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

[agnes at mcn.org]

 Subject: letter to the Editor-1/21/14
>
From:    agnes at mcn.org
 Date:Tue, January 21, 2014 11:26 am
>
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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. their 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 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 for  Eminent Domain.
>
> 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

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