Send a Tweet
Most Popular Choices
Share on Facebook 59 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H3'ed 6/18/16

REVISION: Repair America's "Greatness" with Greenbacks

By       (Page 1 of 1 pages)   3 comments
Follow Me on Twitter     Message Robert Cogan
Become a Fan
  (2 fans)

Since the Crash of 2009 we've been in prolonged civilian austerity, repeatedly relapsing toward recession. A large segment of Americans, roughly 120 million middle-income and 45 million poor, suffered severe losses in pay and home value. Republicans and Democrats passed phony tax-cut "Recovery" acts. They failed utterly to restore us. Recovery is, for us, a lie. Some got lower-paid jobs. But many are so discouraged they drop out of the labor force entirely. It's no conspiracy, but free-trade job abolition, merger and acquisition downsizing, automation, Boom and Bust, and the imposition of austerity with threats to cut Social Security, Medicare, SNAP, etc., have left many of us dangling precariously! Since the first quarter of 2009, in eight quarters, the Gross Domestic Product has declined to stall speed, less than 1% annual GDP increase, nearly recession. We 165 million Americans are still poorer, very insecure, angrily waiting for some real help! Nothing, of course, can make us whole from the $13 trillion asset loss in the Crash. But something can give us some slack! And now appears the ultimate stall tactic: governor versus legislature "gridlock" against spending even tax money for schools, etc. How does this differ from the crime of failure to make required distribution of funds entrusted to one?

Greenbacks, government-created money (not taxed out from us) could spread some oil on the roiled waters! Greenbacks would break the gridlock between our need for reparations and Republican pledge threats of spending cuts and no new taxes. 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. "Easing" meant, in part, that by the process entered, that money was sterilized against inflation, and 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 beyond 2% annually. So create greenbacks!

Greenbacks can also be spent in a controlled, contained way, over some years, through jobs offered at living wages, to working and poor American citizens. Start with those, employed or not, who can give prima facie evidence of wage, or small business income and/or home loss during, say, 2008 - 2012. The Federal Payment Management System already processes over 1 billion payments a year. Social-service agencies (e.g. county Social Security offices) already help some impaired individuals manage by seeing to it that their legitimate bills are paid. There could be a small hold-back, say, 10 to 15%, to pay out of such job income, verified bills for necessary expenses.

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! Now we face a deepening crisis of class war between billionaires' wealth-tool propagandists and our need for foundational repair to make for a future with opportunity. Only marginalized "outsiders," Ron Paul, and Dennis Kucinich (the NEED ACT) have been allowed to even introduce debt cancellation or greenback legislation. Create greenbacks! 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!"

Modest, uniform inflation helps American workers in exporting industries, and helps all debtors pay off our debts. So control the amount of greenback spending with an inflation target: say, to double the Federal Reserve's inflation target rate from about 2% to 4%. Only the worst exploiters of workers in America might have to pay more wages. So come on, billionaire individuals and corporations, suck it up! Put up with programs that help us repair ourselves, even if it means some "low productivity" public employment. It won't be "stolen" out of your precious tax money. 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 victims of the Crash work for it. Paid work is ennobling at living wages. But under globalized wages, many Americans, blamelessly, can never again be profitably employed by private enterprise! So find needed government-payable work, at living wages, for infrastructure maintenance, environmental adaptation, Universal Day Care, Health and Respite care assistants, etc. maybe a second job for a family. Loving child care is at least as morally valuable as Hedge Fund speculating! 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.

No specie needs to back them; just a new noble meaning for "Full Faith and Credit of the United States." This meaning is that it will not abandon its citizens to Yo-Yo Wealth-Tool politicians. (These largely Koch-elected, now "House Freedom Caucus" stooges are National Debt Terrorists. Call them "Yo-Yo's." Their philosophy is basically "You're on your own.") 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!

Republicans and Democrats: You have neglected and exploited us. You owe us! Let American governments hire a few million eligible (un- or under-employed) people at living wages and maybe 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 like school funding. Home property values will rise slowly, and many will have a future again! The alternative to our stall-speed, terminal-velocity situation, 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 1920s and 1930s. Come on, Greenback Reparations are a way to help make America great again. It'll be yuuuge!

Must Read 1   Well Said 1   Valuable 1  
Rate It | View Ratings

Robert Cogan Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

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...)

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

A Progressive's Indictment of the Democratic Party

Jumpstart America

The Gordian Knot: Immigration, Climate Change & Automation

The Biggest Outrage: Bank "Persons" Preferred Over American Citizens

Will Bigotry Sabotage Republicans in the Election of 2012?

Gun Lethality Deposit: A "Pop Bottle" Remedy?

To View Comments or Join the Conversation:

Tell A Friend