Budget for a Green New Deal

Budget for a Green New Deal
We should learn from such diverse figures as Lincoln and Hitler and print money for something useful, like saving the planet
Colin Hines
guardian.co.uk, Sunday 19 April 2009
There are historical precedents in times of extremes for governments to generate debt-free money out of nothing to fund massive projects. Abraham Lincoln paid for the US civil war by printing $432m in new "greenback" bills with congressional authorisation. This new interest-free money was used by Lincoln to pay for the troops and their supplies. When Hitler came to power in 1933, the country was in financial ruin. To overcome this he devised an ambitious plan of public works from flood controls to autobahns. The projected cost was fixed at one billion units of the national currency, called Labour Treasury Certificates. These were also issued out of nothing and debt free. Millions of people were put to work on these projects, and the workers were paid with the treasury certificates. This government-issued money was then spent on other goods and services, creating more jobs for more people. Within two years, the unemployment problem had been solved and the economy rebuilt. (more)