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For a Greenback Restoration

By   Follow Me on Twitter     Message Robert Cogan       (Page 1 of 1 pages)     Permalink    (# of views)   13 comments

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Since the Crash of 2009 America is in protracted civilian austerity, repeatedly relapsing toward recession. Roughly 120 million middle income Americans (and 45 million poor) suffered severe losses in pay and home value. Republicans and Democrats passed phony tax cut "Recovery" acts that failed utterly to restore us. Recovery is a lie. Since the first quarter of 2009, growth has been very slow, and in eight quarters the Gross Domestic Product has declined to stall speed, less than 1% annual rate, nearly recession. We 165 million Americans are still insecure, angrily waiting for our restoration!

Come on, Mr. or Ms. President! Order the Treasury to create greenbacks, electronically only, like the $ trillions created by the Federal Reserve and "quantitatively eased" (QE) into the gambling banks. The $ trillions the Federal Reserve eased into the banks never got in our hands. We never got to pay down our mortgages, our debts, nor to buy stuff to inflate consumer prices ("CP"). The CP index never rose to a troublesome level during QE. So create greenbacks! But let them be spent over some years, right into the economy of working and poor Americans.

Government created, debt and tax free money. It's real, restorative power to the people.
Government created, debt and tax free money. It's real, restorative power to the people.
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Greenbacks were created twice in American history when the nation was in much worse condition than now (the Revolution and start of the Civil War.) War scarcity and counterfeiting inflated them in the end. But they were essential to create our armies and "bought," in the end, our precious independence from Britain and a Union without slavery!

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Now we face a deepening crisis of class war between billionaires' wealth tool propagandists and our need for restoration and a future with opportunity. Let Fox TV, Koch stink tanks and the Republican "Freedom Caucus" of Congress whine about usurpation! Let crony -- credentialed "expert economist" liars blow this Last Trump: "Killer Inflation Ahead!" Let Washington's Serious People sue all the way to the Supreme Court, the court that Republicans gridlocked by refusing to consider a Scalia replacement!

"Ooooh! You can't just give people free stuff or money!" I'm not arguing that. Make us work for it. Paid work is ennobling at living wages. Under globalized wages, many Americans, blamelessly, can no longer be profitably employed by private enterprise! So find needed government - payable work, at living wages, for infrastructure maintenance, Universal Day Care, Health and Respite care assistants, etc. maybe a second job for a family. Pay out greenbacks slowly for such jobs, with even a legitimate - debt pay-off set-aside. Greenbacks can also be merely deposited (without investment in government bonds) just to top off allegedly "insolvent" entitlement funds like Social Security, and Medicare and college scholarships. Current National Debt accounting rules are maintained by the Executive branch (Treasury Department.) They're not Holy Writ! The Federal Reserve Note isn't Eve's Apple, nor are greenbacks treyf or haram! Non-creation is just banker taboo!

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Let American governments hire a few million eligible (un- or under-employed) people at living wages and tax those wages! Hires will buy some stuff, pay some "legitimate" debts and taxes; the taxes will "trickle around," up through local governments and down into services. Home property values will rise slowly, and many will have a future again! The alternative, plainly obvious from the campaign of 2016, is an increasingly violent struggle between fascist and socialist tendency movements similar to what happened in Germany in the 1920's and 1930's. Come on, a Greenback Restoration is how to make America great again. It'll be yuuuge!

 

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I could be Bernie Sanders older brother by similarity. I was born in Manhattan, 1940, he, about a year later, in Brooklyn. I too am a white male American. A retired college professor of philosophy. We both were born of Jewish parents. I was (more...)
 

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