Some on the far left have said nationalize the banks.Wrong, nationalizing banks does nothing, we need to nationalize money creation.
The Constitution says money creation belongs with our
government. "The Congress shall have Power To… coin Money,
regulate the Value thereof…" (Article I, Section 8) The phrase "coin
Money" refers to the creation of money and was used because coins
at the time were considered the real money.
Simple, straightforward, non partisan, monetary reform legislation was
put into Congress in 2011 by Congressmen Dennis Kucinich and John
Conyers: NEED Act (National Emergency Employment Defense Act).
Its reforms are intuitively what one thinks the system already is.
• The Federal Reserve System, currently owned by the private
banks, would be put into the federal government.
• Banks would no longer create our money and would only loan
money that already exists.
• Money would be created, debt-free, in non inflation/deflationary
amounts and spent into existence for the needs of the nation:
jobs, infrastructure, healthcare, education, etc. The federal debt
will be repaid as it comes due, an absolute impossibility under
the present system and there will be no more deficits and debt
circuses in Washington.
The NEED Act transforms our society from austerity to a
productive, bountiful and sustainable democracy. More
information is available at the American Monetary Institute
(monetary.org).
President Trump, unite our country and drain the monetary
swamp by proposing the NEED Act on Day One.
Sincerely,
Nick Egnatz Munster, IN occupynick@yahoo.com
References
Jamie Walton's 2 page paper explains how immediate,
seamless and non-disruptive the overnight transition to a
government money system would be, ''"How the N.E.E.D. Act
gives an Immediate, Seamless and Non-Disruptive
Overnight Transition from a Crisis-Prone Bank Debt System
to a Stable Government Money System"''
http://www.monetary.org/seamlesstransition/