READER REPORT:

As president I'd take control of money

GLENN TODD
Last updated 14:30 07/11/2012

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Forget Barack Obama and Mitt Romney, you have just been elected the US president. But would you do? To contribute to this assignment hit the green button below.

I'd abolish the federal reserve and outlaw the concept of fractional reserve banking*.

Having the government issue and use its own currency would be a significant first step to the economic resurgence of the United States.

Outlawing fractional reserve banking would help prevent bubbles from occurring - of course some will happen but the severity, with any luck, would be reduced.

I'd also withdraw US troops from abroad. Iran does not need the bomb if it is not threatened.

The country needs to remove regulations from individuals and corporations - not all of them of course, some rules are required for the stable functioning of society. I refer to the red tape and legal issues these days.

I would also implement a tax on imported Chinese goods. The Chinese currently do this to US made goods, discouraging their local market from buying US and encouraging local made goods.

Until this is fixed the US economy will keep losing jobs to China and other low wage paying countries - if the Chinese want to tax foreign goods then it is only right the US does the same in return.

The down side to this is a 'trade war', but unfortunately there are not many other options - something has to give.
I cannot quite explain things very well but feel free to watch 'money as debt' for an overview on the private national banking institutions and fractional reserve banking.

I cannot quite explain things very well but feel free to watch 'money as debt' for an overview on the private national banking institutions and fractional reserve banking.

* A bank maintains a fraction of the total amount in its customers' deposit accounts as reserves to satisfy demand from depositors. Funds deposited at a bank are mostly lent out.

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