Organizing for America | John Gelles's Blog: Money, Debt and Tax Reform

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Money, Debt and Tax Reform

By John Gelles - Jul 10th, 2009 at 7:48 am EDT

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The OFA official view of a SOLUTION to the MESS we're in, includes the following:

Rebuild our economy on a new, sustainable foundation:
By making bold and wise investments in healthcare, energy and education, and restoring fiscal accountability to government spending, we will cut costs for American families and businesses, create good jobs that can’t be shipped overseas, give our children the education they need to be competitive in the global marketplace and leave our grandchildren a legacy they can be proud to inherit.

Is there something missing above?

I say there is. The view above does not put ORGANIZING FOR AMERICA in any position to challenge markets and their illogical acceptance of unemployment, poverty and the shortage of money in circulation compared to urgent need.

The President praises our belief in government of and by the people for the people. Yet we do not govern for ALL the people: we appear to govern for the few people who are rich and against the very many who are not.

We agree that EVERYONE ought to VOTE. What about WORK? Should not everyone willing to work HAVE A DECENT JOB OR BUSINESS OF THEIR OWN?

If we answer "yes" to this vital question, it will take MONEY to make it become a fact.

So we must create by law money enough for economic democracy. This will mean that we must be able to prevent any worsening inflation as we finance full employment and an end to poverty.

All this we did from 1942 through 1945. We did it with money created by our own government and its central bank. And we prevented inflation by law and encouraged saving -- in order to hold money demand for goods and services down to match the supply of those on sale at affordable prices.

All of the above speaks to MONEY in the title of this blog. DEBT is in the title because money created by our central bank is initially free of debt. Therefore, TAXES are not necessary to pay any of it back to ourselves.

TAXES are never necessary to fund the nation. We fund our nation with our MONEY. But taxes may be necessary to reduce MONEY not saved by the people. What sort of tax is that?

It is not an income or personal tax. It is a tax on sales of luxuries designed to be politically popular.

The system we must have will see debt replaced by money saved in inflation protected individual estate accounts.

People will be free of debt. When they finally buy great luxury, the price will include a tax to absorb all excess money.

http://ips-ideas.wikispaces.com/OFA+Blog

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