In a blatant example of “do as I say, not as I do,” the US government is profiting handsomely by accepting marijuana cash in the payment of taxes while imposing huge penalties on banks for accepting it as deposits. Onerous reporting requirements are driving small local banks to sell out to Wall Street. Congress needs to harmonize federal with state law.
Phi Beta Iota: Wall Street is using every means at its disposal to destroy community banks. This is the same Wall Street that created the Great Depression to destroy the middle class and buy up America at depression prices; the same Wall Street that created CIA as its secret enabler within the US Government toward high crimes on a global scale. The President must not only nationalize the Federal Reserve, he must de-criminalize and de-regulate to the extent that community banks are protected while Wall Street is taxed on every currency and stock transaction.
Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling WEB OF DEBT. In THE PUBLIC BANK SOLUTION, her latest book, she explores successful public banking models historically and globally. Her websites are http://EllenBrown.com, http://PublicBankSolution.com, and http://PublicBankingInstitute.org.