Thursday, July 14, 2011

The Monetary Reform Act of 201X | Authentic

The Two Step Plan to National Economic Reform and Recovery

Step 1: Directs the Treasury Department to issue U.S. Notes (like Lincoln’s Greenbacks; can also be in electronic deposit format) to pay off the National debt.

Step 2: Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.

These two relatively simple steps, which Congress has the power to enact, would extinguish the national debt, without inflation or deflation, and end the unjust practice of private banks creating money as loans (i.e. fractional reserve banking). Paying off the national debt would wipe out the $400+ billion annual interest payments and thereby balance the budget. This Act would stabilize the economy and end the boom-bust economic cycles caused by fractional reserve banking.

Monetary Reform Act – Summary

This proposed law would require banks to increase their reserves on deposits from the current 10%, to 100%, over a one-year period. This would abolish fractional reserve banking (i.e., money creation by private banks) which depends upon fractional (i.e., partial) reserve lending. To provide the funds for this reserve increase, the US Treasury Department would be authorized to issue new United States Notes (and/or US Note accounts) sufficient in quantity to pay off the entire national debt (and replace all Federal Reserve Notes).

The funds required to pay off the national debt are always closely equivalent to the amount of money the banks have created by engaging in fractional lending because the Fed creates 10% of the money the government needs to finance deficit spending (and uses that newly created money to buy US bonds on the open market), then the banks create the other 90% as loans (as is explained on our FAQ page). Thus the national debt closely tracks the combined total of US Treasury debt held by the Fed (10%) and the amount of money created by private banks (90%).

Because this two-part action (increasing bank reserves to 100% and paying off the entire national debt) adds no net increase to the money supply (the two actions cancel each other in net effect on the money supply), it would cause neither inflation nor deflation, but would result in monetary stability and the end of the boom-bust pattern of US economic activity caused by our current, inherently unstable system.

Thus our entire national debt would be extinguished – thereby dramatically reducing or entirely eliminating the US budget deficit and the need for taxes to pay the $400+ billion interest per year on the national debt – and our economic system would be stabilized, while ending the terrible injustice of private banks being allowed to create over 90% of our money as loans on which they charge us interest. Wealth would cease to be concentrated in fewer and fewer hands as a result of private bank money creation. Thereafter, apart from a regular 3% annual increase (roughly matching population growth), only Congress would have the power to authorize changes in the US money supply – for public use -not private banks increasing only private bankers’ wealth.

Support the Monetary Reform Act – write your Congressman today!

Read the full version of the Monetary Reform Act here.

If not now, when?

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The Secret of Oz - Winner, Best Documentary of 2010

“I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.” ~ Abraham Lincoln

“The ignorance of one voter in a democracy impairs the security of all.” ~ John F. Kennedy

Source:

The Money Masters

Related:

Monetary Reform, Part I | End the Debt

Monetary Reform, Part II | Lending and Interest

Debt Mayhem | End Fractional-Reserve Banking

3 comments:
  1. If Congress were to get control of the money supply, it would behave in the exact same manner as the Federal Reserve; the politicians would manipulate the quantity for their own political means and ends. This fact has been shown in your documentary on how it was done throughout history. It doesn't matter which "Institution" has control of the money supply. Because, ultimately, it is man who has it. An it is in mankind's nature to manipulate and deceive the masses for power.

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  2. Point taken. The main difference would be that our money supply would be issued debt-free, meaning that there would be no $14.5 trillion National Debt, and interest on the debt of $400 billion per year would not exist. Freeing ourselves and our government from these burdens will enable us to ascend towards more freedom and prosperity. We shall not find perfection on this earth, but we should continue to strive towards that end.

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  3. There is no reason to pay off the National debt as it was created UN Constitutionally in the first place through treasonous acts of Congress and the Bankers.

    All the Bankers & Those in Congress need to be hunted down and tried for treason against the United States and when found guilty - Hung Until Dead. This will be a lesson to those who follow.

    The new money that needs to be re-issued has to be debt free.

    While there is much talk about a Gold backed money - I tend to think this will eventually lead us back to where we are as any commodity can be manipulated over time.

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