I believe the problems experienced around the world with the global credit crisis arise from a fundamental problem in our definition of money and the way most modern industrialized nations have structured control over management of the money supply.
Neither Barack Obama or John McCain have any intention of enacting any sort of monetary reform as far as i can tell. Unfortunately, the only person who i think agrees with all this in the US is Ron Paul http://www.campaignforliberty.com/, and i don’t agree with much else of his!
“If money is a commodity to be traded, then all that matters is that the money is 100% backed by some commodity, like gold or silver for example. If money is credit, then it makes sense that bankers control it, as they do in the United States today. But if money is an artifact of law, whose value is derived from law (payment of taxes and legal tender laws) then the Institute argues it would only be proper for the government to issue, and control the money supply.”
Monetary reform is achieved in 3 parts which must be enacted together for it to work. Any one or any two of them alone won’t do it, but could actually further harm the monetary situation.
1. First, incorporate the Federal Reserve System into the U.S. Treasury where all new money is created by government as money, not interest-bearing debt, and spent into circulation to promote the general welfare; monitored to be neither inflationary nor deflationary.
2. Second, halt the banks privilege to create money by ending the fractional reserve system in a gentle and elegant way. All the past monetized private credit is converted into U.S. government money. Banks then act as intermediaries accepting savings deposits and loaning them out to borrowers; what people think they do now.
3. Third, spend new money into circulation on infrastructure, including education and healthcare needed for a growing society, starting with the $1.6 trillion that the American Society of Civil Engineers estimate is needed for infrastructure repair; creating good jobs across our nation, re-invigorating local economies and re-funding government at all levels.