HR 2990 - The National Emergency Employment Defense Act of 2011 could be the catalyst for a global renaissance. The NEED Act eliminates private control of the monetary system and restores the government's Constitutional authority to create money without creating debt and spend it into circulation to rebuild the productive economy.
With all the hysteria about government debt and deficit spending, ostensible pretexts for annihilating the public sector, why is no one scrutinizing the source of the problem ~ the monetary system?
Our economy has been running on credit since 1913 when Congress forfeited its sovereign authority to create the nation's money supply and gave that privilege away to a cartel of private banking corporations ~ the Federal Reserve System. What passes for money (Federal Reserve notes) is actually bank credit that enters circulation through private bank loans as interest bearing debt. Credit is not money. Credit is debt.
Not only did Congress forfeit its Constitutional authority to create money without incurring debt, it simultaneously gave private bankers the power to control the whole economy by dictating where credit flows ~ to Wall Street or Main Street. The bankers who control the credit supply, control both realities. They can arbitrarily expand credit exponentially to create a housing bubble or $600 trillion mortgage derivatives casino, and they can also starve the PRODUCTIVE economy by contracting the credit supply - at will. Wall Street corporations are sitting on $2 trillion in cash reserves and executive bonuses are soaring while millions of Americans are losing their jobs and homes through no fault of their own.
Federal Reserve chairman, Ben Bernanke, admitted that the Federal Reserve caused the Great Depression, known to bankers as the Great Contraction. The same credit contraction of the productive economy is happening again today. This is why hospitals and schools are closing, businesses are collapsing, the job sector is shrinking, and municipalities have insufficient revenue ... why every part of the productive economy is contracting. The domino effect of contraction increases as people have less to spend and can't support local business that in turn must lay off workers. Unemployed workers have no income to pay taxes. Decreased tax revenue starves federal, state and local governments, which in turn lay off more workers and cut spending. Spending cuts and layoffs further contract the economy. Is the productive economy being deliberately destroyed or are these people really stupid?
(See this stunning graphic ~ the geography of recession.)
Why is no one publicly questioning the power banks have to contract the economy with their monopoly control over credit? Why don't we reinstate sovereign money instead that is issued by the federal government, per US Constitution Article 1, Section 8? We wouldn't have a national debt because the government wouldn't have to borrow. We wouldn't be at the mercy of banks that withhold credit and contract the economy because our government could inject liquidity directly into the PRODUCTIVE economy. This basic truth is so obvious, there must be an unspoken agreement that explains why governments everywhere continue to borrow credit instead of originating the national money supply without incurring public debt.