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End the Debt Crisis with debt-free United States Notes!

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Headlined to H2 8/22/12

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Petition

End the Debt Crisis with debt-free United States Notes!

PLEASE NOTE: This is not a fully working petition, yet.  That is, there are not yet recipients.  The petition function in OEN is still being evaluated by editors like me and the technical staff at OEN.  If you want to support this cause, please sign the original petition here.

Money should belong to the people, not the banks, and should be issued in sufficient quantity to meet the productive capacity of the nation, not withheld from circulation by banks that did nothing to deserve it.

Congress is empowered by Article 1, Section 8, of the United States Constitution to produce debt-free United States Notes at any time, for any reason, and actually DID create them under president Lincoln (the original "Greenbacks" - $450 million) to defeat the South during the Civil War, when New York City banks wanted 24-36% interest.

This is money that would not have to be borrowed (thereby avoiding any debt-ceiling issues), taxed to pay for, or backed by Gold.  It is legal tender, acceptable for all payments, including taxes.

This new money need NOT be inflationary if dedicated towards those areas of society which are in deflation, such as infrastructure. 

U.S. Notes would function as a "Public Option for Money."

A bill sponsored by Representative Dennis Kucinich and John Conyers, the N.E.E.D. Act, HR 2990 (formerly HR6550), would produce U.S. Notes, specifically for infrastructure, Social Security, and universal healthcare, and make the Federal Reserve a department under Treasury - for the first time, a true branch of government.

Even if you don't believe in the full measure of HR 2990, our current debt-ceiling crisis, which comes on the heels of the Federal Reserve pumping $16 trillion into the banking system, leaving most Americans struggling with over 9% unemployment, and asking "Where is my bailout?" points to the need for a real, meaningful - and immediate - solution that would provide jobs and opportunities.

United States Notes were our country's longest-living currency, lasting until the Mid-1990s.  They were accepted everywhere and were widely embraced when they first came out in the late nineteenth century.  It is time again for America to take back its sovereign right to "coin Money" - Article 1, Section 8 of the U.S. Constitution.

Support the True Greenback, United States Notes!


25 people have signed this petition. View Signatures

Petition Ending Date was Reached on August 22, 2013

The compiled petition with signatures is presented to the petition recipients on the ending date.

 

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles was published by Tayen Lane Publishing (December, 2014) and may be found here:
https://tayen-lane.squarespace.com/america-is-not-broke/

Scott is President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written (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.

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VERY GOOD short article, with reference___IF ONLY ... by jean labrek on Thursday, Aug 23, 2012 at 8:16:47 PM
I signed both petitions.... by Daniel Penisten on Friday, Aug 24, 2012 at 3:46:52 PM
I look at the proposals in this excellent article ... by Rudy Avizius on Sunday, Sep 2, 2012 at 7:37:54 PM
is that most people have realized the absurdity of... by Laura Stein on Wednesday, Sep 5, 2012 at 4:06:25 PM
Ending the debt crises and why I signed this petit... by Daniel Geery on Saturday, Sep 15, 2012 at 9:37:30 AM
President JFK decided to end the rein of the Feder... by Deborah Dills on Saturday, Nov 24, 2012 at 7:12:44 PM
E.O. 11110 only gave the Sec. of the Treasury the ... by Mike Kirchubel on Monday, Dec 3, 2012 at 12:08:37 PM
I read somewhere that LBJ got ride of EO 111110 in... by Robert James on Monday, Aug 26, 2013 at 1:57:05 PM
Money should belong to the people, not the banks, ... by Michael Dewey on Sunday, Jun 9, 2013 at 8:08:44 AM
The Fed Reserve was established through fraud and ... by Textynn N on Wednesday, Oct 9, 2013 at 12:10:06 AM