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Time for an Economic Bill of Rights

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Bill of Rights by Forces of Geek

Henry Ford said, "It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

We are beginning to understand, and Occupy Wall Street looks like the beginning of the revolution.  

We are beginning to understand that our money is created, not by the government, but by banks.   Many authorities have confirmed this, including the Federal Reserve itself.   The only money the government creates today are coins, which compose less than one ten-thousandth of the money supply.   Federal Reserve Notes, or dollar bills, are issued by Federal Reserve Banks, all twelve of which are owned by the private banks in their district.   Most of our money comes into circulation as bank loans, and it comes with an interest charge attached.  

According to Margrit Kennedy, a German researcher who has studied this issue extensively, interest now composes 40% of the cost of everything we buy.   We don't see it on the sales slips, but interest is exacted at every stage of production.   Suppliers need to take out loans to pay for labor and materials, before they have a product to sell.

For government projects, Kennedy found that the average cost of interest is 50%.   If the government owned the banks, it could keep the interest and get these projects at half price.   That means governments--state and federal--could double the number of projects they could afford, without costing the taxpayers a single penny more than we are paying now.  

This opens up exciting possibilities.   Federal and state governments could fund all sorts of things we think we can't afford now, simply by owning their own banks.   They could fund something Franklin D. Roosevelt and Martin Luther King dreamt of--an Economic Bill of Rights.  

A Vision for Tomorrow

In his first inaugural address in 1933, Roosevelt criticized the sort of near-sighted Wall Street greed that precipitated the Great Depression.   He said, "They only know the rules of a generation of self-seekers.   They have no vision, and where there is no vision the people perish."  

Roosevelt's own vision reached its sharpest focus in 1944, when he called for a Second Bill of Rights.   He said:

This Republic had its beginning, and grew to its present strength, under the protection of certain inalienable political rights . . . . They were our rights to life and liberty.

As our nation has grown in size and stature, however--as our industrial economy expanded--these political rights proved inadequate to assure us equality in the pursuit of happiness.

He then enumerated the economic rights he thought needed to be added to the Bill of Rights.   They included:

The right to a job;

The right to earn enough to pay for food and clothing;

The right of businessmen to be free of unfair competition and domination by monopolies;

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Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling WEB OF DEBT. In THE PUBLIC BANK SOLUTION, her latest book, she explores successful public banking models historically and (more...)
 

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Yes, we need to move forward with something new, &... by Ernie Messerschmidt on Saturday, Nov 12, 2011 at 12:40:47 PM
The key to the beautiful changes you suggest ... by Robert Tracey on Saturday, Nov 12, 2011 at 12:43:03 PM
Naturally, I won't expect a response.... by Mark Adams JD/MBA on Saturday, Nov 12, 2011 at 6:00:30 PM
Watch this video from 60 minutes where Jack Abramo... by Ginger McClemons on Saturday, Nov 12, 2011 at 10:48:55 PM
been stolen, and in spite of the widespread, docum... by Mark Adams JD/MBA on Sunday, Nov 13, 2011 at 11:05:22 AM
for "disobeying a "lawful police order" of, "Get o... by John Sanchez Jr. on Monday, Nov 14, 2011 at 12:07:57 AM
It can be done, and I'll wager it will be done. &n... by Ellen Brown on Saturday, Nov 12, 2011 at 11:27:57 PM
 The trick, I think, is going to be pulling o... by Ellen Brown on Saturday, Nov 12, 2011 at 11:30:40 PM
Your article is right on Ellen. We need to help to... by manifesto 2000 on Saturday, Nov 12, 2011 at 11:51:09 PM
.... do it in smaller, well behaved groups. G... by Ginger McClemons on Sunday, Nov 13, 2011 at 12:46:44 AM
the only presidential candidate who has done anyth... by Mark Adams JD/MBA on Sunday, Nov 13, 2011 at 11:14:04 AM
people already have.  They just do not exerci... by Doc McCoy on Sunday, Nov 13, 2011 at 3:42:47 AM
our rights.   Are we really supposed to just ... by Mark Adams JD/MBA on Sunday, Nov 13, 2011 at 11:21:18 AM
Doc Codger's argument is the simpleton's point of ... by AAA AAA on Sunday, Nov 13, 2011 at 12:50:02 PM
with screwing things up so badly for most American... by Mark Adams JD/MBA on Sunday, Nov 13, 2011 at 1:51:07 PM
ceded control of the government to corporations ov... by Doc McCoy on Sunday, Nov 13, 2011 at 5:19:44 PM
There are numerous jobs available today that Ameri... by Doc McCoy on Sunday, Nov 13, 2011 at 5:33:38 PM
the transnationals must be filling those jobs with... by John Sanchez Jr. on Sunday, Nov 13, 2011 at 11:59:28 PM
It is the Chinese, Indians and others that come to... by Doc McCoy on Monday, Nov 14, 2011 at 2:33:02 AM
that assembly line workers are employed by transna... by John Sanchez Jr. on Monday, Nov 14, 2011 at 7:44:01 AM
When industrialists come begging to Congress for m... by Jill Herendeen on Tuesday, Nov 15, 2011 at 10:38:14 AM
The 99% understands that the system's more fixed t... by John Durham on Sunday, Nov 13, 2011 at 2:04:57 PM
Americans have no rights. What the hell are you ta... by Robert Tracey on Tuesday, Nov 15, 2011 at 7:26:18 PM
Robert.  You have truly been possessed by the... by Doc McCoy on Tuesday, Nov 15, 2011 at 9:33:46 PM
You complain that half of everything "you" earn is... by Doc McCoy on Tuesday, Nov 15, 2011 at 9:41:31 PM
What has happened with this bill? I know the Legis... by JaneAnne Jeffries Johnson on Sunday, Nov 13, 2011 at 8:43:33 AM
Ellen understands debt but she does not understand... by June Genis on Sunday, Nov 13, 2011 at 10:46:23 AM
Let the elite Rich keep their absolute control our... by John Durham on Sunday, Nov 13, 2011 at 2:17:28 PM
I am mystified at to how you can get the idea I am... by June Genis on Monday, Nov 14, 2011 at 10:32:15 AM
Money is just a tool to facilitate exchange. ... by AAA AAA on Sunday, Nov 13, 2011 at 12:13:22 PM
As Ellen Brown points out money is created by the ... by AAA AAA on Sunday, Nov 13, 2011 at 12:31:17 PM
Among the other powers specifically assigned to th... by John Sanchez Jr. on Sunday, Nov 13, 2011 at 2:34:58 PM
You are correct that the constitution does not pro... by June Genis on Wednesday, Nov 16, 2011 at 9:50:13 AM
Your case for spending, not lending, credit into c... by David Kendall on Sunday, Nov 13, 2011 at 4:47:42 PM
If the people knew about it, they would demand ... by John Steinsvold on Sunday, Nov 13, 2011 at 6:34:57 PM
In 1948, following the Second World War, the Unite... by E. J. N. on Monday, Nov 14, 2011 at 8:56:15 PM
is largely misunderstood I fear.  Basically, ... by Doc McCoy on Tuesday, Nov 15, 2011 at 6:43:39 AM
They are taken. They are taken by the powerful gr... by Mark Sashine on Tuesday, Nov 15, 2011 at 7:59:38 AM
Mark, I disagree with both you and Codger on this.... by June Genis on Wednesday, Nov 16, 2011 at 10:00:18 AM
The Preamble of the U.S. Constitution states that ... by E. J. N. on Tuesday, Nov 15, 2011 at 7:58:15 PM