American Monetary Institute: "Over Time, Whoever Controls The Money System Controls The Nation."
American Monetary Institute: "Over Time, Whoever Controls The Money System Controls The Nation."
American Monetary Institute: "Over Time, Whoever Controls The Money System Controls The Nation."
Dedicated to the independent study of monetary history, theory and reform Over time, whoever controls the money system controls the nation. Stephen Zarlenga, Director
Infrastructure repair would provide quality employment throughout the nation. There is a pretense that government must either borrow or tax to get the money for such projects. But it is a well enough known, that the government can directly create the money needed and spend it into circulation for such projects, without inflationary results. Monetary reform is achieved in three parts which must be enacted together for it to work. Any one or any two of them alone wont do it, but could actually further harm the monetary situation. ** First, 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. Second, halt the banks privilege to create money by ending the fractional reserve system in a gentle and elegant way. All the past monetized private credit is converted into U.S. government money. Banks then act as intermediaries accepting savings deposits and loaning them out to borrowers; what people think they do now. Third, spend new money into circulation on 21st century eco-friendly infrastructure and energy sources, including education and healthcare needed for a growing society, starting with the $2.2 trillion that the American Society of Civil Engineers estimate is needed for infrastructure repair; creating good jobs across our nation, re-invigorating local economies and re-funding local government at all levels. The false specter of inflation is usually raised against such suggestions that our government fulfill its responsibility to furnish the nations money supply. But that is a knee jerk reaction - the result of decades, even centuries of propaganda against government. When one actually examines the monetary record, it becomes clear that government has a far superior record in issuing and controlling money than the private issuers have had.* Inflation is avoided because real material wealth has been created in the process. Research and development of superior pollution free technologies is facilitated. Lawmakers have often believed they could ignore the big questions on how our money system is structured. Right from the Constitutional Convention delegates ignored societys monetary power and the excellent record of government issued money in building colonial infrastructure and giving us a nation.* They left the money power up for grabs when properly estimating it would have meant placing it in a fourth, monetary branch of government. We marvel that they saw so much, but they saw not all things wrote Civil War General and money reformer Ben Franklin Butler 80 years later. My Friends, our Great Task is to complete that part of government left unfinished by the founders. History shows that the money power will be a fourth branch whether we recognize it as such or not. Its not safe to leave so much power and privilege in private hands! Its counter to our system of checks and balances. The developing crisis requires us to re-evaluate and focus on it now. We must not shrink from our responsibility to begin implementing the long known solutions to this problem. As the late Congressman Wright Patman, Chairman of the House Committee on Banking and Currency for over 16 years, said, "I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money....I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue. Friends, that time has come! Thanks for your attention, Stephen Zarlenga, Director *For a primer on monetary history and reform see The Lost Science of Money by Stephen Zarlenga (2002). AMI is a registered 501c3 Publicly Supported Charitable Trust. See: http://www.monetary.org