That there's a 2-tier approach to national liquidity?
This, from the Central Bank of a country that endorsed fiat currency 80 years ago? We need to send the entire St. Louis Fed back in their own WayBackMachine, to visit Marriner Eccles.
Maybe they could pick up on the concept of increasing the income of all citizens, so we could all use the banking system we already have?
If we have a system for providing liquidity to all citizens with real options, why not use it? Is the St. Louis Fed acknowledging that our existing banking system is - in practice - only for "high-income" people?
In a fiat-currency system, admitting that we have endorsed low-fiat and high-fiat Americans equates to constrained and unrestrained Americans, as a point of logic. That is both class based and system-non-science idiocy of course, since it ignores the logic of both sexual and cultural recombination. Since we have no predictive power, we need to practice exploring fully open Options Recombination, at breakneck speed - or else. Anything less is cultural suicide. If we don't explore our options, some other nation will.
Screw the Merchant Lobby. Free Options = National Liquidity = Managed International Trade. We need liquidity and Free Options far more than Free Trade. The Free Trade lie is promoted by a Merchant Lobby wielding only microintellect, but plenty of propaganda. Who's fooling whom, America? Patriotism is NOT promoting your local merchant channeling Benedict Arnold.
Today: St. Louis Fed @stlouisfed Video: See how microfinance can work for low-income Americans
They're revisiting their own review from Sept 2011, here's the
St. Louis Fed: Lessons from Bangladesh: How Microfinance Can Work in America
Daniel Davis, former community development specialist with the St. Louis Fed, traveled to Bangladesh in the winter of 2010/2011 to examine the impact microcredit has had on the developing nation.
While there, he had the opportunity to spend time with leaders of some of the world's most innovative microfinance institutions, including Dr. Muhammad Yunus, a Nobel Prize-winning economist from Bangladesh and founder of the nation's Grameen Bank. Davis' insights are shared here.
"All I Really Needed To Know about Microfinance I Learned in Bangladesh," by Daniel Davis, spring 2011 issue of Bridges | PDF presentation
Interview with Microfinance Expert and Kiva Co-Founder Jessica Jackley, May 2011