In our work on the NEED Act, we propound that the present monetary system has led to a concentration of wealth, expansion of national debt, excessive reliance on taxation, devaluation of the currency, increases in the cost of public infrastructure, unemployment and underemployment and the erosion of the ability of Congress to meet the needs of the American people.
This system has been a source of financial instability where the banks' ability to create money out of nothing has become a financial liability for the American taxpayers. When banks engaged in speculative lending, turning the financial system into a casino, they were bailed out while millions of Americans lost their homes. No surprise that today we are told there is not enough money for creating jobs, rebuilding America, health care, education and retirement security. But there is always money to bail out the banks.
Let us take the opportunity afforded in the debate over the debt ceiling to regain control of our sovereignty and our national destiny. We can have a future of abundance instead of poverty, but we must first take down the wall which separates us from our true sovereignty, the power to coin and create money.
Let us return to first principles, and reclaim the constitutional power to coin and create United States money and spend it into circulation to meet the needs of the nation and reduce taxes.
Two hundred and thirty years ago this month, delegates from 13 states gathered in a constitutional convention, which set the stage for ratification. Let us summon that same revolutionary spirit and its wisdom to guide us in the days ahead.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
9
9
7
