.Executive Intelligence Review Online
Why the Empire Destroyed The Second National Bank
by Nancy Spannaus
June 18—There is a deliciously biting irony in the current world financial/economic breakdown crisis. For while it can be correctly argued that the current planet-threatening calamity is in large part the result of a global banking dictatorship run amok, the solution lies not in eliminating strong national banks in favor of ``free competition''—as the populists scream—but in establishing new sovereign banking institutions, devoted to creating credit for an industrial revival.
The reality, as it will again be imposed through re-establishment of FDR's Glass-Steagall law, is that there are two kinds of banks, and banking systems. One kind can legitimately be called speculative, or monetarist, as defined by the British imperial dominance of the world financial system during most of the period since the British Empire's establishment in 1763. The second kind was defined most deftly by the first Treasury Secretary of the United States, Alexander Hamilton, when he called for a National Bank that would be a ``nursery for national wealth.'' In the first kind, the standard for the bank's success is the acquisition of money, or precious metals, land, and the like; in the second, the standard is the promotion of the productive powers of the nation, from its labor force to its scientific and technological platform for further development of mankind.
The first, urgently required step for getting out of the current crisis is to stop the bailouts of the monetarist banking system, by imposing an exact replica of Glass-Steagall.
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From the Managing Editor

This Week's Cover

  • Why the Empire Destroyed the U.S. Second National Bank
    Nancy Spannaus's introduction to our Feature package on the dependence of the historical commitment of the Founders and their immediate followers, on the principle of a credit system as embodied in the First and Second National Banks, under which the young United States became the world's preeminent industrial power.
    • The American Industrial Revolution that Andrew Jackson Sought To Destroy
      Using primary sources, History Editor Anton Chaitkin brings to life the true story as to why the Jacksonian populists, backed by Wall Street and London, wanted to destroy the Second Bank of the United States: They wanted to destroy the greatest increase in scientific and industrial development that world had ever seen. There was no popular uprising against the Bank, only British-backed treason.
  • The Survey Act of 1824


  • Obama, Brits Escalate Confrontation with Russia
    President Putin stood his ground during the G-20 summit in Mexico: During his tense two-hour meeting with President Obama, he refused to make concessions on the removal of Syrian President Assad, and forced the U.S. President to sign a joint statement, reiterating the two countries' support for the UN-Annan mission.
  • Eyewitness Report from Syria:
    Rebel Killings Are Blamed on Regime

    From a French-language report dated April 1, covering atrocities against civilian populations, refugees, and religious minorities by Syrian opposition militias, in Qara, Syria.
  • Ivanov Blasts Drug Legalization;
    Underscores Role of British MI-6

    Speaking at the World Forum Against Drugs in Stockholm, Viktor Ivanov, head of Russia's Federal Drug Control Service, charged that the push for legalization of narcotics 'is directly or indirectly related to enormous drug business income, estimated by experts at $800 billion per year.'



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