OpEdNews Op Eds

Solving the debt crisis without raising taxes or cutting spending: U.S. Notes

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; , Add Tags  (less...) Add to My Group(s)

Must Read 3   Well Said 3   Valuable 2  
View Ratings | Rate It

opednews.com Headlined to H3 4/18/11

Become a Fan
  (60 fans)

The Money Tree

I sent the following email off to a couple of reporters at CNBC - that right-wing in-the-box bastion of capitalism.  It had to be short, pithy and succinct.  If we even get the solution mentioned in the email on the air, even to be ridiculed, it'll still be a major victory over what passes for solutions right now to our twin revenue shortfall/debt increase disaster.  Right now, all that's talked about is raising the debt ceiling, raising taxes, cutting spending (but not on the wars, taxes for the rich, oh no, not that!), and even eliminating Medicare as we know it.  None of these solutions are necessary nor desirable.  Read on...


To CNBC:
There is a way to solve the unsustainable debt crisis without raising taxes, cutting spending (in fact, you could increase it and provide jobs in underfunded areas like infrastructure), or even raising the debt ceiling.  Looked at the proper way, it should increase our debt rating too, because we would be generating less debt.   Furthermore, there is ample precedent from Lincoln in the Civil War. 
Simply follow Lincoln's example, as well as the Sovereign right of all nations and the mandate from Article 1, Section 8 of the U.S. Constitution to "coin money" in the form of United State Notes.  Unlike Federal Reserve Notes, U.S. Notes are not "borrowed" money, they are real money, produced by an act of Congress.  Congress did this at Lincoln's request to the tune of $450 million (a huge sum in those days), and the true Greenbacks (because they had a green back) were in limited circulation all the way until the 1990s !  Immensely popular in the late 19th century, the banks hated them because they wanted to keep the monopoly to manufacture money and loan it out at interest to themselves!  If Obama is serious about taking on the self-destructive Tea Party faction, he should do what his Illinois predecessor did in during our country's darkest hours and re-issue Greenbacks, dedicated specifically toward weak areas of the economy like infrastructure and the energy grid.

 

Take action -- click here to contact your local newspaper or congress people:
reissue debt-free U.S. Notes (aka Greenbacks)

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

http://newthinking.blogspot.com/

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...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
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.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Obama Explains the FEMA Camps

Was Malaysian Flight MH370 Landed Safely in Afghanistan?

Let the Sun Shine on a State Bank in Florida

Batman, The Dark Knight Rises...and Occupy Wall Street Falls

The Least Productive People in the World

The continuing plight of Malaysian Flight MH370 - 2 month update

Comments

The time limit for entering new comments on this article 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  
9 people are discussing this page, with 32 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

You can read my other articles on OEN with the phr... by Scott Baker on Monday, Apr 18, 2011 at 9:31:50 AM
I was hoping for something better than changing wh... by Steve Consilvio on Monday, Apr 18, 2011 at 10:41:26 AM
Producing money without having an effect on either... by Scott Baker on Monday, Apr 18, 2011 at 11:54:13 AM
The new notes and the old notes would both be hand... by Steve Consilvio on Monday, Apr 18, 2011 at 1:29:25 PM
...until it was counterfeited by the British. The... by Scott Baker on Monday, Apr 18, 2011 at 8:50:34 PM
Having seen how Congress spends money - I do not t... by Doc McCoy on Monday, Apr 18, 2011 at 9:20:26 PM
Everyone thinks it's the government that creates m... by Scott Baker on Tuesday, Apr 19, 2011 at 3:01:23 AM
The government coined the first 'money.' But, that... by Steve Consilvio on Tuesday, Apr 19, 2011 at 7:09:10 AM
You seem to be suggesting that the civil war was a... by Steve Consilvio on Tuesday, Apr 19, 2011 at 7:12:34 AM
We need to cut military spending and we need to cu... by Laura Roberts on Tuesday, Apr 19, 2011 at 12:55:17 AM
People are so concerned that America is not "livin... by Scott Baker on Tuesday, Apr 19, 2011 at 3:23:37 AM
So I am not sure what possible other consequences ... by BFalcon on Tuesday, Apr 19, 2011 at 9:51:16 AM
As you said in your last line, your proposals have... by Scott Baker on Tuesday, Apr 19, 2011 at 12:07:42 PM
And I do support your proposal.Wouldn't this money... by BFalcon on Thursday, Apr 21, 2011 at 7:38:55 PM
No, it would be pointless to give the Federal Rese... by Scott Baker on Friday, Apr 22, 2011 at 9:35:19 AM
But I asked an economist and he thought (was not s... by BFalcon on Friday, Apr 22, 2011 at 11:04:28 AM
I should have pointed out earlier what my friend A... by Scott Baker on Friday, Apr 22, 2011 at 1:58:34 PM
Money isn't created by the capitalists or by labor... by Steve Consilvio on Friday, Apr 22, 2011 at 12:11:23 PM
why should we cut entitlements?An entitlement is a... by tim mcghie on Sunday, Apr 24, 2011 at 8:25:56 PM
There is a way to solve the unsustainable debt cri... by Richard Clark on Tuesday, Apr 19, 2011 at 1:38:16 PM
. . we need a new, 'smart' energy gridthat wastes ... by Richard Clark on Tuesday, Apr 19, 2011 at 1:47:55 PM
Yes, I know it is hard to believe, but remember, i... by Scott Baker on Tuesday, Apr 19, 2011 at 2:09:45 PM
Initially, this proposal, as well as Kucnich's N.E... by Doc McCoy on Wednesday, Apr 20, 2011 at 12:04:00 AM
The way things are going, we'll all be using Speci... by Scott Baker on Wednesday, Apr 20, 2011 at 4:17:58 PM
to call Zarlenga a "credible" economist. His view... by Doc McCoy on Wednesday, Apr 20, 2011 at 8:24:06 PM
Well, I didn't include Kucinich's N.E.E.D. Act in ... by Scott Baker on Thursday, Apr 21, 2011 at 2:21:48 AM
as you can see from what we are using for money no... by Allen Smith on Thursday, Apr 21, 2011 at 9:48:32 PM
Please correct me.I thought that the idea is only ... by BFalcon on Saturday, Apr 23, 2011 at 5:44:27 AM
Lenin is to Washington as Stalin is to Lincoln.If ... by Steve Consilvio on Thursday, Apr 21, 2011 at 7:49:50 AM
Let's assume the government issues a second curren... by Steve Consilvio on Wednesday, Apr 20, 2011 at 12:09:41 PM
The AMA is the source of Kucinich's HR 6550 "NEED ... by Allen Smith on Thursday, Apr 21, 2011 at 10:11:11 PM
A solution to the debt dilemma, what a concept!... by Mari Eliza on Sunday, Apr 24, 2011 at 9:31:55 PM