Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
1 comment

Diary (Diaries are not moderated)

Fiscal Cliff? Avoid a Crash with U.S. Notes

By (about the author)     Permalink
Related Topic(s): ; ; ; ; ; ; , Add Tags
Add to My Group

View Ratings | Rate It

How United States Notes could be used to avoid a crash off the fiscal cliff and recovery from the Panic of 2008 and stagnation since then.


Worried about the fiscal cliff -- the upcoming combination of expiring tax cuts plus spending cuts? It's zany. Since last summer's debt deal the House has voted 33 times to cripple Obamacare. Meantime, we drift toward this steep mogul, self-constructed by both parties. They could repeal that debt deal. Or Congress could bypass the Federal Reserve, thrust and lift the economy by creating a couple trillion dollars in United States Notes (USN's.) USN's are government -- originated legal tender created without debt. Our current Federal Reserve Note (FRN's) system is limited by these private banks. They earn relatively high interest every time we have to borrow "their" FRN's.

United States Notes could be spent on programs to replace cut FRN dollars. Or very low interest, long term loans of USN's to mortgagors (direct deposited to mortgagees) would help support housing asset values. USN's could be credited to Social Security and Medicare to make up projected unfunded liabilities. They could be used to create millions of jobs. Millions have been killed, more or less blamelessly, by automation, outsourcing, etc. The jobless can't all operate earth movers or computers. But millions can engage in paid, highly needed, low -- tool use human services work.

Inflation? The Panic of 2008 started severe deflation. Only controlled, targeted reflation can counteract it! USN's saved our nation twice, in the Revolution and Civil Wars. Lack of them facilitated the Panic of 1929 becoming the Great Depression of '29 -- "39. Mega-banks hate USN's. They'll send a thousand "Liars for Lucre" to argue against them. We would need to push the idea until government can't ignore it any more!


Take action -- click here to contact your local newspaper or congress people:
Study and Promote United States Notes

Click here to see the most recent messages sent to congressional reps and local newspapers

The author, born 1940, is a white male American retired college professor of philosophy raised as a secular Jew by professional parents. He is a long-time minor activist in the civil rights, anti-war, profeminism movements and taught critical (more...)
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles


The time limit for entering new comments on this diary has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
1 people are discussing this page, with 1 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

In effect it is inflationary, and inflation is in ... by David Alexander Sugar on Friday, Jul 20, 2012 at 4:46:29 AM