Directs the Treasury Department to issue U.S. Notes (exactly like Lincoln’s Greenbacks) to pay off the National debt.
Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.
These two relatively simple steps, which Congress has the power to enact, would extinguish the national debt, without inflation or deflation, and end the unjust practice of private banks creating money as loans (i.e., fractional reserve banking).
Paying off the national debt would wipe out the $400+ billion annual interest payments and thereby balance the budget. This Act would stabilize the economy and end the boom-bust economic cycles caused by fractional reserve banking.
Support the Monetary Reform Act – write your Congressman today!
http://www.themoneymasters.com/printable-mra.htm
An Eye Opener!
http://video.google.com/videoplay?docid=638447372044116845
The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham Lincoln
Comments (5)
Also: END THE FED!!!
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. - Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)
This is history in the making, and victory is within reach. Imagine what will happen if HR 1207, The Federal Reserve Transparency Act, comes up for vote in Congress! With more than 40% of the House of Representatives already co-sponsoring this bill, it has real potential to pass — BUT only if we educate and rally the people to support it and get our Congresspeople to put it to vote and pass it.
http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/
thomdd1959: YOU ROCK!!!!
I certainly would like to hear better options from the discenter's. Too bad they silently vote no but do not use their "voice" to proclaim the point of their dissagreement.
Many of the dissenters probably don't understand monetary policy/theory, or they do and they don't want the government run the currency willy/nilly either. Even if congress takes control of the currency, which may be better than what we have now, it still allows them the power to inflate the currency at will, which is an indirect tax.
Moving to a solution that restricts arbitrary inflation would be more desirable.