Letter: Transferring assets to Alaska

November 22, 2013 

According to Mother Jones online news, Senator Elizabeth Warren, D-Mass., was quoted, “Today, the four biggest banks are 

30 percent larger than they were five years ago. And the five largest banks now hold more than half of the total banking assets in the country.” (“Elizabeth Warren Slams Regulators,” Nov. 12, 2013.)

On a world stage these private banks and others have expanded the derivatives market. The Bank of International Settlement (BIS) states, “They show that notional amounts outstanding totalled $693 trillion at the end of June 2013.” That’s right, 'T’ as in trillion. 

We can continue to talk about the dysfunction in D.C. or we could actually do something. We could withdraw our assets from those banks too big to fail/jail and start our own Bank of Alaska, rejecting Ponzi schemes of the derivatives market. Instead, using our assets in a public bank to create credit here in Alaska and use that credit for the advancement of a productive economy instead of a speculative economy. Economics is the linchpin of freedom and liberty.

— Ray Southwell

Nikiski

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