On December 17th, 2010, Congressman Dennis Kucinich (D-OH) introduced one of the most radical monetary Bills presented to the House of Representatives since the Federal Reserve Act of 1913. Designated as Bill H.R. 6550, this proposed Act is also referred to as the 'National Emergency Employment Defense Act of 2010'.
Kucinich's Bill includes the following astounding objectives: "to restore the authority of Congress to create and regulate money... [and to] retire public debt..."
One needs to read that again.
Restore the authority of Congress to create and regulate money? Retire public debt?
Does that really say what it seems to be saying?
What a revolutionary Bill!
H.R. 6550 is much more far-reaching than Ron Paul's valiant attempt to audit the Federal Reserve. This Bill would take us back 175 years to Andrew Jackson who killed central banking in the United States and became the last president to pay off the National Debt. And it would take us back to Abraham Lincoln who, 150 years ago, instructed the Treasury to bypass the banks and issue some 450 million debt-free 'greenbacks' to pay for the Union war effort during the Civil War.
Kucinich's Bill, if enacted as written, would take the power of money creation away from the banksters and return it to Congress as the Founding Fathers had originally intended. And in no time, the National Debt would be fully paid off with debt-free, interest-free U.S. Treasury dollars.
Such a scenario has long been the stuff of banksters' nightmares.
According to a London Times editorial in 1865, alarmed at the success of
Lincoln's greenbacks, "[America] will furnish its own money without
cost. It will pay off debts and be without debt. It will have all the
money necessary to carry on its commerce. It will become prosperous
without precedent in the history of the world...That country must be
destroyed or it will destroy every monarchy on the globe."
And if Congressman Kucinich and his sponsors are successful, America will indeed become prosperous without precedent in the history of the world. And the other nations of the world will follow suit.
The enactment of Bill H.R. 6550 is sure to create an epidemic of incontinence among the banksters throughout the world. The sale of toilet paper and adult diapers is sure to rise as the term "Cover your ass" takes on a whole new meaning. Wall Street especially will smell like an Arkansas hog ranch as the financial elite vacate their offices along with their bowels.
For those lucky enough to live in South Dakota, it would be interesting to mosey on over to Mount Rushmore and see if Tom Jefferson and Abe Lincoln have broken into huge smiles.
While Representative Kucinich is to be congratulated for his courage, intellect, and patriotism in presenting this Bill, special recognition should go to Stephen Zarlenga and his colleagues at the American Monetary Institute (AMI) for doing much of the groundwork over the past number of years. (Visit www.monetary.org for the text of H.R. 6550 and for a 32 page AMI precursor to the Bill.)
Stephen Zarlenga, co-founder of the American Monetary Institute, has 35 years experience in finance, securities, insurance, mutual funds, real estate, and futures trading and is the author of the widely acclaimed 700 page tome, The Lost Science Of Money. Zarlenga and the AMI have been working on the genesis of this Bill for some time. Representative Kucinich has been a regular attendee and speaker at AMI events in Chicago for the last few years and has incorporated their monetary reform document in his Bill, H.R. 6550.
This monetary reform is based on three crucial areas, all of which must occur if the reform is to be truly effective.
1. Incorporate the Federal Reserve System into the U.S. Treasury where all new money is created by government as money, not interest-bearing debt, and spent into circulation to promote the general welfare; monitored to be neither inflationary nor deflationary.