- Man pleads guilty but mentally ill in 2013 murder
- Telephone, computer network outages at 22 Rockford schools
- Byron native selected as Sailor of the Year for Navy Band Southwest
- Illinois Tollway awards $337 million in contracts, sets budget
- 44 earn bachelor’s degrees at Saint Anthony College of Nursing
- Goodwill opens Donation Express site on Perryville
- Rock Valley College to manage TechWorks program
- University of Illinois at Chicago names chancellor
- Salvation Army to distribute food, toys to nearly 2,000 families
- American Manufacturing Competitiveness Act signed into law
Fractional reserve banking discussion with young economist June 17
From press release
Nearly 60 local Tea Party supporters gathered Thursday night, June 10, in Lena to hear speaker Savannah Liston. Members of the audience included Tea Partiers from Carroll County and Stephenson County, with some from as far away as Morrison. Liston, 16, of Pecatonica, delivered a well-received presentation about fractional reserve banking.
Fractional reserve banking is defined by Investopedia.com as “a banking system in which only a fraction of bank deposits are backed by actual cash-on-hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties.” Liston, presenting from the Austrian or free market school, illustrated how fractional reserve banking can lead to inflationary periods and harsh business cycles. The home-schooler will seek more insight on Austrian economics on scholarship this summer at the Ludwig von Mises Institute in Alabama.
Enthused members of the audience asked questions ranging in topics from historical periods of depression and recession to minimum wage laws and unemployment. “What should be the role of the Fed, then?” posed one of the nearly dozen newcomers. Poised, prepared and knowledgeable, the young speaker offered her thoughts, while, in true Tea Party fashion, other members of the audience joined in to share some of their conclusions as well. Stephenson Tea Party organizer Bill Dietz acknowledged, “Each individual will have a slightly different view on many of these topics,” which is part of the national intrigue of the Tea Party.
Savannah Liston concluded by asking the audience to think about “What is liberty?” and to consider, “What service does the government provide that the free market can’t do better?”
“Not very much,” was the general consensus in the room. The Stephenson County Tea Party meets in Lena on the second Thursday of each month. Call Bill Dietz at (815) 369-4334.
Savannah Liston will hold a meeting to discuss economic topics at 7 p.m., Thursday, June 17, at Mary’s Market, 4431 E. State St., Rockford. Admission is free.
From the June 16-22, 2010 issue