"Mainstream" media censors economic solutions, Federal Reserve controls economic journals

hyperlinks and video live at source: http://www.examiner.com/x-18425-LA-County-Nonpartisan-Examiner~y2009m11d30-Mainstream-media-censors-economic-solutions-Fed...

People with intellectual integrity and moral courage embrace the evidence of “mainstream” media lies of omission and commission regarding US wars and transfer of trillions of dollars to banksters. The evidence linked is objective, independently verifiable, and in broad daylight for anyone and everyone to see.

So-called “mainstream” media also censors consideration of the answer to our economic crisis: monetary reform. When the facts are clear that transferring the power to create money from banks to the public for the direct payment of taxes saves Americans over a trillion dollars every year, ends the national debt and ~$450 billion in annual interest payments, and that this idea was backed by many of America’s brightest historical minds, that this idea would solve our unemployment catastrophe (and here), and the idea has no mention from these five corporations, we can safely conclude deliberate censorship.

Moreover, promising alternative ideas should be highlighted given that mainstream economists did not see the crisis coming and admit they need to go back to the drawing board, poignantly expressed through this interview of many of Harvard's economics professors. One quote of admission that macroeconomics needs rethinking: "Sometimes that means we focus on silly questions and ignore greater ones."

For one example of a great idea, if states decided to create state-owned banks (and browse here), they could instantly save the interest costs of current debt. It works like this: the state bank uses state assets as the legal basis to create credit, as any other bank does. The state bank issues credit to purchase its outstanding debt at an interest-free loan. Just like that, a bank that can exist on one desktop computer ends our debt-interest cost. In California, this savings is $5 billion every year. To put this number in context, this would pay for all 20,000 laid-off teachers at $70,000/year and still leave $3.4 billion left over! Read here for an economist and candidate for governor explaining the idea for Florida.

This is wonderful news! You need to stop here and verify that the monetary reform information I’ve presented so far is verifiable and objective fact (links in above information):
1.We would save over a trillion dollars every year as a nation is we stopped creating our money as debt through banks creating loans at interest and started creating money for the public good for the direct payment of taxes for public goods and services.
2.This idea has broad historical support and a track-record of success in this nation.
3.Monetary reform ends unemployment.
4.State banks would save billions instantly.
5.This idea appears nowhere in corporate media. Oh, and if it becomes so popular to demand recognition, the idea will be ridiculed by “professionals.”
And #5 brings me to the second topic in the article title. If the Federal Reserve is a cartel skimming Robber-Baron profits, they would have to defend their territory by preventing academic publication challenging their monetary system. Author Ryan Grim has done a champion’s job of showing this is the case. Academic journals have editorial boards. If the Fed controls the editorial boards, dissenting papers never get published.

For example, in the Journal of Monetary Economics, over half the editorial board is currently employed by the Fed and the rest are former employees. Grim reveals that among the US’ monetary economists, up to half are on the Federal Reserve payroll at any given time. And among economic journal editorial boards, almost half are receiving money from the Fed.

Not surprisingly, those economists testifying that the Fed should not be audited are indeed affiliated with the Fed and not at all independent professionals. Watch for similar economists to speak against monetary reform should corporate media cover the topic.

For those with confidence in the Fed, enjoy the Federal Reserve Inspector General’s (IG) testimony to the House Financial Services Subcommittee on Oversight and Investigations hearing from May 5, 2009. Compare the IG’s testimony from her job description:

The Office of Inspector General (OIG) conducts independent and objective audits, inspections, evaluations, investigations, and other reviews related to programs and operations of the Board of Governors of the Federal Reserve System (Board). OIG efforts promote integrity, economy, efficiency, and effectiveness; help prevent and detect fraud, waste, and abuse; and strengthen accountability to the Congress and the public. The OIG's work assists the Board in managing risk and in achieving its overall mission to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems so as to promote optimal macroeconomic performance.

I also provide my favorite 8-minute powerfully artistic overview from PuppetGov.