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A modest proposal to eliminate all income taxes

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A modest proposal to eliminate all income taxes

1) Doesn't the following reasoning lead to an OBVIOUS solution to our nation's money problems?
2) Like it or not -- Congress and only the Congress is in the business of creating money. The Constitution says so. There is no other way to create money. Nobody else can create money.
3) That means we can't escape the fact that our government is, under the Constitution, our nation's banker and the supplier of all new money.
4) Why not simply try to make a profit out of that Constitutionally mandated duty?
5) If the government makes sensible loans that turn a profit for the borrower, the wealth generated by the loans remains in the economy after the loans are paid back.
6) Wouldn't it obviously be best if all the newly created money was used to produce real wealth by borrowers?
7) Why should we allow privately owned banks to run our Money and Banking System and keep the profits?
8) Please analyze this idea and tell me what is wrong with it.
9) There will be no inflation if the loans create more wealth than the dollar value of the loans.
10) That should not be hard to do.

Martin R. Carbone -- 7/2/2010

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Retired engineer, product and business developer, inventor (six patents). Currently (a) trying to completely understand our money and banking systems and (b) planning to pass that information to the American public. Photo is ca. (more...)

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This idea seems to good to be possible -- but I ca... by Martin Carbone on Saturday, Jul 3, 2010 at 4:38:21 AM
The Constitution does indeed say, in Article 1, Se... by Scott Baker on Saturday, Jul 3, 2010 at 4:45:21 AM
see ///////// for my inserted reply ... by Martin Carbone on Sunday, Jul 4, 2010 at 10:55:39 AM
Ideally there is exactly the same amount of money ... by Jeff Rock on Saturday, Jul 3, 2010 at 7:15:19 AM
I am copying your comments below see ////////////I... by Martin Carbone on Sunday, Jul 4, 2010 at 12:08:19 PM
It is not true that the only way to make money in ... by David Chester on Saturday, Jul 3, 2010 at 3:36:01 PM
I agree with you.But your comments are beside the ... by Martin Carbone on Sunday, Jul 4, 2010 at 12:40:04 PM