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Country’s monetary policy should benefit all

March 7, 2012
David R. Correll , Westfield Republican / Mayville Sentinel News

Letter to the editor of the Westfield Republican,

Our monetary policies must improve the quality of life of our poor, working, middle and wealthy classes, each according its needs to progress. At present the wealthy have influence over Congress to assure their profitability, even though their greed will eventually harm us all. This must change. Congress must give this its highest priority and call upon the most capable and responsible non-political advice in managing the long term economy of the United States. The stupid actions by members and their leaders in our Congress, who have been obstructing the passing and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, need to more fully understand their responsibility to the people of the United States. This bill replaces the Glass Segal Act which kept us much safer from 1930 until its death by Congress in 1999. Financiers, who control the monetary life-blood of our country, are primarily motivated by making the largest profits from money. Their ultimate successes have been the repetitive failures of our financial system, most recently in 1930 and 2008. Of course, businesses must profit to survive. But, they must be made to understand that their purpose in the functioning of our economy is creating employment by developing and producing more productive goods and services, while sustaining the environment which is our future. Only our Congress has the authority to tax, spend and legislate, but Congress is not helpful when it legislates more to promote financial profitability of the affluent than assuring quality of life for the majority. Lately, Congress has helped the rich getting richer, while the working and middle classes have economically stagnated. How can our economy recover if our working majority of innovators and creators of employment are neglected? The cause of this neglect is obvious - the rich have more direct power to influence politicians on their behalf than the working and middle classes. The simplistic fiction that the wealth of an economy measures its health hides the fundamental truth that wealth must be properly distributed throughout our economy to encourage progress through education, innovation, full employment and greater productivity of goods and services. History tells us that a top-heavy distribution of wealth enables the wealthy to become still richer, but without benefit to society as a whole. Surrounding themselves by those they need for security and survival, they will neglect all others and deem them less than human.

David R. Correll




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