliable, and serves as a means to make transactions from one party to another.  In fact, as estimated by, the market capitalization of all crypto currencies is approximately $213.7 billion, in which, crypto currencies only came into existence in 2009.  This so signifies, that people are quite willing to use other forms of currency other than our current Federal Reserve notes, in which that currency pays to the user, no interest, and those currencies are backed by absolutely nothing.


Additionally, greenbacks as issued directly by the United States government could in theory, be backed by some sort of combination of assets that are already owned by this government, such as land, mineral rights, commodities, gold, silver, oil, natural gas, buildings, and various other material assets owned by our national government which are estimated to be worth many trillions of dollars.


There isn't any good reason why this government has to beg, hat in hand, to banking consortiums, as well as to provide the exclusive usage of the coin of the realm to the Federal Reserve Bank.  The act of 1913, that created the Federal Reserve Bank, can and should be rescinded, and replaced by the United States government utilizing its own assets to create the sound basis of its own greenbacks, and to do such in a manner in which, this government interacts directly with its people; in which, time and time again, the good people of this great country, have demonstrated their patriotism by investing their faith and their good labor into the coin of the realm, as not only an act of civic duty, but as their expression that this last great hope of mankind, deserves no less.