ONE PAGE SUMMARY OF WHAT HR 2990 WILL DO

Over time, whoever Controls the nation’s money system Controls the nation.

Article 1, Section 8 of The U.S. Constitution places the Money Power of our nation into the Congress. That is the power to create and regulate the nation’s money supply. However in 1913 the Congress delegated this power to the private Federal Reserve System. The results have been horrendous! HR 2990 takes back this power.

The National Emergency Employment Defense Act

The “NEED” Act HR 2990 solves the problem with 3 actions

1) The Federal Reserve is dismantled and good parts are

placed into the US Treasury. A Monetary Authority is created which avoids an inflationary or deflationary money supply.

2) Accounting rule changes prohibit the banks from creating what we use for money- from using debt for money - what’s known as fractional reserve banking is decisively ended.

3) The Congress originates (creates) new US Money and spends it into circulation, for infrastructure, health care and education; starting for example with the $2.2 trillion the engineers tell us is needed for infrastructure over the next 5 years. Later the human infrastructure of health care and education is added. This is estimated to create over 7 million good jobs quickly.

Additionally the NEED Act, HR 2990:

• Pays off the national debt as it comes due, if necessary by creating the money to pay for

Bonds coming due, rather than rolling them over with new borrowing

• Limits interest rates to 8% including all fees; Historically this is a high interest rate

• Ends compound interest; with the rule that total interest may never exceed the principle, except on mortgages

• Lets the 50 states decide where 25% of the new money goes each year through per

capita federal grants. Some general areas can be specified – infrastructure, health, education. Unfunded federal mandates, pensions. This is a big deal – no way that

any local actions (e.g. mythical local currencies) can be as powerful in solving local crises.

• 2990 Contains a tax free dividend for every citizen. Imagine if the bailout went to all our citizens. Say 3 trillion to the citizens instead of to the banks. With 300 million citizens that $10,000 to every man, woman and child. $40,000 to a family of four. The depression/recession would be over! Banks could have competed for these deposits.

THE YAMAGUCHI STUDY (World expert in predictive economic modeling process) concluded that HR 2990: (click here)

• Pays off the national debt as it comes due

• Provides the funding for infrastructure (which solves the unemployment problem)

• Does these things without inflation!

Friends please re-read, and forward this page to your entire email list. Please send any questions to ami@taconic.net. We will answer! Thank you!

Kucinich’s HR 2990 runs our money system for the nation, not the bankers; And that’s why you are not hearing about it from their media!