[Occupymendocino] [Fwd: letter to the Editor-1/21/14]

[agnes at mcn.org]

Date:    Tue, January 21, 2014 4:33 pm
To:      ava at pacific.net
Cc:      udj at pacific.net
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Letter to the Editor:

Mendocino County Public Bank Coalition members, Robin,and Mary  were
derailed by Supervisor Pinches' responses to their  education campaign in
his office regarding the Charter and a public Bank. My answer to
Supervisor Pinches is:

 Until Supervisor Pinches realizes how banks make new money when
 they make a deposit of a loan in a depositors account he will not
 realize the value of a Charter with the power to authorize a
 public bank.

 If he had read chapter 2 in the "Public Banking Solution" book by Ellen
Brown he would realize the truth about the fractional-reserve system of
banking and how banks can loan out 90% of their deposits in their
accounts using new money  to loan out, thereby increasing the amount of
money in circulation.
He  will be ready to see how Banks control the economy by making loans to
 depositors or with-holding loan making which squeezes the economy by not
 putting new money into circulation. And then he would realize what a
 Mendocino County Public Bank can do by using fractional reserve as other
 private banks do, but, only for the benefit of Mendocino County. The Bank
of North Dakota, a publicly owned bank also uses fractional reserve
system of banking. North Dakota's economy did not suffer in the 2008
economic crisis. You may say it's because they have oil revenues, but
Minnesota also has oil reserves and they suffered with higher unemployment
because they don't have a Publicly owned state Bank.

In addition as elected officials, Supervisors have the power to use
eminent domain on securitized mortgages with lost chain-of-title, re-
valuate underwater loans, sell them back to capable owners at current
market value, thus creating an income stream  to the County Public Bank
once it's
established. With Eminent domain mortgage holders must prove they own the
note, otherwise there's no one to whom market value must be paid when
there's a clouded title.

A Public Bank can be capitalized with $20 million in County Rainy Day
Funds which sit idle,and County Retirement Funds and/or School bonds.Each
of these organizations may have a seat on the Public Bank Bank Board if
they agree to capitalize the County Public Bank.

If the supervisors would go to www.tucradio.com and look for the Ellen
Brown Presentation of her book "The Public bank Solution", they could be
enlightened. Also visit www.mendocinotv.com, see the taped  book event on
Doug McKinty's show.
Please urge your supervisors to put the Mendocino County Charter on the
ballot.

Sincerely,
Agnes Woolsey
P.O. Box 163,Mendocino,CA 95460