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Clearly, we have passed the point where money is merely a "medium of exchange" as Henry George and other Classical economists have put it in the past. We need serious monetary reform, not band-aids, or worse, institutionalization of the worst aspects of our current banking system in incomprehensible, but industry-friendly bills.
I should point out, in full disclosure, that I have supported Georgism, or Geoism (in its modern form) in the past, which Stephen Zarlenga (founder of the AMI) says is completely compatible with the AMA, and State Banking, which he says is not.
I continue to believe Land Value Taxes as espoused by Henry George are the only fair and effective way to tax people by taxing the community-created Ground Values of land. However, George did not have a Capital Theory, plus things have changed drastically, and for the worse, since the late 19th century when he proposed his Remedy, so we must look elsewhere to rein in the debt-money monster.
I also believe State Banking would be a great way to dilute the power of the MONEY POWER TBTF banks and return revenues to the people of the states instead. See Ellen Brown's excellent defense of this idea on OEN and in her book, Web of Debt, and elsewhere. I won't rehash the arguments between her and Zarlenga here, except to say that unlike Zarlenga and the AMI, I do see how both the AMA and State Banks could work at the same time, by leaving fractional reserve banking to each state, with the notable difference that State banks are not allowed to actually print/electronically create money, unlike the Federal Reserve (Brown seems to leave open the possibility of both systems too). Based on the conservative model of the State Bank of North Dakota, fractional reserve banking does not have to be ruinous, nor inflationary. North Dakota, it should be pointed out, has <5% unemployment and is the only state with a budget surplus currently.
In any case, as we celebrate the 4th of July, isn't it time to really do something for the cause of Independence?
Clearly, we have passed the point where money is merely a "medium of exchange" as Henry George and other Classical economists have put it in the past. We need serious monetary reform, not band-aids, or worse, institutionalization of the worst aspects of our current banking system in incomprehensible, but industry-friendly bills.
I should point out, in full disclosure, that I have supported Georgism, or Geoism (in its modern form) in the past, which Stephen Zarlenga (founder of the AMI) says is completely compatible with the AMA, and State Banking, which he says is not.
I continue to believe Land Value Taxes as espoused by Henry George are the only fair and effective way to tax people by taxing the community-created Ground Values of land. However, George did not have a Capital Theory, plus things have changed drastically, and for the worse, since the late 19th century when he proposed his Remedy, so we must look elsewhere to rein in the debt-money monster.
I also believe State Banking would be a great way to dilute the power of the MONEY POWER TBTF banks and return revenues to the people of the states instead. See Ellen Brown's excellent defense of this idea on OEN and in her book, Web of Debt, and elsewhere. I won't rehash the arguments between her and Zarlenga here, except to say that unlike Zarlenga and the AMI, I do see how both the AMA and State Banks could work at the same time, by leaving fractional reserve banking to each state, with the notable difference that State banks are not allowed to actually print/electronically create money, unlike the Federal Reserve (Brown seems to leave open the possibility of both systems too). Based on the conservative model of the State Bank of North Dakota, fractional reserve banking does not have to be ruinous, nor inflationary. North Dakota, it should be pointed out, has <5% unemployment and is the only state with a budget surplus currently.
In any case, as we celebrate the 4th of July, isn't it time to really do something for the cause of Independence?
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