AUGUST 2
1100 – BEGINNING OF THE REIGN OF KING HENRY I OF ENGLAND
About 1100 AD, the King ordered the creation of a unique form of money. Made of wood, the currency was called “Tally Sticks.” They were polished sticks of wood declared by the Sovereign King to be good for the payment of taxes. The sticks were used as money by England for 726 years – included the period of the British Empire. It may be no coincidence that shortly after the Bank of England (a private entity) was established in 1694, it attacked the Tally Stick system. Nevertheless, the Sticks were accepted as money for another 150 years, until 1854.
AUGUST 3
1871 – BIRTH OF VERNON PARRINGTON, AMERICAN HISTORIAN
"The only safe and rational currency is a national currency based on the national credit sponsored by the state, flexible and controlled in the interests of the people as a whole."
AUGUST 6
1893 – BIRTH OF OF WRIGHT PATMAN, DEMOCRATIC CONGRESSMAN FROM TEXAS, CHAIRMAN OF US HOUSE COMMITTEE ON BANKING & CURRENCY (1965-75)
"I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with Congress for sitting idly by and permitting such an idiot system to continue. "
--------------------------------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html
Sunday, July 31, 2011
Monday, July 25, 2011
MONETARY HISTORY CALENDAR -- July 25-31
JULY 25
1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people the United States for the benefit of themselves and their foreign customers….The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."
JULY 26
1925 – DEATH OF WILLIAM JENNINGS BRYAN, DEMOCRATIC PRESIDENTIAL CANDIDATE, SECRETARY OF STATE
"We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson...and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business...When we have restored the money of the Constitution, all other necessary reforms will be possible, and ... until that is done there is no reform that can be accomplished."
JULY 27
1694 – BANK OF ENGLAND CREATED
A private central bank, England began to borrow all of its money from corporate banks rather than simply creating it debt-free as it had for hundreds of years.
JULY 28
1919 – BANK OF NORTH DAKOTA FOUNDED
The Bank of North Dakota is the only state-owned bank in the US. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with the Bank, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government. No tax dollars are used to pay interest to bond holders since the state has no debt. Coincidentally or not, North Dakota is one of the few states in the nation not facing a fiscal crisis.
JULY 30
1863 – BIRTH OF HENRY FORD, INVENTOR AND INDUSTRIALIST
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
JULY 31
1881 – BIRTH OF SMEDLEY BUTLER, US MARINE MAJOR GENERAL (TWICE DECORATED)
I wouldn't go to war again as I have done to protect some lousy investment of the bankers. There are only two things that we should fight for. One is the defense of out homes and the other is the Bill of Rights. War for any other reason is simply a racket.
1912 – BIRTH OF MILTON FRIEDMAN, ECONOMIST
If you kill the Fed [Federal Reserve] and don't kill fractional reserve lending, you've done nothing.
JULY 1939
A PROGRAM FOR MONETARY REFORM RELEASED
A group of prominent economists issue a plan for US monetary reform. The lead author of the plan, “A Program for Monetary Reform,” [PMR] was University of Chicago professor and Quaker Paul H. Douglas. More than 230 economists from 150 universities approved it without reservations while an additional 40 supported it with some reservations.
In assessing the problem of the day, the PMR states, “If the purpose of money and credit were to discourage the exchange of goods and services, to destroy periodically the wealth produced, to frustrate and trip those who work and save, our present monetary system would seem a most effective instrument to that end.” It also stated monetary systems based on a gold standard “has had…disastrous results all over the world.”
The PMR called for government creation and maintenance in the quantity of money. “Our own monetary policy should…be directed toward avoiding inflation as well as deflation, and in attaining and maintaining as nearly as possible full production and employment.” The plan also called for eliminating fractional reserve lending – the process of banks loaning our many more times the amount of money in their possession. Back in the 1930’s the reserved requirement was 5:1. Today it’s 10:1. Some of the major banks involved in the economic collapse of 2007 had ignored this law and were loaning out 50 times their reserves. The PMR called for a 100% reserve requirement – banks could only lend the amount of money they possessed.
The document goes on, “In early times the creation of money was the sole privilege of the kings or other sovereigns – namely the sovereign people, acting through their Government. This principle is firmly anchored in our Constitution and it is a perversion to transfer the privilege to private parties to use in their own real, or presumed, interest. The founders of the Republic did not expect the banks to create the money they lend."
Their plan to reduce the national debt was simply to have the government purchase government bonds with new US debt-free money.
NOTE 1: An excellent article explaining our monetary policy and describing in detail how to reform it is at the Center for Progressive Economics
http://cpe.us.com/article/monetary-policy/
NOTE 2: I’ve written an article on Eliminating Rather than Exploiting the Debt Crisis
http://www.opednews.com/articles/Elimating-Rather-than-Expl-by-Greg-Coleridge-110724-782.html
----------------------------------------------------------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html
1876 – BIRTH OF CONGRESSMAN LOUIS T. MCFADDEN (R-PA), CHAIRMAN OF THE HOUSE BANKING AND CURRENCY COMMITTEE
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. Some people think the Federal Reserve Banks are U.S. government institutions. They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people the United States for the benefit of themselves and their foreign customers….The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."
JULY 26
1925 – DEATH OF WILLIAM JENNINGS BRYAN, DEMOCRATIC PRESIDENTIAL CANDIDATE, SECRETARY OF STATE
"We say in our platform that we believe that the right to coin money and issue money is a function of government…Those who are opposed to the proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson...and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business...When we have restored the money of the Constitution, all other necessary reforms will be possible, and ... until that is done there is no reform that can be accomplished."
JULY 27
1694 – BANK OF ENGLAND CREATED
A private central bank, England began to borrow all of its money from corporate banks rather than simply creating it debt-free as it had for hundreds of years.
JULY 28
1919 – BANK OF NORTH DAKOTA FOUNDED
The Bank of North Dakota is the only state-owned bank in the US. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with the Bank, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government. No tax dollars are used to pay interest to bond holders since the state has no debt. Coincidentally or not, North Dakota is one of the few states in the nation not facing a fiscal crisis.
JULY 30
1863 – BIRTH OF HENRY FORD, INVENTOR AND INDUSTRIALIST
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
JULY 31
1881 – BIRTH OF SMEDLEY BUTLER, US MARINE MAJOR GENERAL (TWICE DECORATED)
I wouldn't go to war again as I have done to protect some lousy investment of the bankers. There are only two things that we should fight for. One is the defense of out homes and the other is the Bill of Rights. War for any other reason is simply a racket.
1912 – BIRTH OF MILTON FRIEDMAN, ECONOMIST
If you kill the Fed [Federal Reserve] and don't kill fractional reserve lending, you've done nothing.
JULY 1939
A PROGRAM FOR MONETARY REFORM RELEASED
A group of prominent economists issue a plan for US monetary reform. The lead author of the plan, “A Program for Monetary Reform,” [PMR] was University of Chicago professor and Quaker Paul H. Douglas. More than 230 economists from 150 universities approved it without reservations while an additional 40 supported it with some reservations.
In assessing the problem of the day, the PMR states, “If the purpose of money and credit were to discourage the exchange of goods and services, to destroy periodically the wealth produced, to frustrate and trip those who work and save, our present monetary system would seem a most effective instrument to that end.” It also stated monetary systems based on a gold standard “has had…disastrous results all over the world.”
The PMR called for government creation and maintenance in the quantity of money. “Our own monetary policy should…be directed toward avoiding inflation as well as deflation, and in attaining and maintaining as nearly as possible full production and employment.” The plan also called for eliminating fractional reserve lending – the process of banks loaning our many more times the amount of money in their possession. Back in the 1930’s the reserved requirement was 5:1. Today it’s 10:1. Some of the major banks involved in the economic collapse of 2007 had ignored this law and were loaning out 50 times their reserves. The PMR called for a 100% reserve requirement – banks could only lend the amount of money they possessed.
The document goes on, “In early times the creation of money was the sole privilege of the kings or other sovereigns – namely the sovereign people, acting through their Government. This principle is firmly anchored in our Constitution and it is a perversion to transfer the privilege to private parties to use in their own real, or presumed, interest. The founders of the Republic did not expect the banks to create the money they lend."
Their plan to reduce the national debt was simply to have the government purchase government bonds with new US debt-free money.
NOTE 1: An excellent article explaining our monetary policy and describing in detail how to reform it is at the Center for Progressive Economics
http://cpe.us.com/article/monetary-policy/
NOTE 2: I’ve written an article on Eliminating Rather than Exploiting the Debt Crisis
http://www.opednews.com/articles/Elimating-Rather-than-Expl-by-Greg-Coleridge-110724-782.html
----------------------------------------------------------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html
Sunday, July 24, 2011
Eliminating Rather than Exploiting the Debt Crisis
July 24, 2011 / OpEd News
http://www.opednews.com/articles/Elimating-Rather-than-Expl-by-Greg-Coleridge-110724-782.html
http://www.opednews.com/articles/Elimating-Rather-than-Expl-by-Greg-Coleridge-110724-782.html
Anders Breivik and the Consequences of Far Right Propaganda
“Ideas have consequences” is a favorite mantra of the far-right. It's usually sprung on some mildly pink college professor who happens to refer favorably to Marx in a lecture. “The ultimate result of the Marxist ideology you spout is the Gulag and Pol Pot”, bellows the right-wing pundit. Funny though, this same pundit would never suggest that Jesus is responsible for the Inquisition or Martin Luther for the Holocaust. But then consistency was never part of the right wing mind set.
However this very week, instead of a spurious, fabricated causal chain, with the Norwegian Massacre we have a real example of how ideas have consequences.. Over the last three decades there has been an endless right-wing propaganda barrage attacking liberals, leftists, socialists, immigrants, the poor and a host of other groups too numerous to mention. (1) This is not just a matter of saying “We disagree with leftists etc...” The right wing propagandists make out that the people they oppose are the enemy of God and man, are absolutely evil and subhuman, hardly better than child molesters.
Must we be surprised that as a result of this hate propaganda and demonization, that someone on the fringes of the far right picks up a gun and starts killing a bunch of those immigrant-loving leftist devils?
Now comes the right-wing response to the murders. “Not our fault”, “Don't make political capital out of this tragedy.”, “Oh, he was crazy, doesn't have anything to do with us.” We see that the people who bellow about ideas having consequences don't really believe it after all. The slogan is only a stick to beat the left with. No surprise there though. I already mentioned that if they were consistent, they would claim Jesus responsible for the Inquisition. (2)
For a GUARDIAN take on this click
Guardian article on his hatred of women
Add feminists, pro-choice people, trade unionists, intellectuals, government employees, anarchists, neopagans and non-Christians, atheists and freethinkers, radical or liberal Christians, environmentalists, bicycle riders, and science in general to their hate list,
Before some nitwit accuses me of thinking Jesus caused the Inquisition, I am only saying that it makes as much sense to claim Marx responsible for the gulag as it would to claim Jesus responsible for the Inquisition.
Monday, July 18, 2011
MONETARY HISTORY CALENDAR July 18-24
JULY 18
BIRTH OF STEPHEN ZARLENGA, DIRECTOR, AMERICAN MONETARY INSTITUTE
"I am suggesting that the nature of human affairs requires the government to have four branches, not three, the fourth branch to embody and administer the monetary power…When society loses control over its money system, it loses any control it might have had over its destiny."
JULY 22
1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10TH PRIME MINISTER OF CANADA, 1935-48
“Once a nation parts with the control of its currency and credit, it matters not who makes that nation's laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile.”
----------------------------------------------------------------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html
Saturday, July 9, 2011
MONETARY HISTORY CALENDAR July 11-17
JULY 11
1862 – LEGISLATIVE ACT AUTHORITIZING US GOVERNMENT TO ISSUE MONEY
Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks.
JULY 13
1832 – CONGRESS FAILS TO OVERRIDE PRESIDENT JACKSON VETO TO RENEW THE CHARTER OF THE SECOND NATIONAL BANK OF THE UNITED STATES
In his veto message to renew the misnamed “national bank” (it was actually a private bank controlled/owned by stockholders, a majority of whom were foreigners), Jackson stated: “Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence…would be more formidable and dangerous than a naval and military power of the enemy.”
1956 – QUOTE OF OF J.R.R TOLKIEN, AUTHOR (THE HOBBIT AND LORD OF THE RINGS) AND UNIVERSITY OF OXFORD PROFESSOR IN CONTOUR MAGAZINE
The true equation is “democracy” = government by world financiers.
The main mark of modern governments is that we do not know who governs, de facto any more than de jure. We see the politician and not his backer; still less the backer of the backer; or, what is most important of all, the banker of the backer.
Throned above all, in a manner without parallel in all past, is the veiled prophet of finance, swaying all men living by a sort of magic, and delivering oracles in a language not understood of the people…
There should only be one source of money: one fountainhead from which flows the nation’s blood to vitalize commerce and industry, ensure economic equity and justice and safeguard the welfare of the people…In other words, it has always been and still is our contention that the prerogative of creating and issuing the money of the nation should be restored to the State.
JULY 14
1833 – DEATH OF WILLIAM GOUGE, ADVISOR TO PRESIDENT ANDREW JACKSON; AUTHOR, A SHORT HISTORY OF MONEY AND BANKING
"The large extent of bank influence is not easily seen. We seldom see an identified bank or a money corporation candidate running for office; but when questions arise which affect them, the banks have agents at work, whose operations are the more effective because they are unseen."
JULY 17
1780 – BANK OF PENNSYLVANIA ESTABLISHED
Quakers first introduced public banking in America with the creation of this state-owned bank which issued its own paper scrip which it lent to farmers. Resident paid no income taxes. There was no government debt and no inflation. The state prospered.
1862 – PASSAGE OF POSTAGE CURRENCY ACT
The act authorized the issuance of 5, 10, 25, and 50 cent notes – which were needed to substitute for gold, silver and copper coins which were hoarded. These fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.
Note: Readers may be interested in this short piece connecting the current national debt ceiling Congressional deliberations and monetary policy
How Do We Eliminate the National Debt? Democracy.
http://createrealdemocracy.blogspot.com/2011/07/how-do-we-eliminate-national-debt.html
-------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html Previous calendar entries are posted at http://afsc.net/monetaryhistorycalendar.html
1862 – LEGISLATIVE ACT AUTHORITIZING US GOVERNMENT TO ISSUE MONEY
Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks.
JULY 13
1832 – CONGRESS FAILS TO OVERRIDE PRESIDENT JACKSON VETO TO RENEW THE CHARTER OF THE SECOND NATIONAL BANK OF THE UNITED STATES
In his veto message to renew the misnamed “national bank” (it was actually a private bank controlled/owned by stockholders, a majority of whom were foreigners), Jackson stated: “Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence…would be more formidable and dangerous than a naval and military power of the enemy.”
1956 – QUOTE OF OF J.R.R TOLKIEN, AUTHOR (THE HOBBIT AND LORD OF THE RINGS) AND UNIVERSITY OF OXFORD PROFESSOR IN CONTOUR MAGAZINE
The true equation is “democracy” = government by world financiers.
The main mark of modern governments is that we do not know who governs, de facto any more than de jure. We see the politician and not his backer; still less the backer of the backer; or, what is most important of all, the banker of the backer.
Throned above all, in a manner without parallel in all past, is the veiled prophet of finance, swaying all men living by a sort of magic, and delivering oracles in a language not understood of the people…
There should only be one source of money: one fountainhead from which flows the nation’s blood to vitalize commerce and industry, ensure economic equity and justice and safeguard the welfare of the people…In other words, it has always been and still is our contention that the prerogative of creating and issuing the money of the nation should be restored to the State.
JULY 14
1833 – DEATH OF WILLIAM GOUGE, ADVISOR TO PRESIDENT ANDREW JACKSON; AUTHOR, A SHORT HISTORY OF MONEY AND BANKING
"The large extent of bank influence is not easily seen. We seldom see an identified bank or a money corporation candidate running for office; but when questions arise which affect them, the banks have agents at work, whose operations are the more effective because they are unseen."
JULY 17
1780 – BANK OF PENNSYLVANIA ESTABLISHED
Quakers first introduced public banking in America with the creation of this state-owned bank which issued its own paper scrip which it lent to farmers. Resident paid no income taxes. There was no government debt and no inflation. The state prospered.
1862 – PASSAGE OF POSTAGE CURRENCY ACT
The act authorized the issuance of 5, 10, 25, and 50 cent notes – which were needed to substitute for gold, silver and copper coins which were hoarded. These fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.
Note: Readers may be interested in this short piece connecting the current national debt ceiling Congressional deliberations and monetary policy
How Do We Eliminate the National Debt? Democracy.
http://createrealdemocracy.blogspot.com/2011/07/how-do-we-eliminate-national-debt.html
-------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com For more information, visit http://www.afsc.net/economiccrisis.html Previous calendar entries are posted at http://afsc.net/monetaryhistorycalendar.html
Thursday, July 7, 2011
How Do We Eliminate the National Debt? Democracy.
The President and Congressional leaders strain and pain to reach agreement on the right combination of spending cuts and tax increases before raising the federal debt ceiling. Yet they continue to ignore changing our monetary system, which could eliminate our nation’s debt.
The United States could simply issue its own debt-free money -- similar to the Greenbacks introduced by Abraham Lincoln. Why do we continue to allow our nation’s money system to be privatized (more like corporatized)? Banks issue money as debt when they create it out of thin air as loans to people and the government. This represents by far the single largest federal subsidy in this nation.
As Treasury bonds, notes and bills come due, rather than rolling them over as new debt, the US government should simply pay the holders with US debt-free currency, thereby extinguishing the debt. Laws can limit the amount of money issued by the government so it creates neither inflation nor deflation.
Our Constitution provides our federal government the authority to issue its own money. Democratizing our monetary system will not only put We the People in charge of this essential national function, but can also eliminate our national debt.
The United States could simply issue its own debt-free money -- similar to the Greenbacks introduced by Abraham Lincoln. Why do we continue to allow our nation’s money system to be privatized (more like corporatized)? Banks issue money as debt when they create it out of thin air as loans to people and the government. This represents by far the single largest federal subsidy in this nation.
As Treasury bonds, notes and bills come due, rather than rolling them over as new debt, the US government should simply pay the holders with US debt-free currency, thereby extinguishing the debt. Laws can limit the amount of money issued by the government so it creates neither inflation nor deflation.
Our Constitution provides our federal government the authority to issue its own money. Democratizing our monetary system will not only put We the People in charge of this essential national function, but can also eliminate our national debt.
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