A VIABLE SOLUTION TO THE
ECONOMIC CRISIS
By Robert Poteat, for AMI
December
23, 2013, will be the one hundredth anniversary of the signing of the
Federal Reserve Act. This Act is arguably the greatest attack on
humanity in all of history. It is the culmination of centuries of
political, financial, intellectual, and moral corruption. The
corruption has only increased in the one hundred year history of the
Federal Reserve Banking System.
Stated
purpose of the Act: An Act To provide for the
establishment of Federal reserve banks, to furnish an elastic
currency, to afford means of rediscounting commercial paper, to
establish a more effective supervision of banking in the United
States, and for other purposes. The Act
gave the power and privilege of creating the nation’s money supply
to a private banking cartel, the Federal Reserve Banking System.
That power is reserved and granted to the Congress of the United
States by Article I, Section 8, Clause 5, of the United States
Constitution.
The
Act did in fact establish Federal Reserve Banks. If “elastic
currency” is a euphemism for inflation, the System has
fulfilled that intention. Certainly, the System rediscounts
commercial paper to the advantage of the monopoly System and
disadvantage of the nation. Since the passage of the Act, there have
been nineteen recessions, including two major depressions, showing
banking supervision to be a tragic farce. Who knows the meaning of
the vague phrase “other purposes?”
Subsequently,
the Act was amended to also require the
maintenance of employment. That, too, has become another item
in the System’s catalogue of failures. The System’s failure is
obscured by politically manipulated corruption of unemployment
statistics.
The
System creates the nation’s money supply by creating debt. The
debt is euphemistically called credit. Either way, credit and debt
is the same thing. It is done by bookkeeping trickery often referred
to as fractional reserve deposit expansion.i
This
power to issue debt used as money gives the private banking cartel
power over the rest of society because it not only determines how
much debt is put into circulation used as money and withdrawn; but,
also, gives the cartel power to determine who gets money for what
purpose. War is given preference over physical infrastructure and
human infrastructure such as education and healthcare.
The
Act was passed just ahead of the United States entry into WWI. The
war was financed by bank credit creating the greatest increase in
national debt to that time. Since then, the national debt has been
exponentially expanded and used as power to concentrate wealth in
private hands that control government, information sources,
production, and education. Since WWII the economy of the United
States has been co-opted for the purpose of nearly continuous war
making. The war making is an attempt to gain monopoly control of the
world’s resources for the most violent and brutal corporate empire
the world has yet known.
The
power to issue money was assigned to the Congress by the
Constitution. Congress subverted democracy and justice when it
passed that power to private interests. The System subverts peace.
It is the responsibility of Congress to address and correct the
mistake Congress has made.
A
viable correction has been offered; it was last introduced into the
112th Congress by
former Congressman Dennis Kucinich as HR 2990ii,
the NEED Act (National
Emergency Employment
Defense Act). If
passed, this bill could have refreshed and stabilized the U. S.
economy, begun paying off the national debt, and made any level of
physically possible and socially acceptable human culture available
without national debt.
The
NEED Act would terminate the power of private banks to create credit
used as money and restore the power to Congress to create and spend
into circulation debt and interest free money to maintain a stable
economy without inflation or deflation. Private banks would retain
the business privilege of acting as monetary intermediaries using
their own money or money deposited with them by investors desiring
that service. Uninformed people believe that this is the way banks
operate, now.
The
present check clearing, statistical data keeping, bank regulation,
and institutional knowledge of the present system would be folded
into the U. S. Treasury as a new bureau.
Some
provisions of the NEED Act are an immediate end to growth of national
debt; fast investment in infrastructure
to create millions of jobs; a tax free grant to all citizens to
stimulate the economy; and begin paying off the national debt as it
comes due to reduce interest burden on taxpayers.
What
is Congress waiting for? Why all the polarizing, stalling, rhetoric
about austerity, sequestration, and cutting necessary and desirable
human services? A real and permanent solution is available, now.
Modern
Money Mechanic, publication of the Federal Reserve Bank of
Chicago. This publication is outdated since “reserves” no
longer serve as a limitation of loan making, but it does confirm that
loans are created by bookkeeping entries.
The above AMI
statement was written by our Senior Advisor Robert Poteat, one of
America’s premier monetary researchers and reformers. The American
Monetary Institute recognizes the need for citizen awareness to
develop beyond the interest generated by the FED’s becoming 100
years old. Therefore we are launching a continuing education program.
We are
creating a three level course – Basic, Advanced, and Senior, for
persons who wish to become educated in this monetary area which is of
such vital importance to the future of our nation.
The “Basic”
course will be structured around materials presented at our website,
and will be free, but will require a firm commitment from
participants. The “Advanced” course will be structured
around Stephen Zarlenga’s book, The Lost Science of Money. It
will also be free, but in addition to a firm commitment will require
purchasing The Lost Science of Money book, and include some tests and
essays regarding content. The “Senior” course will require
a tuition and run over a one year period, and will be superior to any
University Level monetary courses we are aware of.
For a descriptive
outline describing each program, please email Stephen Zarlenga,
Director, American Monetary Institute at: ami@taconic.net.
To be sure we receive your request; you can send me a letter at AMI,
PO Box 601, Valatie, NY 12184
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