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

By       Message Robert Cogan     Permalink
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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.

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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!

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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...)
 
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