With Glass-Steagall implemented, all investment banking is subject to separation from the rest of the economy. All financial activity is open for review and scrutiny. Most importantly, the government has severed itself from the obligation of bailing out a gigantic gambling sector which has run our economy to the ground since the repeal of the original Glass-Steagall Act in 1999.
However the implentation of Glass-Steagall will also reveal the utter bankruptcy of our national economy resulting from over 40 years of Wall Street leaching. Also Glass-Steagall will reveal the complete intertwining of everything we depend on for survival--from our homes and infrastructure down to basic foods and commodities--was tied to the bankrupt financial structure which Glass-Steagall seeks to eradicate.
A short, general introduction on the differences between our current monetary system, and the American Credit System, which we are demanding a return to following the implementation of Glass-Steagall.
Once the enforcement of Glass-Steagall has determined the true measure and composition our assets, the Treasury must be restored as sole overseer of the value of U.S. Debt, with sole control over the value of currency and borrowing. An organized system of investments and revenues will be established with the Treasury at the helm.
Under our Constitution it is not necessary to go into debt to private banks. Bills of credit are issued by the the Congress and are then monetized, or converted to currency by the Treasury for the creation of a debt.
Despite the precedent set by Alexander Hamilton as the first secretary of the Treasury and the father of our first National Bank (along with numerous other institutions of federal government), the United States is currently NOT creating money according to the original Constitutional relation between the powers of Congress and the Treasury.
Instead, the government becomes indebted to a group of large international banks which are engaged in massive securities speculations and absurd leveraging practices. These banks are coordinated and overseen by a large CENTRAL bank, the Federal Reserve. Today these banks have built up a post-crash speculative bubble in U.S. Treasury debt, and the collapse of that private market bubble will almost assuredly prove existential both for our national economy, and the global interconnected financial system.
The creation of the paper currency needs to be returned back into the lawful constitutional steps of Congressional emissions of bills of Credit, and subsequent monetization of those bills into paper currency by the treasury.
Because the Federal Reserve has been bestowed with the power to print U.S. Money, instead of the treasury, in amounts limited only by its view of the needs of the large banks and financial markets, it operates with a degree of bank leverage, currently almost 55:1 (with the intentions to go much higher) far into the region of complete bankruptcy for any other private financial institution. This practice will be abolished, and all printing of money returned to the jurisdiction of the Treasury department, printing money in amounts as authorized by the Congress.
The Fed's practice of purchasing and trading government debt will be abolished, as it was prohibited in the charters of the First & Second Nationak Banks. The value of public debt will be regulated by specific appropriations by congress. The Federal Reserve will be, essentially, prohibited from increasing its asset book in any way, long-term or short-term, or from re-lending maturing long-term debt.