The US economy (and hence most of the World) already has a 'private currency', ie the US dollar which is mobilised by the private banks that own the Fed.

Recognise the US government has not controlled the issuance of currency in the US since 1913. The US Fed is privately owned ~ it creates the money the US government spends.

In Lewis v United States, 680 F.2d 1239 (9th Cir. 1982), the United States Court of Appeals, Ninth Circuit ruled that the Federal Reserve Banks are ‘independent, privately owned and locally controlled corporations’, and there is not ‘sufficient federal government control over detailed physical performance and day to day operation’ of the Federal Reserve Bank for it to be considered a federal agency.

The Lewis judgement continues:

'Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stockholding commercial banks elect two thirds of each Bank's nine member board of directors. The remaining three directors are appointed by the Federal Reserve Board. The Federal Reserve Board regulates the Reserve Banks, but direct supervision and control of each Bank is exercised by its board of directors. 12 U.S.C. Sect. 301. The directors enact by-laws regulating the manner of conducting general Bank business, 12 U.S.C. Sect. 341, and appoint officers to implement and supervise daily Bank activities. These activities include collecting and clearing checks, making advances to private and commercial entities, holding reserves for member banks, discounting the notes of member banks, and buying and selling securities on the open market. See 12 U.S.C. Sub-Sect. 341-361…

…Each Bank is statutorily empowered to conduct these activities without day to day direction from the federal government'.

The major shareholders of the Federal Reserve System of Banks* are the ones responsible for every credit squeeze throughout the twentieth century** and now they are doing the same thing.

Withholding lending, to cripple an economy, which then necesitates the government to borrow more money from the world bankers, of which the American taxpayer will be forever indebted, is a strategy that the Rothschild Banking dynasty has repeated for several hundred years.

The whole game has been perpetuated by the distorted belief that money must be borrowed from someone in order to generate economic activity… Money is an illusion, it is created!

It is time for the government to bust the dependance on private money and resume its Constitutional responsibilities ie:

Article 1, Section 8 of the US Constitution specifically says that Congress is the only body that can 'coin money and regulate the value thereof'. The US Constitution has never been amended to allow anyone other than Congress to coin and regulate currency. The present system of allowing private banks in America to control money supply is at odds with the Supreme Law of the United States.

*Federal Reserve Directors: 'A Study of Corporate and Banking Influence'. Staff Report, Committee on Banking, Currency and Housing, House of Representatives, 94th Congress, 2nd Session, August 1976.

** Emry, S. (c. 1982) 'Billions for the Bankers – Debts for the People:The Real Story of the Money-Control Over America', available at; http://www.justiceplus.org/bankers.htm

If anyone thought that a banker would be able to do justice to Fiscal responsibilities should have thought twice. Geithner was definitely a wrong choice. There were much better eligible candidates for the Treasury role – Paul Krugman, Joseph Stiglitz, et al. I was truly sad to see a bureaucrat from the Fed pick up the reigns of Fiscal policy. And, indeed, Geithner has successfully reduced a big chunk of the Fiscal stimulus into a Monetary push ("pushing on the string" as Keynes would have said) to stimulate the economy! Truly sad.