Some July 4th Realities
Source: www.monetary.org
July 4th is also about Monetary Reform 4th of July! And we celebrate our Declaration of Independence from the tyranny of a mad Brit king. So let’s proudly remember the victory a small group of dedicated, courageous men and women achieved against the world’s most powerful military of their time, in a struggle even more difficult than the present one is made to appear. And remember monetary independence was a key reason for the revolution! Monetary researcher Howard Switzer reminds us of Franklin’s statement: “The viability of the colonists to get power to issue their own money permanently out of the hands of … the international bankers was the prime reason for the revolutionary war.” I’ve asked Howard to track down the source of that quote to be sure of it – sounds a bit modern! He will report on that at our Conference.
The colonist’s victory was extremely improbable at best, as they seriously pledged their lives to fight for its success. And as events and battles were fought, the possibility of a favorable outcome grew even smaller. But at the right moment, help from France turned the tide and the British were defeated.
The financial miscreants were defeated militarily, but not monetarily. For soon after the Constitution was ratified, in 1791, the first Bank of the United States, a privately owned and privately controlled central bank, was put through Congress by Treasury Secretary Alexander Hamilton, modeled on the private Bank of England. The gang around that bank was more dangerous than King George III, and the Hamilton people thereby insinuated into the New World forces representing the most evolved secular form that evil had attained in the Old World — a privately controlled Central Bank. Thanks a lot, Hamilton – you know what you can do with your Broadway musical!
Jefferson fought the bank, helping to bring it down, and Burr killed Hamilton over public insults (Gore Vidal’s novel “Burr,” said Hamilton had accused Burr of incest!); but privately issued money gained a foothold in America. It’s still here, in control of our monetary system. It’s the root cause of most of our social and economic problems. Whenever it caused crises in the past, our government had to come to the rescue. Its latest atrocity is the current monetary, banking and economic crisis, threatening to harm the entire world economy, wrecking the lives of billions in the process.
The bankers’ madness must end now — we must complete the monetary part of our declaration of independence. This crisis gives us the opportunity to reform our monetary system and eliminate the private creation of money; to eliminate the insane privilege banks have been given to create our money supply when they extend loans; to eliminate using debt for money; to establish our nation’s full sovereignty. To give the bankers what they deny to us – to give them justice!
Our book, The Lost Science of Money contains our research results to date, drawn from a study of over 800 monetary books and sources. The first 23 chapters focus on the monetary case studies from Aristotle forward. The final chapter summarizes what those studies teach us, and how that can be applied to solving today’s dilemma with a comprehensive monetary reform plan. Our book has been stolen and is offered free on the Internet by despicable people who are reducing the funding the AMI receives from sales of our book, thereby harming our monetary reform efforts. They deserve to be given justice also!
Next we helped Congressman Dennis Kucinich put that monetary reform plan into legislative form, which he introduced into the 112th Congress in September 2011, as the NEED Act (National Emergency Employment Defense Act, HR 2990). You can see Kucinich’s brief videos on it at: http://www.monetary.org/wp-content/uploads/2013/01/HR-2990.pdf
Each September (in 2016, Sept. 29 – Oct. 2) we hold a monetary reform conference at University Center in Chicago where activists and advanced monetary researchers present talks describing their work on monetary reform. You can see the great speakers lineup at this 12th Annual Conference at
http://www.monetary.org/2016-speakers-2. Consider attending – you are invited.
The NEED Act is legislation which fundamentally reforms the disaster-prone private and unfair credit/debt system, replacing it with a stable and just, government money system.
How? The NEED Act was vetted as technically operational before it was introduced, by going through two years of non-partisan Congressional “Legislative Counsel” work, to co-ordinate existing legislation with it. It achieves monetary reform with 3 major actions which are done together:
First, it incorporates (nationalizes) the Federal Reserve System into the U.S. Treasury where all new money is created by government as sovereign money, not by banks as debt. This money is spent into circulation to promote the general welfare. A politically diverse Monetary Authority monitors the system to avoid both inflation and deflation. This in effect puts the monetary power into the hands of the people, through their elected representatives, where the Constitution places it.
Second, it halts the banker’s privilege to create what we use for money by ending fractional reserve accounting in a decisive, yet gentle and elegant way. On day one, the deposits from all the past bank loans still outstanding become U.S. government money. As clients pay those loans back to the banks, instead of that money going out of existence, as it presently does; since the act has turned it from debt into sovereign money, it remains in existence and is paid over to the U.S. Treasury, and can then be re-circulated. The N.E.E.D. Act doesn’t extinguish any of the existing money supply.
Banks could then accept safe keeping accounts; and savings accounts; acting as intermediaries, loaning money out to borrowers via mutual fund-type accounts. They would do what people think they do now. Depositors could earn interest through those investment-type accounts.
This Act nationalizes the nation’s money system, not the banking system. Commercial banking is absolutely not a proper function of government, but only government should provide the nation’s money.
Third, the N.E.E.D. Act encourages Congress to create and spend new money into circulation, for example, on repairing and replacing infrastructure with 21st century eco-friendly energy sources, including the education and health care needed for an improving society. It can start with the $3.6 trillion the American Society of Civil Engineers estimate is needed over the next 5 years, for infrastructure (That’s not hard – the banking system was putting about $800 billion a year into corrupt mortgages). This creates many millions of good jobs across our nation, re-invigorating local economies and re-funding local government at all levels.
The false specter of inflation is always raised against the suggestion that government fulfills its responsibility to furnish the nation’s money supply. But that is a knee-jerk reaction – the result of decades, even centuries of banking propaganda against government – by those benefiting from bank issued money.
Talk of nationalizing the banking business acts like a poison pill to block real reform. Talk of having states go into banking is even worse, since it further legitimizes the pernicious fractional reserve system, instead of fixing the problem by ending it.
While the French played a key part at the start of our nation, their gift to us of the Statue of Liberty still plays a crucial role for us. The liberty she symbolizes does not exist in our nation. It never really has. The Statue has always been a symbol encouraging us towards the possible. I love that statue, and when I lived in New York, I often anchored my motor boat under it. Some of my fondest memories are of those times as the sun set over New Jersey, reflecting off Manhattan’s still standing Twin Towers; or anchored under the spectacular fireworks display there during the bicentennial celebration.
This continuing crisis for many millions of our people gives an important opportunity to reform our monetary system and eliminate the privilege banks have to create what we use for money, when they extend loans; to eliminate their power to cause financial crises and obscenely concentrate wealth into undeserving hands.
Sincerely,
Stephen Zarlenga
Director, American Monetary Institute
http://www.monetary.org
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-- "Over time whoever controls the money system, controls the nation." Monetary Reform Now! www.monetary.org 224-805-2200
