The Glass Stegall legislation
An orderly breakout from this trap is still possible. It can be achieved without the collapse of society occurring, which otherwise cannot be avoided. The shift requires a change in society's intention, from supporting imperial monetarism to becoming a credit society. The breakout of intention must be to cancel monetarism completely, in all aspects of economics. In 1933 this breakout was accomplished in the USA with a piece of legislation that prevented the banks from utilizing society's money, savings, deposits, and equity, for speculative purposes.
The legislation became famous. It is named after its sponsors, the Glass Stegall legislation. It was among the first acts of the Franklin Roosevelt Administration. It worked to some degree.
The Glass Stegall legislation was enacted together with a far-flung credit commitment to physical development, which the legislation made possible. The resulting historic breakout from empire quickly ended the Great Depression. It provided employment and social protection, and a rigorous protection of society from looting by empire. With it, the resulting new credit society system build up the nation to become the richest on the planet and the envy of the world.
The outcome wasn't perfect, but it was a good start. This start that changed the world for more than a decade, was betrayed in the postwar period with the hidden resurgence of empire and its monetarism. Under imperial pressure the Glass Steagall breakout from empire, was gradually destroyed. The destruction started with the Depository Institutions Deregulation and Monetary Control Act of 1980, which was followed two years later by the Garn-Germain Depository Institutions Act of 1982. Each step took away a part of the hard-won protection of society. The death knell was given with the final repeal of it through the Gramm-Leach-Bliley Act of 1999. From this point on grand thievery was legal once again. The economic collapse that is now gripping the world, would not have occurred had the protection of society with the Glass Steagall legislation not been repealed.