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An Open Letter to President Obama

Author 17738
Message Richard Distelhorst

Dear Mr. President, during your Tuesday, April 14, 2009 speech at Georgetown University you said:

"Although there are a lot of Americans who understandably think that government money would be better spent going directly to families and businesses instead of to banks -- you know, one of my most frequent questions in the letters that I get from constituents is: Where is my bailout? And I understand the sentiment. It makes sense intuitively, and morally it makes sense."

President Obama, your intuition and morals are correct. Listen to them. The reason it makes sense, both intuitively and morally to bail out the American people, not the "too big to fail" banks, is because the present privately-owned, debt-based fractional reserve banking system is both immoral and unfair. As you state in the next paragraph of your speech, it allows banks to create every dollar of our "money" in the form of interest-bearing debt. And the interest on the "money" they create out of thin air is paid to them. This results in the present situtation, which is: "the more money we have, the deeper in debt we are." That does not make sense, either intuitively or morally.

Mr. President, you then continued by stating::

"But the truth is that a dollar of capital in a bank can actually result in eight or ten dollars of loans to families and businesses. So that is a multiplier effect that can ultimately lead to a faster pace of economic growth. That's why we have to fix the banks."

President Obama, you just explained, whether you realized it or not, that we should continue to use the fractional reserve system to run our country even deeper into debt, interest-bearing debt. Why do we continue to allow this to happen? The problem we need to fix is not the banks, the problem to be fixed is the privately-owned, debt-based banking system itself. We must take back control of our own money.

Another name for loaning out or investing money you do not have is "leverage." Leverage is what got us into this financial disaster in the first place. Why would we want even more of it? You, yourself, defined this problem when you said "a dollar of capital in a bank can actually result in eight or ten dollars of loans." This multiplier effect does not lead to a faster pace of economic growth, it leads to a faster pace in the growth of our total interest-bearing debt. Our people are already deeply in debt, why do you think the solution is to put them even deeper in debt?

And our nation is now over $52 trillion in debt. When you said "we have to fix the banks," in effect, you said that we must bail out the banks instead of the people because the banks create our money in the form of interest-bearing debt. Why don't we create our own money in the form of tax-free, debt-free, inflation free dividends for the American people?

You might ask yourself why a dollar held by a bank can be loaned out eight or ten times, and, after all the loans are made, the bank still has the same dollar on hand; but if you had that same dollar in your pocket and loaned it to someone else, you could only loan it once, and the dollar would no longer be in your pocket. Why should some of our citizens, bank owners, be able to create debt-money out of nothing and then charge us for the use of it? The government, not the banks, must be the only entity with the power to create and issue our money.

Mr. President, debt is the problem, not the solution. With our National Debt now over $11 trillion and our Total Debts over $52 trillion, the last thing we need is for the banks to create even more debt through the fractional reserve banking system. If you want "a faster pace of economic growth," don't borrow the money from banks, instead, take away their present power to create "debt-money." Then we can spend the needed money into circulation as a tax-free, debt-free, interest-free bonus for the American people. It really is as simple as that. 

Use the following two links to see the current Total Debt and National Debt:

Mr. President, Congressman Dennis Kucinich will soon be introducing The American Monetary Act. This Act provides the way out of recession and back to prosperity. If the American Monetary Act was the law of the land, we would have the money we need to get out of this recession with no additional taxes, no interest charges and no inflation. This is not "too good to be true," it is what will happen when our government creates, issues and regulates our money for the benefit of the American people, not for the benefit of the privately owned banking system.

Mr. President, you have always said that you are open to better ideas. Here is the better idea which will end the recession and return us to prosperity.

Mr. President, support The American Monetary Act, help get it passed and sign it into law and you will become one of the greatest Presidents in the history of our country.

You can read the American Monetary Act at:

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I am a veteran of World War II. I served with the First Marine Division on Guadalcanal. My working life was in the supermarket field in the executive area. My purpose in life now is to get our privately owned, debt-based monetary system replaced. (more...)
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