Reissue debt-free United States Notes

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Should Government be allowed to issue money without the Federal Reserve?

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Total Votes : 6

Reissue debt-free United States Notes

Post by Scott Baker on Sat Oct 22, 2011 4:48 am

Greenbacker Money: debt-free United States Notes that Congress is empowered to create anytime, for any reason, and DID create under Lincoln ($450 million) to defeat the South under the Civil War, when NYC banks wanted 24-36% interest. This money would not have to be borrowed, taxed to raise, or backed by gold. It need not be inflationary if dedicated towards those areas of society that are actually in deflation, such as Infrastructure. It is a "Public Option for Money."
Congress can authorize new U.S. Notes anytime, for any reason, in any amount. Whatever nervousness the bond market would initially experience will be quickly offset by a nation at full employment, with new opportunities for all, and attractive new infrastructure to aid businesses and consumers alike.
Perhaps $4 trillion, spread over 10 years, should be directed towards infrastructure, to start.

Scott Baker

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http://www.huffingtonpost.com/scott-baker

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Re: Reissue debt-free United States Notes

Post by kclaytor on Fri Oct 28, 2011 6:30 am

I agree completely with this, and can't stress this enough. Right now, the government has to pay interest on the money that it prints. We would be so much better off if the government issued money through government spending. Just imagine if the government didn't have to pay interest on debt ever again how much more prosperous the people of this country would be.

kclaytor

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Re: Reissue debt-free United States Notes

Post by kclaytor on Fri Oct 28, 2011 6:32 am

Additionally, we should get rid of the Federal Reserve (a private bank controlled by other private banks), and set up a different part of the government to do the function of adjusting the money supply to try to not have too much inflation or deflation.

kclaytor

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Re: Reissue debt-free United States Notes

Post by kclaytor on Fri Oct 28, 2011 6:48 am

I'd like to add that in addition to issuing debt free United states notes, we should end the practice of fractional reserve banking, or at least increase the reserve amount. Right now banks can loan out much more money than they have, and collect interest on it.

Our money supply is grown through this fractional reserve banking. However, if our government spent money into existence instead of having private banks loan it into existence, I believe our society would be a much more equitable and better society to live in.

Watch The Secrets of Oz at http://www.youtube.co/watch?v=7qIhDdST27g

If you don't know much about these monetary topics, The Secrets of Oz will give you a good starting point on your research.

We can have it so much better than we do now, if we stop the bankster class from leaching off of the productive class so much.

kclaytor

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In Congress

Post by JCB on Fri Oct 28, 2011 12:45 pm

Read Dennis Kucinich's HR 2990, which ends the Fed and puts greenbacks back into circulation. We need to support this bill to make it happen!

JCB

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Re: Reissue debt-free United States Notes

Post by oregonstu on Thu Nov 03, 2011 9:08 pm

Well, nice to see that all of us here are basically in agreement. I support your idea, Scott, and I also support your other suggestion on State banks. Kclay and JCB, I just got done writing a couple of long pieces on ending fractional reserve banking and calling for support of Kucinish's NEED act. I mentioned a few other articles talking about other plans that would accomplish the same ends as Kucinich's bill, one of which also advocates issuing US government notes. I think it would be a good idea to meld some of the best parts of these ideas into one plan, including state banks.

This is something that gets support across the political spectrum, and would represent a major transformation of our economic system, which would in turn transform our political system. Please take a look at my proposal Reform the Federal Reserve Bank and the fractional reserve banking system on the lower half of the Declaration Topics page.

oregonstu

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