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Time for an Economic Bill of Rights

By   Follow Me on Twitter     Message Ellen Brown       (Page 3 of 4 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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After World War II, the G.I. Bill provided returning servicemen with free college tuition, as well as cheap home loans and business loans.   It was called "the G.I. Bill of Rights."   Studies have shown that the G.I. Bill paid for itself seven times over and is one of the most lucrative investments the government ever made.  


The government could do that again--without increasing taxes or the federal debt.   It could do it by recovering the power to create money from Wall Street and the financial services industry, which now claim a whopping 40% of everything we buy.

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An Updated Constitution for a New Millennium


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Banks acquired the power to create money by default, when Congress declined to claim it at the Constitutional Convention in 1787.   The Constitution says only that "Congress shall have the power to coin money [and] regulate the power thereof."   The Founders left out not just paper money but checkbook money, credit card money, money market funds, and other forms of exchange that make up the money supply today.   All of them are created by private financial institutions, and they all come into the economy as loans with interest attached.  


Governments--state and federal--could bypass the interest tab by setting up their own publicly-owned banks.   Banking would become a public utility, a tool for promoting productivity and trade rather than for extracting wealth from the debtor class.


Congress could go further: it could reclaim the power to issue money from the banks and fund its budget directly.   It could do this, in fact, without changing any laws.   Congress is empowered to "coin money," and the Constitution sets no limit on the face amount of the coins.   Congress could issue a few one-trillion dollar coins, deposit them in an account, and start writing checks.     


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The Fed's own figures show that the money supply has shrunk by $3 trillion since 2008.   That sum could be spent into the economy without inflating prices.   Three trillion dollars could go a long way toward providing the jobs and social services necessary to fulfill an Economic Bill of Rights.   Guaranteeing employment to anyone willing and able to work would increase GDP, allowing the money supply to expand even further without inflating prices, since supply and demand would increase together.  


Modernizing the Bill of Rights

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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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