Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend

Printer Friendly Page Save As Favorite View Favorites (# of views)   9 comments
Exclusive to OpEdNews:
OpEdNews Op Eds

How Can Obama Invest in the Economy, Create Jobs, and Not Raise the Debt? Use Government Issued Debt Free Money

By       Message Greg Coleridge     Permalink
      (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; , Add Tags  (less...) Add to My Group(s)

Must Read 3   Well Said 3   News 2  
View Ratings | Rate It

opednews.com Headlined to H4 1/31/11

Author 37121
Become a Fan
  (6 fans)

by Stephen Zarlenga and Greg Coleridge


US Rep. Dennis Kucinich
(Image by American Monetary Institute)
  Permission   Details   DMCA

President Obama presented worthy economic goals during his State of the Union address of investing in our physical and social infrastructure and increasing employment. Absent was any specific plan of how to achieve these ends without further increasing the national debt.

We have a specific plan President Obama. Take public control of our money system.

A bill was introduced at the end of last year that can put people to work by building and repairing our nation's infrastructure without adding to the debt. The details are contained in the National Emergency Employment Defense (NEED) Act (HR 6550 in the last Congress) by Rep. Dennis Kucinich (D-OH).

While the bill focuses on the unemployment crisis, it contains the three essential monetary measures proposed by the American Monetary Institute in the American Monetary Act (AMA). The AMA's recommendations are based on decades of research and centuries of experience, are designed to end the current fiscal crisis in a just and sustainable way, and are aimed to place U.S. money under our constitutional system of checks and balances.

The three essential monetary measures of the NEED Act are:

1. Incorporate the mostly private Federal Reserve System into the US Treasury Department. The Fed would no longer be a virtual fourth branch of government, unaccountable to the public. Their important financial research functions would continue. But the Fed would no longer make unilateral monetary policy decisions beyond the reach of We the People.

2. End the banking systems "fractional reserve" accounting privilege in a gentle, elegant way. Fractional reserve lending allows banks to lend many times more than they possess, thereby issuing our money supply as interest bearing debt and dominating the financial system, taking wild risks as they did in creating the crisis. Instead, we should use our Government's Constitutional power (Art. 1 sec. 8) to provide the nation's money supply as interest free money, not interest bearing debt. This has immense benefits.

Next Page  1  |  2  |  3

 

- Advertisement -

Must Read 3   Well Said 3   News 2  
View Ratings | Rate It

I'm the Director of the Economic Justice & Empowerment Program of the Northeast Ohio American Friends Service Committee, a Quaker social action organization; coordinator of Ohio Move to Amend; and a member of the Program on Corporations, Law & (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article 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

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

127 Reasons Why Reversing Citizens United is NOT Enough

The country is broken because the system is fixed

How Can Obama Invest in the Economy, Create Jobs, and Not Raise the Debt? Use Government Issued Debt Free Money

Fracking Democracy

"One Nation" March Organizers Should Remember Coxey's Army

Banking on Never-Ending Power and Rights