Duly elected governments should create all coin and currency, and other forms of money, electronic or otherwise. This power does not belong in private for-profit hands. Money creation is not a legitimate banking enterprise or activity.
All money creation authority should be transferred to public agencies that would be accountable to the citizens and voters. This would include all forms of "fractional reserve banking", which is a form of creating money out of nothing but an accounting entry. It is immoral and unethical, by any reasonable standard. Private money creation defrauds citizens of their wealth and labor.
Taxes must be increased dramatically in order to pay interest on privately created money. If the money-creation authority were transferred back to the public, where the US Constitution originally placed it (and still does; Article 1, Section 8) INCOME TAXES could be immediately and dramatically reduced, and our national debt (and all the interest payments that come with it) could be soon eliminated entirely.
This could be done either by "federalizing" the Federal Reserve System or by abolishing it and creating something else to replace it. By "federalizing" it we would only be making it the public federal system its deceptive name was intended to falsely imply that it already was. Another name for "federalizing" the money-creation process would be "nationalizing" it. But that is what our Founding Father expressly intended in the first place. We would only be doing what is constitutionally mandated.
Another option would be to simply use the existing Treasury Department to issue currency and electronic money, but that would essentially waste the existing Fed system and infrastructure that we could utilize (buy or hire).
There are numerous proposals for money reforms that would all work, some better than others. The key ingredient is to return the sovereign authority to create money to the people, or their elected representatives in government, either at the national, state, or local levels.
The two I would most recommend are those by Ellen H Brown in her must-read book, "Web of Debt", and by Stephen Zarlenga in his scholarly treatise, "The Lost Science of Money".
Internet discussions and information are available at these sites:
http://webofdebt.wordpress.com
Comments (8)
It is so good and encouraging to see the public becoming aware of the truth in banking. Please, please wake up America - the world desperately needs you do do something like Ellen Brown is suggesting.
PLEASE DO SOMETHING NOW!
Michael Morley
Australia
You seem to have conflicting thoughts. Here it appears you support Constitutional government, but you give my idea of restoring the rights of the States and killing the "living Constitution" idea that is being used to undermine our liberties a thumbs down. Did I over estimate the intelligence of the people here. I thought I was dealing with more than one-sentence-wonders who would base their judgment on one line without reading even a couple of paragraphs of the idea. Amazing.
http://opengov.ideascale.com/akira/dtd/4203-4049
BTW, a great source of books on money and banking from a number of perspectives can be found at:
http://yamaguchy.netfirms.com
You can find ebooks and ideas, even speeches in Congress, dating from the early 19th Century through the early 20th. All free but for the effort of copying and pasting. On the other hand, if you don't like to read, this might not be a site for you.
Phreedomphan. I don't have any conflicting thoughts. Not even little ones. Of course I support the Constitution. I'm very Jeffersonian in my philosophy.
As for your "Kill the Constitution" proposal, you were already provided with reasons why your terribly titled tome went down in flames with less than -50, last I looked. I have agreed with many of your comments, although you really SHOULD finish reading Ellen Brown's book Web of Debt. Some of your explanation about fractional reserve banking show confusion with the Fed money creation process.
I totally agree about the yamaguchy books. You might note that I've promoted the http://yamaguchy.netfilms.com site for months now, on the websites I listed in my proposal, and in emails. It's a priceless treasure of old, forgotten and hard-to find books, all of which could save our civilization, if widely read. They are priceless treasures, and I have read about half of them, many long before being told of that website.
Some advice? Lighten up on the beers before posting comments here. The alcohol shows through.
BTW, States need to update and strengthen their own constitutions, rather than abdicate so often to the federal government, as they now do. State banks like the ones in North Dakota are a really great boon to their citizens.
There was nothing terrible about the title of my post. I just misjudged the caliber of many of the people here. When I see a title like that I don't just back bite and run away. I dig into it with the intention of tearing it apart paragraph by paragraph. Those that haven't the gumption, whose attention span covers one sentence, will be of no value in the fight against big brother. It's going to be a long haul.
Just as you made an unwarranted, premature judgment of my post and are now trying to blame me for your shortcomings, you are making an unwarranted assumption that I read part of Ellen Brown's book. You also draw the moronic, unfounded conclusion that I've been drinking. I haven't had a beer in years. I hate the stuff. Unfortunately, you seem much better at making comments like that than in thinking. What is the psychological term for that, projection? You see your own character in others?
Some have the courage and character to admit their mistake. I don't include those people in the gutless group. I hope they will take the time to read the entire piece. They are good allies in the battle. You of course, do not. You continue to try to palm off your mistake on me.
Pardon my doubting nature, but I find it hard to believe someone who calls what I wrote a "tome" has actually read a book.
These comments are supposed to be about the proposal. They are not the place to retaliate against those who have voted against another proposal, as Phreedomphan is doing here.
The point of my proposal is simple, but would require popular citizen support. Since those private bankers who now control the money creation process, the Fed, and the fractional reserve "Ponzi" system, also control all sources of our mainstream media, educational systems, and much of both houses of congress, there is little possibility of educating the public to the support levels to pass meaningful monetary creation reforms. That is tragic, because without a change in policy our world will soon be thrown into the chaos that is planned for us. The international central bankers will "come to the rescue" to save those who pledge allegiance to their new global economic system, run by private banking syndicates, and Money Moguls. It will be run from behind the scenes of course, as did the Wizard of Oz character in Frank Baum's allegory about silver, gold and money.
Ellen H Brown's masterpiece, "Web of Debt" should be required reading for anyone who really is looking for "a way out" of the economic mess we find ourselves trapped in. There is a "way out". That is the good news! The bad news is that we are probably not going to wake up in time to take it. We have run out of time. The globalist regime is here, entrenched, and formally putting the final pieces in place.
Democracy and democratic money starts at home, folks. Pretty soon the only way we are going to be able to get it is one community at a time, one credit union at a time, one school at a time, one network at a time.
I hope those who are starting to wake up to what is happening start reading, learning, and acting to take the steps needed to protect and preserve duly constituted representative governments, at all levels.
What we should have learned at the end of all this, if not long before, is that economic democracy must accompany political democracy. Every soul born upon this earth has a God-given right to survive, and to the essentials of air, water, food, land and resources to support life. That is not happening today, and this intolerable situation will soon self-destruct as all evil eventually does, if left uncorrected. Money is just one of those basic resources created by advanced (??) civilizations for the purpose of easing the exchange of goods and services - wealth.
I urge people to vote for meaningful money reform that has these characteristics:
1) Issued by public, NOT PRIVATE, authorities that are fully ACCOUNTABLE to the people.
2) Spent into circulation on productive and educational assets, at the national levels, and issued per capita to states,counties, and cities to build or repair infrastructure.
3) The newly publicly created money would replace existing dollars that are now in circulation.
4) The new money would be based on mathematical formulas to determine the optimal amount of money of all types that would lead to stability, neither inflation nor deflation.
5) Money could be loaned into circulation at low interest rates under carefully controlled circumstances that would keep the money stable and would benefit the public.
6) Properly certified banks could continue to operate on a full reserve basis, borrowing money at low interest from the Public Treasury, and re-loaning at higher rates to riskier commercial enterprises.
These are just highlights, and some suggestions. They key ingredient is the transfer of money creation authority back to congress, where the constitution and our founding fathers intended it to be.
Fuller explanations can be found in Stephen Zarlenga's, The Lost Science of Money ( www.monetary.org ) and Ellen H Brown's money masterpiece, "Web of Debt" ( www.webofdebt.com )
Much more information can also be found on my own blog at http://wealthmoney.wordpress.com
JLH
Is it also the place to bury snide, cowardly back bites in a post that's supposed to be about the proposal? If I wanted to retaliate, wouldn't I do something really stupid like vote against your proposal without reading it?
Nationalising/abolishing the Fed is the WRONG WAY to taking back the power to create money:
1. We will overpay for all toxic assets on their balance sheet;
2. They'll undervalue all obligations to other banks (gold leases, currency swaps, etc.)
3. So it will be a looting of the Treasury to enrich the Fed's private shareholders, as guaranteed by the Federal Reserve Act. The banksters were smart enough to put in a poison pill provision.
We should do to the Fed what happened to our 1st private central bank: go into competition with it, when State banks were chartered to compete with the Bank of North America. The BoND is a modern version - the DBA name for the State of ND - but the Constitution prohibits it from emitting dollar bills, and coining money, so it is required to get the Treasury or Congress to do so for it via their own banks, one of which has already been chartered in Puerto Rico: The Government Development Bank, so we don't have to wait for them to recharter the Reconstruction Development Bank in DC. Such banks in federal territories are constitutional pursuant to Art.4 Sec.3, and necessary to implement federal monetary policsy and for State banks to create greenbacks - neither should be in the hands of a private Fed, who should remain in business, but only to run the system "evolved" by private national banks. So the Federal Reserve System need not go to waste.