MONETARY REFORM ACT
An Act
Note: Portions in blue are the most important.
To restore confidence in and governmental control over money and credit, to stabilize the money supply and price level, to establish full reserve banking, to prohibit fractional reserve banking, to retire the national debt, to repeal conflicting Acts, to withdraw from international banks, to restore political accountability for monetary policy, and to remove the causes of economic depressions, without additional taxation, inflation or deflation, and for other purposes.1
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, that:
Section 1. SHORT TITLE. This Act may be cited as the Monetary Reform Act.
Sec. 2. IMPLEMENTATION. This Act shall be implemented over a one-year transition period, beginning thirty days after the date of the enactment of this Act.
Sec. 3. DEFINITIONS. The definitions of terms shall be those set forth in the Federal Reserve Act of December 23, 1913, as amended. United States Notes as used herein shall mean Treasury issue United Stated currency notes (as defined in 31 U.S.C. Sec. 5115) not bearing any interest, being lawful money and legal tender for all debts, public and private, and which term as used herein shall include Treasury Department Deposits (a.k.a. Treasury Deposits or Treasury book entries) convertible to United States Notes, which may be substituted therefor at the discretion of the Secretary of the Treasury. During the transition period, Treasury Deposits as used herein shall include Federal Reserve Deposits.
Sec. 4. ONE HUNDRED PERCENT (100%) RESERVE REQUIREMENT. Section 19(b)(2)(A-D) of the Federal Reserve Act is hereby amended to raise the Reserve Requirement ratio for financial institutions, in equal monthly increments of eight and one-half percent (8.5%), to one hundred percent (100%), during the said transition period. No existing reserve requirements shall be reduced, but shall be increased as the overall Reserve Requirement ratio incremental increase surpasses them. The initial minimum overall Reserve Requirement ratio shall be fixed at eight and one-half percent (8.5%) for all accounts, effective in one month. United States Notes, Federal Reserve Notes, Treasury Deposits and Federal Reserve Deposits shall be included in Reserve calculations in the transition period. No waivers or exemptions to this section may be granted, and any in existence are hereby repealed.2
Sec. 5. RETIRING THE NATIONAL DEBT. The Secretary of the Treasury is hereby authorized and directed to purchase, in open market operations or otherwise, all outstanding Federal Debt held by the public, with United States Notes; thereby the net National Debt is to be completely retired and replaced with United States Notes.3 Treasury Deposits are to be created for intra-U.S. government debt in quantity sufficient to extinguish the remaining National Debt.
Sec. 6. STABLE MONEY SUPPLY. The Secretary of the Treasury is hereby authorized and directed to time and apportion the purchase of United States Bonds and other federal debt securities held by the public, and the issuance of United States Notes and the creation of Treasury Deposits to the rate of the Reserve Requirement ratio increases made pursuant to this Act, in order to keep the money supply (calculated including the monetary substitutions provided for herein) constantly stable, except as is provided in section 7, infra. The Secretary of the Treasury is hereby authorized and directed to purchase such outstanding United States Savings Bonds/Notes during the transition period as may be necessary to accomplish the purposes of this section.4
Sec. 7. FUTURE MONETARY GROWTH. Beginning with the transition year period, and thereafter on an annual basis, the total dollar amount of United States Notes (as defined supra: i.e. the sum of outstanding currency plus Treasury Deposits) outstanding (calculated to include the total amount of outstanding Federal Reserve Notes, i.e. not yet replaced with U.S. Notes) shall be increased by the Treasury Department, steadily, by three per cent (3%) per annum5, which amount shall be paid into the economy by the Treasury Department, first to retire (or purchase) any future war bonds (issued pursuant to section 8. hereof), then any remaining non-marketable federal debt (e.g. Saving Bonds/Notes and fully guaranteed obligations of the government), then, pursuant to appropriation by Congress, to pay for goods, services, or interest. Any such new money not appropriated (i.e. allocated for expenditure) by Congress during any such year, shall be rebated by the Secretary of the Treasury to individual, personal income taxpayers on a fixed percentage basis within thirty (30)days of the close of such year. Except in time of war, no United States government bonds, bills, savings bonds/notes, or other debt obligations may be sold by the government, except as is provided for in this Act. No federal agency or federally-chartered bureau, board or instrumentality may engage in any further lending or borrowing, nor guarantee same, after the date this Act becomes law.
Sec. 8. WAR EXCEPTION. In the case of a formal Congressional declaration of war with a foreign nation, the three percent (3%) monetary growth provided for in section 7., supra, may be exceeded and United States government bonds may be sold or purchased in open market operations by the Treasury Department, pursuant to Congressional authorization. The suspension of the fixed three per cent (3%) monetary growth, and United States government bond sales, shall terminate annually unless renewed by Congress, or upon the cessation of hostilities, or by formal proclamation of the President declaring the war ended, or upon the exchange of ratifications of the treaty of peace. The provisions of this Act shall supersede the provisions of the National Emergencies Act (50 U.S.C. 1601, et seq., Titles I-V, as amended), and any declaration of emergency by any member of the Executive Branch.
Sec. 9. FULL RESERVE BANKS. After the transition period, institutions using the word bank in their name or title, may not engage in lending, except that the capital of the owners may be invested or loaned on the open market, but may charge fees for their services and may invest deposits in Treasury Department Deposit accounts. These: full reserve; one hundred percent (100%) reserve; deposit; check or narrow; banks, as they, exclusively, may also be titled, must treat deposits received as trust-funds of money held for depositors. By the end of the transition period, for every dollar deposited, banks must have a dollar of United States Notes on hand or invested in a Treasury Department Deposit account. All bank deposits shall be in demand accounts. Banks shall be free to pay any rate of interest on accounts. Only bank deposits may be transferable by check, credit card, electronic transfer or any substitute therefor. At the beginning of the transition period, entry into such one hundred percent (100%) reserve banking shall be open to all persons having no criminal record, subject to minimal bonding requirements to be established by the Secretary of the Treasury.6
Sec. 10. TREASURY DEPOSITS. Funds placed in Treasury Department Deposits shall be utilized by the Secretary of the Treasury pursuant to appropriation by Congress, to pay for goods, services, or interest needed by the federal government. Any such funds received by the government in excess of federal expenditures not funded by tax revenues shall be rebated to individual, personal income taxpayers on a fixed percentage basis within thirty (30) days of the close of that year. Withdrawals of Treasury Deposits in excess of receipts in any given year shall be funded by future monetary growth as provided in section 7., supra, or should the withdrawals ever exceed monetary growth, by tax increases; in this latter, unlikely event, the Secretary of the Treasury is hereby authorized, in the absence of any other, specific authority, to add a fixed percentage surcharge to income taxes for that period, equal to the sum of excess withdrawals.
Sec. 11. INTEREST. The initial rate of interest payable on Treasury Department Deposits shall be equal to the average yield on three-month Treasury bills during the preceding quarter. Thereafter, it shall be adjusted quarterly in accordance with changes in the average yield of ninety-day commercial paper over the preceding quarter.7
Sec. 12. LENDING INSTITUTIONS. Banks or any other persons may establish separate associations, with or without joint ownership or management, not to be titled banks, such as investment trusts, mutual funds, brokerage or lending houses, to sell stock, to receive, borrow, lend or invest money at interest, but by the end of the transition period only from existing funds (i.e. United States Notes and Treasury Deposits). Contractual provisions must be made by such institutions upon the receipt of any funds with their owners, investors or depositors, that at no time may more funds be subject to demand than are presently idle and one hundred per cent (100%) available on demand. For any funds deposited with such associations payable on demand there must be a dollar of United States Notes on hand or deposited in a Treasury Deposit. No such association may denominate any account a demand account, nor promise immediate availability of any funds which may be invested, deposited or otherwise placed by such association without notice in any instrument or account other than Treasury Deposits. No funds deposited or invested with such associations may be transferred by check, credit card, electronic transfer or any substitute therefor. Owners, investors, lenders and depositors must be advised of the use of their funds, fairly appraised of the risks including the risk of total loss, of the maximum term of the use and of the potential and actual lack of availability of their funds, and the agreed or expected interest rate or the rate of return.
Sec. 13. REPEAL OF CONFLICTING ACTS. The National Banking Act of 1864 and amendments, and the Federal Reserve Act of 1913 and amendments, are hereby repealed,8effective at the end of the transition period. All Federal Reserve System monetary authority and Federal Reserve Deposits shall be transferred to the Treasury Department at the end of the transition period. From the effective date of this Act, and during the transition period, the Federal Reserve System and its District Banks shall not engage in open market transactions, nor change the Federal Funds Discount Rate, nor alter any Reserve Requirements, nor otherwise alter any money aggregate, nor transfer, dispose of, nor move any gold or silver in either their physical or legal possession, except as provided for in this Act, contrary provisions of the Federal Reserve Act or other statutes notwithstanding. The paid-in capital of Federal Reserve System member banks shall be credited to their Federal Reserve Deposit accounts at the beginning of the transition period, and the Federal Reserve Banks, employees, assets and liabilities transferred to the jurisdiction and control of the Treasury Department and employed for the purposes of this Act, including continuation of check-clearing and other services not prohibited by this Act. The Secretary of the Treasury is directed to replace gradually all outstanding Federal Reserve Notes with United States Notes, as soon as is practicable. Outstanding Federal Reserve Notes shall remain legal tender for all debts, public and private. Section 602(g)(14) of the Riegle Act of 1994 amending U.S.C. Title 32, insofar as it removed the requirement of reissuing United States currency notes upon redemption, is hereby repealed. Title 31 U.S.C. Section (a)2(b) limiting United States Notes to a total of $300 million and prohibiting their use as reserves, is hereby repealed. Existing legislation in conflict with this Act, whether in whole or in part, is hereby repealed in whole or in part as may be necessary to resolve any conflict with this Act.9
Sec. 14. PENALTIES. After the transition period, no person may loan, create credit or liabilities payable on demand or transferable by check, credit card or electronic transfer, without having one hundred percent (100%) reserves of United States Notes, dollar for dollar, for any such amounts. Violation of this provision will subject the violator to civil penalties for fraud, and to criminal penalties. 18 U.S.C. Crimes and Criminal Procedure §1344. Bank fraud: is hereby amended to include a new subsection (3) as follows: Whoever knowingly executes, or attempts to execute, a scheme or artifice — (3) to engage in fractional reserve banking practices as described and prohibited by the Monetary Reform Act, Section 14, shall be fined not more than three times the total dollar amount of the violation(s), or imprisoned not more than 20 years, or both; but if the amount of the violation does not exceed $1,000, the violator(s) shall be fined treble damages or imprisoned not more than one year, or both.
Sec. 15. WITHDRAWAL FROM INTERNATIONAL BANKS. It is hereby declared as a matter of federal statutory law that membership and/or participation of the United States government, or its agencies, or of the Federal Reserve Board or Reserve Banks or any officer or employee thereof, with the Bank for International Settlements, the International Monetary Fund, the World Bank, and all other international banks, is inconsistent with and in direct conflict with the purposes of this Act of Congress. The President is hereby authorized and directed to take such steps as may be necessary to withdraw the United States from all participation, and membership, in the Bank for International Settlements, the International Monetary Fund, the World Bank, and all other international banks, in any orderly manner, but in a period not to exceed one year from the effective date of this Act, and to recover the original and any subsequent United States subscriptions, contributions and quotas to such organizations, not already fully and lawfully expended, whether in the form of gold, deposits, currency or otherwise; and to enter into negotiations to establish new exchange facilities consistent with the purposes of this Act having no authority to create money or credit in any form, and having no independent authority to establish laws or regulations binding upon the United States or its banks, financial institutions or citizens, and subject to the ongoing, annual budgetary authority and approval of Congress.10
Sec. 16. FOREIGN EXCHANGE. The Secretary of the Treasury is hereby authorized and directed to enact regulations allowing the external rate of exchange freely to fluctuate, as foreign price levels fluctuate (i.e. in accordance with their respective purchasing power), while utilizing the exchange stabilization fund and foreign currency reserves to counterbalance fluctuations in the exchange rate. The Secretary of the Treasury shall enact such regulations in order to: 1. keep the stable, internal domestic price level established by this Act unaffected by foreign exchange rate fluctuations; 2. maintain imports and exports of capital, in equilibrium. In no event shall foreign exchange rates be allowed to alter the fixed rate of monetary growth set forth in section 7., above.11‘
In any period in which the exchange stabilization fund and foreign currency reserves are inadequate to maintain equilibrium in capital flow, the Secretary of the Treasury is hereby authorized and directed: to restrict any imbalanced inflow of dollars to an amount equal to the monetary growth rate for such period (as set forth in Section 7.,supra), which monetary growth shall be thus funded; and, to prohibit any imbalanced outflow of dollars. Imbalances in excess of such amounts must first be chronologically booked for subsequent exchange as soon as the free markets restore the equilibrium necessary for the exchange(s) to occur.
The Secretary shall issue regulations to establish an advance foreign exchange book, open for public inspection, of all contracted, future foreign exchange transactions and obligations, in order to facilitate such exchanges. Such exchanges must be assigned by the Secretary on a first-come, first-served basis, in order to guarantee foreign exchange availability, for a one quarter per cent (0.25%) fee. 12
Sec. 17. APPROPRIATIONS. The Secretary of the Treasury is authorized and directed to establish Treasury Department Deposits, convertible to United States Notes on demand, sufficient to accomplish the provisions of this Act. The Federal Reserve Act is hereby amended to add this section: that the Governors of the Federal Reserve System are authorized and directed to establish Federal Reserve Deposits sufficient to accomplish the purposes of this Act, in amounts to be determined by the Secretary of the Treasury. The Director of the Bureau of Engraving is hereby authorized and directed to print a sufficient quantity of United States Notes to accomplish the provisions of this Act. There is hereby authorized to be appropriated, out of any funds not otherwise appropriated, such sums as may be necessary to carry out the purposes of this Act.13
Sec. 18. SEVERABILITY. If any provision of this Act, an amendment made by this Act, or the application of such provision or amendment to any person or circumstance shall be held to be unconstitutional, the remainder of this Act, the amendments made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby.
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END NOTES
1. A draft in 17 sections; last revised 5/22/2006, Copyright 1996, 1997. All rights reserved. For a free copy of the latest revision of the Act, send a SASE to: Monetary Reform Act, P.O. Box 4605, Rolling Bay, WA 98061 - 0684, or call 1-888-THE PLOT to order the video The Money Masters which has the Act as an insert, or visit http://www.themoneymasters.com. Minor revision is an ongoing process in response to suggestions received. Return to main article
2. The principal point of this section and of the entire Act is to replace private creation of money by debt-based, bank-book-entry creation (i.e. by bank loans), based on fractional reserves (i.e. high-powered money) which is inherently unstable and unjust, with government creation of money by credit-based Treasury deposits and U.S. Notes (i.e. for government payments or purchases) which are based on full reserves (i.e. not high-powered money), by definition for the benefit of all the people, not just for bankers. Return to main article
3. The net National Debt (i.e. net of what the government owes itself) is c. $3.7 trillion. c. $400 billion is held by the Fed, and c. $300 billion by financial institutions; paying off these amounts would consist of little more than a Treasury Department book entry, and the balance of merely surrendering and substituting one form of government obligation for another (e.g. interest bearing U.S. bonds for non-interest bearing U.S. currency Notes.). See section 3., supra. [note: national debt figures are constantly changing, hence these figures will need updating.]
Alternatively, in a less comprehensive but arguably easier reform, full-reserve banks could be required to keep their reserves in either the form of cash or federal debt securities. This would be equivalent to keeping their reserves in interest-bearing Treasury Deposits. Both methods would effectively require banks to substitute existing bank liabilities for the entire marketable government debt in one form or another. Free markets to facilitate this substitution would very rapidly arise and should be allowed to so function. Similarly, Federal Reserve Notes and/or Deposits could be used instead of U.S. Notes and Treasury Deposits, PROVIDED one hundred percent (100%) reserve banking (section 4.) is enacted. The form of the new reserves required for the transition to full-reserve banking is immaterial provided they result in the substitution of government securities for existing bank liabilities, and provided fractional reserve banking is terminated as the reserve requirement is increased to one hundred percent (100%), scheduled concurrently to avoid any inflationary/deflationary effect. Return to main article
4. As the net U.S. Debt less Savings Bonds/Notes is c. $3.6 trillion, and commercial bank liabilities, less net assets total c. $3.6 trillion, retiring the National Debt with U.S. Notes or their equivalent would not change the total of the money supply and would provide sufficient funds for the transition to one hundred percent (100%) reserve banking with neither inflation nor deflation. Section 6. also provides the Secretary of the Treasury with the flexibility to purchase the c. $184 billion of Savings Bonds/Notes with U.S. Notes during the transition period as well, should this prove advisable to provide additional funds for reserves; otherwise, this relatively minor debt facility shall be retired out of future monetary growth (see section 7.). Return to main article
5. The three percent (3%) figure represents the low end of the three-to-five percent (3-5%) range proposed by Prof. Friedman and Mrs. Friedman, for a Constitutional Amendment limiting monetary growth, which we completely support (see endnote 14. for text). However, this draft Act takes the practically-easier legislative approach and adds the critical prohibition of fractional reserve banking as well as other related issues. With population growth and productivity increases averaging approximately one percent (1%) each per year for the last thirty years, a three percent (3%) growth figure will insure stable prices within a vary narrow range and would allow for price-level or cost-of-living adjustments (COLAs) in contracts with a predictable effect to address any slight variation in economic activity from the three percent (3%) monetary growth rate. Further, as perfect fine-turning of monetary growth in a complex economy is not possible, to err on the side of a very slight inflation would at least relieve those burdened by debt of some of the effects of the prior inequity caused by private money creation, whereas to err on the side of deflation would exacerbate such inequity. A fixed rate of growth will provide the needed stability so long lacking m monetary policy, which instability has caused every economic depression in United States history. In 1931, Sweden established a mixed commodity krona by setting up an oflicial C.P.I., and succeeded in keeping it stable (within 1.75%) for several years, until she had to give up the system under pressure from international bankers to stabilize foreign exchange rates. This example demonstrates both empirical proof of the validity of this ideal approach, and of its susceptibility to failure by political manipulation
Periodic, non-discretionary, fine-tuned adjustments based on widespread indexation of prices, by a Monetary Commission of some sort would be the ideal, but lack the stability and predictability of a fixed growth rate and are subject to corruption and to manipulation indirectly (e.g. such as by alteration of index definitions, components or base years as has repeatedly occurred with the Department of Labor’s Consumer Price Index [CPI]).
The zero (0%) monetary growth proposal, particularly if tied to freezing high-powered money, lacks the essential feature of abolishing fractional reserve banking. This is particularly important in light of all the exceptions to maintaining any reserve ratio. However, if combined with such an abolition (and allowing for COLAs to address the inevitable deflationary effects), would be acceptable and arguably easier to advance politically due to the Schelling point effect of a figure such as zero, as Prof. Friedman has pointed out. But, as Paul A. Samuelson noted, the gyrations in the futures markets tend to belie the notion that monetary stability can be found in that direction Return to main article
6. Absent massive fraud or theft, full reserve banks cannot fail, rendering insurance such as F.D.I.C. and F.S.L.I.C. unnecessary. Only a minimal cost to insure against fraud or theft would be necessary. Had full reserve banking been in place before the S & L collapse, this one reform would have saved the U.S. taxpayers over $600 billion. Return to main article
7. As now, no interest would be paid on currency in circulation - the government benefitting from the seigniorage. However, as Prof. Friedman and George Tolley warn, if the government pays no (0%) interest on reserves, which is the theoretical ideal (or charges banks interest on Treasury-assumed bank liabilities [e.g. on so-called Commercial Bank Conversion Bonds] - a variation of a one-time government take-over of existing reserveless [i.e. factional-reserve-based loans] bank liabilities), this would create a high incentive for private near-monies of various kinds (e.g. new forms of negotiable debt, equity or derivative instruments) to proliferate, particularly in advanced economies such as the U.S.
This would threaten many of the benefits of monetary reform including the stability of the money supply and the prohibition of private fractional reserve money creation. The interest may be viewed as a social cost for the benefits of a stable national money. The private trading (circulation) of futures based on widespread price indices as money offers only speculative, though intriguing, reform possibilities at this time. Return to main article
8. While it would theoretically be easier simply to reform the Federal Reserve System than to abolish it, the experience of the last 300 years in Europe and the last 200 in the U.S. has proven time and again that private banking interests invariably utilize any independence afforded a central bank from government control as an opportunity to exert undue influence over it, often by acquiring outright ownership interests in it, and/or to gain control of it through placement of their employees and experts (schooled in protecting and promoting their private interests who often “retire” to very well-paid positions in private banking) in its key positions at the expense of the public good. This is one reason for the seeming anomaly that private banking interests champion the “independence” of central banks from any effective oversight by politicians generally controlled by them. It simply exposes central banks to even greater private manipulation with less interference from and explaining to have to do to “unreliable” politicians. Independent central banks concentrate national economic control in a body too removed from accountability and therefor from responsibility to the body politic, at least in the often critical short-term.
The so-called independence or autonomy of central banks from governmental control, such as the Federal Reserve System has in the United States, to whatever degree granted, has in practice meant increased private influence and control to that same degree.
The avowed purpose of central bank independence or autonomy - to reduce political (i.e. private special interest) influence over its functions - something the present independent central banking system utterly fails to achieve but rather enhances, can be accomplished without this danger, by establishing a fixed rate of monetary growth not subject to any discretionary authority or manipulation, as is set forth in section 7. Of course, this too could be a reform within the present Federal Reserve System, but absent direct accountability to Congress (including for annual budget appropriations - a power now uniquely delegated to the Fed which funds its operations without Congressional budget authorization or audit, from interest it receives on the U.S. bonds it purchases for the cost of the paper) the Fed would remain the powerful, effectively independent and dangerous, entrenched banking lobby with virtually unlimited and unaudited funds, constantly working to resist, obstruct and repeal reforms, just as it did during the Great Contraction (i.e. Depression) which it caused. Further, the current division of responsibility for monetary policy between the Fed and the Treasury has allowed both bodies to shift responsibility to the other for harmful actions. This can only be solved by ending this division. Return to main article
9. Other conflicting, or partially conflicting Acts, such as the Banking Acts of 1933 and 1935; Federal Securities Act of 1933; Securities Exchange Act of 1934; Margin Requirements Act of 1934; Public Utility Holding Company Act of 1935; Bretton Woods Agreements Act of 1944; Federal Deposit Insurance Act of 1950; Bank Holding Company Act of 1956; Bank Merger Acts of 1960 and 1966; Emergency Loan Guarantee Act of 1971; Electronic Funds Transfer Act of 1978; International Banking Act of 1978; Financial Institutions Regulatory and Interest Rate Control Act of 1978; Depository Institutions Deregulation and Monetary Control Act of 1980; Bank Export Services Act of 1982; Garn-St. Germain Act of 1982; Financial Institutions Reform Recovery and Enforcement Act of 1989, and subsequent amendments, would be repealed in whole or in part where in conflict with this Act. Return to main article
10. The U.S. Supreme Court, in an increasingly important decision, held that an Act of Congress is on full parity with a treaty (or any lesser agreement), and that when a federal statute which is subsequent in time is inconsistent with a treaty, the statute, to the extent of the conflict, renders the treaty null. Whitney v. Robertson, 124 U.S. 190 (1888); et aliacf. Reid v. convert, 354 U.S. 1 (1957)Return to main article
11. It is estimated that $200-250 billion in U.S. currency is held outside the U.S. This is high-powered money that would cause hyper inflation if repatriated in large amounts in a short period of time. Additionally, the U.S. presently has a high trade deficit, which has been roughly balanced by U.S. bond sales to foreigners, which total approximately $1 trillion at present. Further, currency speculators manipulate and exacerbate temporary exchange fluctuations, which can radically affect internal price stability, as has been recently demonstrated in several of the Southeast Asian nations.
Whoever originates and controls the volume of money, controls every single economic operation. Therefore, it is essential to monetary stability, and so to reform, as well as to maintaining national sovereignty, that the import and export of capital be kept in balance, so that the domestic money supply be not subject to manipulation nor to fluctuation in quantity, beyond the rule fixed in section 7., above.
Stability of the internal quantity of money is the only basis on which to obtain a stable price level, and foreign exchange rates must not be allowed to disrupt internal price stability. This can be accomplished, there being no theoretical difficulty. For example, the government of China simply forbids banks from handling large foreign transactions other than those for the purchase of Chinese goods, and also maintains a large exchange stabilization fund to defend the yuan. Chile requires that 30% of capital inflows stay in the country a minimum of one year. Return to main article
12. i. e. the so-called Tobin tax, designed to discourage speculative trading in small differentials in interest on exchange rates. Return to main article
13. Prior inequitable and usurious profits accumulated by banks from fractional reserve banking practices are not addressed in this draft Act, which therefor leaves the banks in possession of prior profits of some $360 billion (1996 commercial bank net worth), most of it from such unjust practices. Likewise, prior distribution of profits to bank owners is not addressed. This vast wealth and the economic and political influence it represents, particularly through the control of the media it has purchased, constitutes a standing danger to the Republic and should be addressed, perhaps by some effective form of anti-trust legislation and/or Court action breaking-up the giant banks (and media) into small localized units with separate ownership, or more aggressively by a bank nationalization, break-up into smaller units, and immediate reprivatization by public stock sale pursuant to rules insuring widespread ownership.
But any nationalization Act without an immediate reprivatization clause would create a new and unnecessary danger, as the power to loan does not properly rest with the government, is most effectively handled at the local free market level, and is easily abused for political purposes as was the case with pre-war Germany’s Reichbank which granted loans to whomever the government chose for political reasons, as do government banks in communist command economies.
The goal is not nationalization of banks, but of money. By contrast, and by definition, creation of a national currency/money supply can only be effectively and properly handled by a national government, not by local governments or private persons, as reason and experience abundantly prove.
It is primarily for these reasons that we disagree with that portion of the monetary reforms advanced by Messrs. Peter Cook, Theodore R. Thoren and Richard F. Warner, insofar as they advance the notion that the Treasury ought to become a lender to banks and local governments, while we are in general agreement with their reform proposals otherwise (including their rejection of a return to a gold standard). Rather, consistent with the sound reform principle of subsidiarity, the private sector alone ought to engage in the various legitimate forms of lending, as set forth in section 12. herein, with free market supply and demand setting the interest rates.
Decentralized, private lending agencies generally tend to loan to any creditworthy applicant, their primary motive being profit (or profit-derived power) which is maximized by making more loans; whereas governments replace this profit priority with political ends such as rewarding their supporters, the political value of which is maximized by restricting loans. So government lending tends to arbitrary discrimination for political motives, an abuse generally avoided in a truly free market lending situation.
Thus, perhaps the most dangerous error of any monetary reform proposal would be to place the lending of money in the hands of the government, which is the essence of communist economics, carrying with it the power to destroy. Indeed, Lenin recommended government origination and control of lending for the political control it affords. That money-lending ought to be carried out by private legal persons rather than the government is a major principle of sound monetary policy. The lending of money ought to be completely divorced from its origination, for as Ms. Coogan pointed out, it is fundamental that money ought not to come into existence as loans or in response to loan applications, but only as the total stock of available goods increases (or a reasonable approximation thereof, such as three percent [3%] in the U.S.). Further, there is simply no need for the government to get involved in lending, and risk the dangers mentioned, in order to reform the present system and achieve all of the ends set forth in the preamble hereof. Return to main article
14.Prof. Milton Friedman on his proposed Constitutional Amendment
“When the Constitution was enacted, the power given to Congress ‘to coin money, regulate the value thereof, and of foreign coin’ referred to a commodity money: specifying that the dollar shall mean a definite weight in grams of silver or gold. The paper money inflation during the Revolution, as well as earlier in various colonies, led the framers to deny states the power to ‘coin money; emit bills of credit [i.e., paper money]; make anything but gold and silver coin a tender in payment of debts.’ The Constitution is silent on Congress’s power to authorize the government to issue paper money. It was widely believed that the Tenth Amendment, providing that the ‘powers not delegated to the United States by the Constitution . . . are reserved to the States respectively, or to the people,’ made the issuance of paper money unconstitutional.
During the Civil War, Congress authorized greenbacks and made them a legal tender for all debts public and private. After the Civil War, in the first of the famous greenback cases, the Supreme Court declared the issuance of greenbacks unconstitutional. One ‘fascinating aspect of this decision is that it was delivered by Chief Justice Salmon P. Chase, who had been Secretary of the Treasury when the first greenbacks were issued. Not only did he not disqualify himself, but in his capacity as Chief Justice convicted himself of having been responsible for an unconstitutional action in his capacity as Secretary of the Treasury.’
Subsequently an enlarged and reconstituted Court reversed the first decision by a majority of five to four, affirming that making greenbacks a legal tender was constitutional, with Chief Justice Chase as one of the dissenting justices.
It is neither feasible nor desirable to restore a gold-or-silver coin standard, but we do need a commitment to sound money. The best arrangement currently would be to require the monetary authorities to keep the percentage rate of growth of the monetary base within a fixed range. This is a particularly difficult amendment to draft because it is so closely linked to the particular institutional structure. One version would be:
Congress shall have the power to authorize non-interest-bearing obligations of the government in the form of currency or book entries, provided that the total dollar amount outstanding increases by no more than 5 percent per year and no less than 3 percent.
It might be desirable to include a provision that two-thirds of each House of Congress, or some similar qualified majority, can waive the requirement in case of a declaration of war, the suspension to terminate annually unless renewed.
A Constitutional Amendment would be the most effective way to establish confidence in the stability of the rule. However, it is clearly not the only way to impose the rule. Congress could equally well legislate it.”
Quoted from: A Program for Monetary Stability, by. Dr. Milton Friedman, Fordham University Press (N.Y. 1960, 1992), pgs. X, 66-76, 100-101; and, Free to Choose by Dr. Milton & Rose Friedman, Harcourt Brace & Co. (San Diego 1980, 1990), pgs. 307-308.
The greatest achievements of men were at first nothing but dreams in the minds of men who knew that dreams were the seedlings of all achievements."- Napoleon HillIn his volume, The Wealth of Nations, Dr. Adam Smith suggested that a free and unrestricted market will naturally govern itself because the supply and demand for products determine their costs and availability. He also inferred that this self-governing mechanism will take care of prices, wages, profits and even the cost of land; and as long as the market is not restricted, there will be continual improvement in the quality of life for all society.If this is true and if the two things that can disrupt supply and demand is only (1) what the public chooses to purchase and (2) the state of the earth's resources, has public taste and environment really dictated the impact of business?A) Are we feeling the results of the oil peak which is now on the downward slope towards scarcity? B) Is this the reason why gasoline prices skyrocketed & overflowed into the housing market to assist in the cause of the market crisis & desparate banking's subprime lending spree which triggered Wallstreet, Fannie Mae, Freddie Mac, their supporting investment houses, select lending institutions and banks to collapse?If this theory is accurate, then, good recovery MUST begin with the broad base of the public (average Americans) first having their household incomes stimulated, to promote business recovery, so banking could also recover; thereby balancing the supply and demand effects.Since the idea that people make ethical choices because they can remove themselves from a situation and their decisions are based on observation rather than self-interest also, these concepts about the nature of free trade is still being used within the market today and should applied to instruct and advise government and business leaders as well. The productive powers of labor still seem to be the effect of the division of labor, particularly, when it comes to specialization since human beings balance their talents by nature. The strength of the leader is still only as strong as their followers will allow them to be and has limited the market for laborers. Large cities will still contain certain kinds of work that are only availible in large cities and it is that ability which will bring goods to an area to support wealth and future. Economic growth will always be fostered where industry is easily accessible and promotes the supply for its demands. Market limitations operate through their availability or scarcity which Smith called as a system "Natural Liberty". This brings us to problem of . . .MONEY. Money has become in all civilized nations the universal instrument of commerce, but labor is the measure of an item's value and since the real price of everything is the toil and trouble of acquiring it, the real difficulty is measuring the worth of a worker's hardship or ingenuity; since this is how we price an item. The price of an item must be accurately measured by the price of labor and this has not been conducted by an accurated measure thus far, but instead, by the bargaining or haggling of the market and oil has cost the public as much as the market would bear; which, as of late, has been overbearing and overflowing into other market areas (ie. housing & food). In some areas it took a tremendous number of work hours to meet the requirement sufficient for carrying on the business of common life, which, during this period, sectors of the public began to embrace a new system and referred to it as the Results Only Work Environment (ROWE system) and telecommuting. Employers and business owners streamlined their workers, labor costs, production and a host of other expenses that were non-essential or absolutely necessary. A new system of employment and labor was invented out of necessity which would compensate for the supply and demand of labor in some areas, particularly in area requiring money to be spent in other areas rather than fuel expenses. In the other areas where a product could be simply or cheaply made or is sought after by the public, it was purchased at whatever price the merchant could command. This is marked by the sudden delivery costs of item which were previously purchased without specified costs such as common pizza delivery and the rise in grocery prices in many areas. One of the major components of a price is the cost of labor and another cost built into an item is the profit of business for the business owner. This effort is commonly called "labor of inspection and direction" and the owner's profit bears no relation to the amount of or difficulty in this so-called labor inspection and direction. Profit comes without effort, so long as the market will pay and there is a profit margin. It also doesn't necessarily reflect particular work on the part of the business owner. (Remember that these are basic principles, not descriptions of every attempt to invent, manufacture, or sell a commodity.) Items can be priced above their worth for a long time, but can't be easily priced below their natural cost because those who finance or manufacture the item would soon feel the loss if the item is under priced. This concept is again the basis of market supply and demand and the quantity brought to market would soon be no more than sufficient to supply the demand. Thus, the market price would quickly rise to the natural price. Therefore, the natural price itself varies with the natural cost of each of its component parts of wages, profit and production. This rate varies according to a nations financial circumstances and the market's demands for the item will reflect the economy. In rural communities, the price of domestic products (fruit, vegetables, and meat) can be driven by the farmers production requirements (pesticide, feed and labor prices).In other areas, such as domestic living conditions, market demand also controls its price and availability which reflects the economy. Landlords, farmers, manufacturers and merchants can live on their inventory or profits for longer periods of time while few laborers could last for weeks or perhaps a few months. Though an employer may ultimately need an employee, the employer's need is not so immediate and puts them in a more powerful negotiating position. The motives and actions of employers and business owners are generally dictated by the market and it's supply and demand principle. Employers conspire to fix prices, wages, etc., which creates an interference that resonates throughout the rest of the system. Businesses are almost always in constant uniform to raise prices and lower employee wages, while their laborers yield without resistence until the market becomes unbearable. This, too, has been a large factor in our recent economic turmoil. (A prime example of this is measured with our recent minimum wage requirement in comparison to rising gasoline, food and housing prices. These three basic survival essentials are paramount, particularly when you factor in the number of persons living in a(n) household). Many "closed door policies"that are dictated from employers to their laborers guide workers quality of life decisions. Fixed prices and wages which throw a wrench into quality of life is just like any other interference and when workers yield without resistance, they are never heard. "Closed door policies" such as insider trading on wallstreet to institutionalized sexual and racism discrimination are just a few ot a wide spectrum of problems found commonly. Workers too, combine in what we know as unions. But by the time workers join together, they are desperate and act with the folly and extravagance of desperate men who must either starve or frighten their employers into an immediate compliance with their demands. Very seldom do workers have any real advantage through unions, it is almost always with the employer holding the "Status Quo". And should wage rates fall below a certain level, it often seems impossible afterwards to operate without a degree of tension afterwards.
"I occassionally think how quickly our differences worldwide would vanish if we were facing an alien threat from outside this world and yet I ask you: Is not a alien force already among us?" President Ronald Reagan
"The Third World War has already started. It is a silent war, Not, for that reason, any less sinister. The War, is tearing down America, Latin America, Brazil and practically all the Third World. Instead of Soldiers loosing their lives, Civilians are loosing their jobs, their homes and their money. It is a war over debt and one which has its main weapon, INTEREST, a weapon more deadly than a laser beam, more shattering than the Atom Bomb! This weapon, if it is not curtailed in its infancy will perpetuate until Future generations will wage war against indefinitely. Counter-measures must be established immediately so this minion of a virus does not become an unstoppable juggernaut."
If you doubt this statement or believe its some far-fetched idea, examine how Wallstreet, GM and select banks failed and were bailed out by the Treasury Department as the Federal Reserve stood helplessly aside as these banks and lending institutions were purchased by larger banks? Why didn't the Federal Reserve bail out its greatest ally Wallstreet? How could it stand quietly by when failing banks NEEDED their 'Reserve' funding? The answer . . . Big fish eat small fish and with that in mind, remember what President Thomas Jefferson once said "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered." Is this idea being manipulated and realized through the use of interest?
Economics have been deliberately neglected throughout our education system, particularly among the public education system and many institutions of higher learning also avoid teaching Monetary Theory. Educating the masses about Money and the Banking system is extremely important and can be helpful for many people that are purchasing high priced products, starting their own businesses and planning the future for themselves and their families. The world awaits a new leader in Washington. A leader that will be the active representative of the people of America through a Global perspective. The decisions our new President will bring and the causes he will support & impliment will be closely scrutinized by other Countries and Nations. The reactions of the people will also be viewed and publicized globally.
The way we address and support the Nation of Isreal will be crucial because OPEC nations will be watching particularly close and will deal with us based on how we relate with them. Therefore, the American People must be resolute and have a primary, collective view of Israel as well for us to better support our President's decisions.
Q: What is the PRIME cause of debt?A: Interest & Usury laws
Q: Why do governments need to borrow money when it can create interest free money itself?A: Banking system is creating digital money out of thin air from loans.
Q: How can we create money that circulates permanently, so it doesn't have to be paid back with interest?A: By increasing the value of the item money is being spent on, so that interest is reversed onto the borrowers favor.
Q: Is there currently a way to build a sustainable economy today?A: By discarding the application of Usury and the laws that banks currently use to offset the balance through interest.
Q: HOW CAN WE REPAIR THE NATIONAL BUDGET/DEBT?
To accomplish this goal we must duplicate & employ methods and measures that have worked in the past under similar circumstances.
In 1694, International Banker William Patterson obtained the Charter for the Bank of England when he proposed raising the 1.25 Million Pounds to be lent to the British government. Only 750,000 pounds was received and the newly formed Bank of England began lending money to the government shorly afterwards.
They secured the debt by direct taxation of the people.The government had no fixed period to repay the loan and interest would be paid in perpetuity. Patterson & the government agreed that "The Bank has benefit of interest on all loans". This was the big mistake England would later regret and many countries fell into this same trap. England then bagan financing and repaying War debts and also Borrowing more money again and again.
At first the Colonies avoided this trap by using Colonial Script (a totally Fiat currency) and exchange worked reasonably well until this same principle was applied.
Today. . . . With the advent of the mybarackobama.com donation accounts currently being used for fundraising, the general Public has access to finance the election of the President; the next step would be to provide for Public Works and Means.
If the funding for these multiple accounts were combined into One PRIME account (Universal Citizen's Dividend), OR, if a small of each account was continually added to a SINGLE account that could still be monitored by everyone, Government spending could become better controlled and waste could be prevented, likewise, the People could regulate where the needs would be best applied. Communities could increase "their" VALUE by adding more to their local committees or programs as these funds are directed towards that means.Taxes Federal & State, Social Security, Treasury, Donations, etc., if monitored properly would reduce frivilous spending. The people would be more incline to pay or donate because they would receive the BENEFITS. Perpetual Debt would be converted to sustainable income to maintain a functional society and the rate of forclosure would be lowered. This would also assist with the failing Social Security system and the Treasury would control the amount of money in circulation while the Federal Reserve notes are being replaced with Treasury items (Notes, Bills, Bonds, Etc.).
I would welcome any suggestions you have of possibilities that may fill in any gaps with this theory, after all, The more Great Minds are working together, the better the outcome.
Together, we can make change happen.
Thank you for your support!
Our country faces its most serious economic crisis since the great depression. Working families, who saw their incomes decline by $2,000 in the economic "expansion" from 2000 to 2007, now face even deeper income losses. Retirement savings accounts have lost $2 trillion. Markets have fallen 40% in less than a year. Millions of homeowners who played by the rules can't meet their mortgage payments and face foreclosure as the value of their homes have plummeted. With credit markets nearly frozen, businesses large and small cannot access the credit they need to meet payroll and create jobs.
Barack Obama and Joe Biden have a plan to revitalize the economy.
The economy has lost 760,000 jobs this year -- and some forecasters expect the unemployment rate to exceed 8 percent by the end of next year. Addressing the financial crisis will help prevent the most severe loss of jobs from the crisis. But taking direct steps to create jobs will also strengthen the economy and help with the financial crisis. Barack Obama and Joe Biden's overall economic agenda is pro-jobs, including their plans to eliminate America's dependence on foreign oil and bring down healthcare costs. But Obama and Biden believe we must take additional aggressive steps to jump-start job creation right now:
Even when the overall economy was growing, most American families were not sharing in this growth. The typical non-elderly household saw its income decline by more than $2,000 from 2000 to 2007 as expenses skyrocketed. Weekly wages, adjusted for inflation, are now lower than they were a decade ago. Barack Obama and Joe Biden's overall economic plan will relieve the squeeze on families and foster bottom-up growth. But they are proposing that we implement several measures immediately:
Over the past two years, Americans have lost 20 percent of the value of their homes. In some parts of the country home values have fallen by twice that amount. In combination with a rapidly deteriorating economy, that means more and more families are having a hard time meeting their monthly mortgage payments. At the same time, many states are considering property tax hikes that will burden homeowners still further. And millions of families who have seen the value of their homes fall below the cost of their mortgages need assistance in restructuring their mortgages to stay in their homes.
Barack Obama and Joe Biden's plan provides direct relief to help America's homeowners pay their mortgages, stay in their homes, and avoid painful tax increases while protecting taxpayers and not rewarding the bad behavior and bad actors who got us into this mess:
Barack Obama and Joe Biden believe that our deep systemic financial market crisis requires a systemic response. They fought to ensure that the recently-passed financial rescue package gave the Treasury the tools to stabilize the financial system, while protecting taxpayers and ensuring CEOs would not get rich in the process. However, this stabilization will only occur if the Treasury, Federal Reserve, FDIC, and other government entities use their authority and move quickly and aggressively to address the financial crisis.
It is now clear that our financial markets will not restart until financial institutions are lending again. Because of the extensive losses many of these institutions have suffered, they need more capital so that they will have the money to lend to families and businesses. Obama and Biden recognized this early, and were heartened by the Treasury's stated intention to use its recently granted authority to inject capital into our financial institutions. However, Secretary Paulson must turn this intention into action quickly and aggressively, in a manner that strengthens confidence in our banks, protects taxpayers, does not reward CEOs, and is strictly temporary.
In addition, our financial authorities must stand ready to take additional, complementary actions -- consistent with the systemic nature of this crisis -- to ensure this Treasury initiative is successful:
Barack Obama and Joe Biden believe that trade with foreign nations should strengthen the American economy and create more American jobs. They will stand firm against agreements that undermine our economic security.
Barack Obama and Joe Biden believe that it is critically important for the United States to rebuild its national transportation infrastructure -- its highways, bridges, roads, ports, air, and train systems -- to strengthen user safety, bolster our long-term competitiveness and ensure our economy continues to grow.
Barack Obama and Joe Biden will increase federal support for research, technology and innovation for companies and universities so that American families can lead the world in creating new advanced jobs and products.
Obama and Biden will strengthen the ability of workers to organize unions. He will fight for passage of the Employee Free Choice Act. Obama and Biden will ensure that his labor appointees support workers' rights and will work to ban the permanent replacement of striking workers. Obama and Biden will also increase the minimum wage and index it to inflation to ensure it rises every year.
Obama and Biden will crack down on fraudulent brokers and lenders. They will also make sure homebuyers have honest and complete information about their mortgage options, they'll give a tax credit to all middle-class homeowners, and they'll reform our bankruptcy laws to protect working people.
Obama and Biden will establish a five-star rating system so that every consumer knows the risk involved in every credit card. They also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.
Obama and Biden will double funding for after-school programs, expand the Family Medical Leave Act, provide low-income families with a refundable tax credit to help with their child-care expenses, and encourage flexible work schedules.
The world awaits our new leader in Washington.
A leader that will actively represent the people of America through a Global perspective & identity of our nation.
The decisions our new President will bring and the causes he will support and impliment will be closely scrutinized by other Countries and Nations.
The reactions of the American people will also be viewed and publicized abroad.
The way we address and support Isreal with regards to the Gaza reaction will be crucial, because Arab nations will be watching particularly close and will deal with us based on how we relate with Isreal.
Therefore, the American People must also have a primary view of Israel as well, for us to better support our President's decisions.
THE AMERICAN RENEWAL & CONSERVATION CORPS (ARCC) is capable of creating over 1 million jobs immediately, for reducing unemployment, stimulating the economy and establishing a stronger domestic workforce on a massive grassroots scale.
The American Renewal and Conservation Corps can be a reliable work relief program for many Americans that are currently unemployed and have families to provide for.
At the President's request, the administrative requirements can be met by March 21, 2009 to become a part of President Obama's "American Renewal" legislation. Designed to combat the unemployment increase caused during the 2008 market recession, the ARCC will surely become one of the most popular New Millennium programs among the general public. It is capable of operating in every U.S. state and several territories including the separate Indian Division that will provide a major relief force for Native American reservations. Initial opposition to the program will most likely come from organized labor, but since the unemployment rate fell, the need for the ARCC has risen.
Rather than formally disbanding the CCC Civilian Conservation Corps, the 77th United States Congress ceased funding it after the 1942 fiscal year, causing it to end operations. (Therefore, It can easily be revised to stimulate the current economy).
Job creation programs are also programs or projects undertaken by a government or state of a nation in order to assist the population in seeking employment. Job creation programs are especially common during times of high unemployment. They may either concentrate on macroeconomical policy in order to create a supply of employment, or create more efficient means to pair employment seekers to their prospective employers. Job creation programs are a cornerstone of Keynesian economics.
By first giving opportunity of employment to one-quarter of a million of the unemployed, especially the young men who have dependents, to go into Urban renewal and Recycling, Computer technology, Research and Development, the forestry and flood prevention work. This is a big task because it means feeding, clothing and caring for nearly twice as many men as we have in the regular army itself. In creating these civilian oriented programs we are killing two birds with one stone. We are clearly enhancing the value of our natural resources and second, we are relieving an appreciable amount of actual distress."
The Labor Department's role will be to enroll unemployed civilians (mainly men) as participants in the famed program; the actual camps will be operated by the U.S. Army Reserve & National Guard, using approximately 3,000 reserve officers who will become Camp Directors. Each camp will have a Federal sponsor, usually the Departments of Treasury, Interior, Agriculture or Army Corps of Engineers, including the subordinate agencies: National Park Service, Bureau of Forestry, Soil Conservation Service, General Land Office, Office of Indian Affairs, Bureau of Reclamation, the Grazing Service, and the Transportation and Security Agency. The sponsors will provide the project supervisor and hire the trained foremen necessary, called "LEMs" (Local Experienced Men), who in turn trained ARCC apprentices. Each camp will have an educational advisor provided by the Office of Education.The Department of Defense or local State government will provide chaplains and contract locally for groceries, fuel, and equipment and medical services. The Army will gain valuable experience in handling large numbers of young men, but there will be no obvious military drill or training in the camps and the work projects will be primarily civilian in nature.
Each enrollee will earn at least $3000 per month—with the requirement that $2500 of that be sent home to family—and by 2012 the ARCC will be promoting about 13% of enrollees to act as leaders (at $3600-4500 per month). The program cost about $36,000 - $54,000 per year per full-time enrollee. Total expenditures could reached $15 billion during the life of the program. Peak numbers came in August 1935 with 505,000 enrollees in 2,650 camps. Over 4,000 camps were established in all 48 states and in the Hawaii and Alaska territories, Puerto Rico, and the Virgin Islands.
Within a week the Labor Department can organize a National Re-Employment Service for ARCC recruitment; later the ARCC can handle its own recruiting through local welfare boards. The usual requirement is that enrollees age 18+ be registered as unemployed. The first ARCC enrollee entered on April 7, just one year & thirty-seven days after President Obama's inauguration. Young men aged 18-25 (and a certain number of destitute war veterans of any age) enrolled for six months, with the option of enrolling for another six months, for up to two years.
There will be a penalty for leaving early, and the "desertion" rate expected may be approximately 1-2% per month. In a short time there will be 250,000 enrollees working in ARCC camps, plus 25,000 armed services veterans in special ARCC camps, and 25,000 LEMs.
*Job Skill trainingThere is also a serious concern about the ARCC from the American Federation of Labor which desires that it would be a job training program. With so many union construction workers unemployed, a new job training program would introduce welcomed new competition for scarce jobs, and President Obama can assure that skills taught would complete and conform with established OSHA requirements, and union named labor leader are welcome to to run the ARCC affiliated with their concerns (ie. Carpentry, Automotive, Plumbing, etc.) After observing the standard 8-hour day and 5-day work week at manual labor, the enrollees could, if they wanted, attend evening classes at different educational levels to study subjects ranging from college-level U.S. history and civics classes to basic literacy. Skilled courses such as motor repair, cookingO, and baking will also be taught, and LEMs may take apprentices in forestry and soil conservation.
We need programs that will offer stable, employment and reliable income for our citizens. Hope for the Change to come soon.
All comments and replies are welcomed!
"Vigilance is our shield that protects us from the squalid past;Knowledge is our weapon with which we carve our path to an enlightened future."
Social development is in great demand today. A new American fervor is on the rise, it is a feeling of Nationalism and Reinvigorated Civic responsibility.
The great undertaking of the Obama campaign is on the horizon and we stand as a galvanized Nation, in support of our next President. The only thing our country awaits now is for a plan to be collectively understood and followed. The Obama-Biden plan offers tremendous opportunity for social development for many unemployed citizens.
Barack Obama and Joe Biden have a plan to *revitalize the economy.Immediate Action to *Create Good Jobs in America Immediate *Relief for Struggling Families Direct, Immediate *Assistance for Homeowners, Not a Bailout for Irresponsible Mortgage Lenders A Rapid, Aggressive Response to Our Financial Crisis, Using All the Tools We Have.
In his speech President-elect Obama gave the encouragement to come together against many national interest when the President-elect mentioned "WE DO NEED TO EXPAND RESPONSIBLE DOMESTIC PRODUCTION. TELL THE OIL COMPANIES - "USE LEASES OR LOSE THEM." "LETS REDUCE DEPENDENCE ON FOREIGN OIL.""I WILL INVEST $150,000,000,000.00 DOLLARS OVER THE NEXT 10 YEARS."15 BILLION EACH YEAR TO PUT AMERICA ON THE PATH OF TRUE ENERGY SECURITY.THIS FUND WILL FAST-TRACK INVESTMENTS IN A NEW 'GREEN ENERGY BUSINESS SECTOR' THAT WILL END OUR ADDICTION TO OIL AND CREATE UP TO 5 MILLION JOBS OVER THE NEXT 2 DECADES.WE WILL INVEST IN RESERCH AND DEVELOPMENT OF EVERY FORM OF ALTERNATIVE ENERGY: SOLAR, WIND, BIOFUELS,FIND SAFER WAYS TO STORE NUCLEAR POWER AND STORE NUCLEAR WASTE. WE WILL INVEST IN THE TECHNOLOGY THAT WILL ALLOW US TO USE MORE COAL, AMERICA'S MOST ABUNDANT ENERGY SOURCE WITH THE GOAL OF CREATING 5 FIRST OF A KIND COAL FIRED, DEMONSTRATION PLANTS WITH CARBON-CAPTURE AND SEQUESTRATION SO THEY ARE NOT ADDED TO GLOBAL WARMING.WE WILL HELP STATES LIKE MICHIGAN BUILD THE FUEL EFFICIENT CARS WE NEED AND WE WILL GET 1 MILLION, 150 MILE PER GALLON, PLUG-IN HYBRIDS ON U.S. ROADS, MADE IN AMERICA WITHIN 6 YEARS TIME (BY 2014). WE'RE GONNA INCREASE FUEL MILAGE STANDARDS 4% EVERY YEAR.WE'LL INVEST MORE IN THE RESEARCH AND DEVELOPMENT OF PLUG-IN HYBRIDS, SPECIFICALLY FOCUSING ON BATTERY TECHNOLOGY. WE WILL LEVERAGE PRIVATE SECTOR FUNDING TO BRING THESE CARS DIRECTLY TO AMERICAN CONSUMERS, WE'LL GIVE THE CONSUMERS A $7,000.00 TAX CREDIT TO BUY THESE VEHICLES . . . . THATS HOW WE'LL NOT ONLY PROTECT OUR AUTO INDUSTRY AND AUTO WORKERS, BUT HELP THEM TO THRIVE IN THE 21ST CENTURY ECONOMY. CREATE A GREEN ENERGY ECONOMY by 2014!1 - INCREASE FUEL MILAGE STANDARDS 4% EACH YEAR.2 - INVEST IN RESEARCH AND DEVELOPMENT OF PLUG-IN HYBRIDS, FOCUSING ON BATTERY TECHNOLOGY.3- GIVE CONSUMERS A $7,000.00 TAX CREDIT TO BUY EFFICIENT VEHICLES.4- TO PROTECT OUR AUTO INDUSTRY AND AUTOWORKER, BUT HELP THEM TO THRIVE IN THE 21ST CENTURY ECONOMY.5- CALL ON BUSINESSES, GOVERNMENT AND THE AMERICAN PEOPLE TO MEET THE GOAL OF REDUCING OUR DEMAND FOR ELECTRICITY, 15% BY THE NEXT DECADE. THIS IS BY FAR, THE FASTEST, CHEAPEST, EASIEST WAY TO REDUCE ENERGY CONSUMPTION.6- WILL SAVE US, $130,000,000,000.00 DOLLARS ON OUR ENERGY BILLS.
If we ever again are going to have a decent money, it will not come from government alone but through private enterprise, Treasury bonds and MASS use of coin currency such as the new Presidential dollars, because providing the public with good money which it can trust and can have in circulation for longer periods not only will be extremely profitable business, it imposes on the issuer a discipline to which the government has never been and cannot be subject.... The monopoly of the Federal Reserve issuing digital money has not only deprived us of good money but has also deprived us of the only process by which we can find out what would be good money.
I have a project called the UCD. It is a SIX-SIGMA project being developed to modify lending without charging interest and/or possibly replace the social security "credit" system BEFORE 2017. As you may know, the Social Security system is facing serious financial problems, and action in needed soon to make sure the system will be sound when today's younger workers are ready for retirement. In 2017 they will begin PAYING more in benefits than they collect in taxes and by 2041 the Social Security Trust Fund will be exhausted and there will be enough money to pay only about 78cents for each dollar of scheduled benefits. They MUST resolve these issues soon to make sure Social Security continues to provide a foundation of protection for future generations. Your input will be greatly appreciated and your efforts will be recognized should you choose to come on board with us.
Respectfully yours,Jim Action
Election Speech (Opening Statement)
America Has Spoken!
America has spoken and chose Change and we need it Now!
No more Special Interest and squandering Contracts. Red will be working with Blue together now. And with John McCain is my Vice President I knew I couldn’t loose. America. . . . . Has. . . . . spoken . . . . . and We chose Change!
The State must take control of the means of Production and organize them for the good of the Community as a Whole. Lets place control of the State in the Hands of the People.
We all are members of a privileged ruling class of citizenship.
We are all possessors of a magnificent tradition of Education, Beauty, Rule of Law, Freedom, Decency, and Self -Discipline; But this tradition could not be saved unless it is extended through-out the World and with a Global Respect.
America Has Spoken and chosen Barak Obama as President of the United States. America has spoken.
WE CHOSE to CHANGE things that simply Are Not Working!
America Has Spoken.
