The man whose stylized likeness appeared on this building in 1934 combated an economic recession by encouraging donations of gold jewelery to government officials in exchange for steel wristbands. His wife even donated her wedding ring. The gold was melted into bars, which were then distributed to the national banks.
We can at least admire Mussolini for making his program voluntary. We may even wonder if the gold standard should be reinstated. The Chinese are losing “faith and trust” in US dollars. Should we maintain ours?
By 1935, Mussolini claimed that three quarters of Italian businesses were under state control. That same year, he issued several edicts to further control the economy, including forcing all banks, businesses, and private citizens to give up all their foreign-issued stocks and bonds to the central bank.
Tell me how this differs from Obama’s attempt to force his will on Chrysler investors? Note: That the UAW is receiving the spoils, and is not a bank, is not a sufficient differentiator.
The CEO of General Motors was fired by our President. Our President has called out those who defend their contractual fiduciary responsibilities as enemies of the state, and has threatened to ruin their reputations using the lap-dog White House Press Corps. He has refused to allow banks to pay back loans from taxpayers, after forcing some of them to take the loans over the objections of many taxpayers. He has done this so that the general government may maintain control over those banks. His policy and budget proposals imply, and his minions acknowledge, that he intends to control the health care and energy industries, and to “improve” public education to the specifications of unions who say they’ll respect children when children start paying union dues.
The Chicago Way, writ large?
Link added to larger picture of the 1934 building appearance.