Friday, September 19, 2008

Letter to the Albany Times Union

Don't know if they'll publish it.

About the economy, the American people are not stupid but lack essential knowledge. For example, few know that most of our money is created not by Uncle Sam but by banks, starting with the apparently public but actually private Federal Reserve. Because the banks create our money, American economic policy favors the banks, and the current efforts by the Fed and the Treasury, necessary as they are in the current crisis, are essentially banks saving banks at the expense of American citizens now and into the future.

But according to the U.S. Constitution, the Congress should "coin Money [and] regulate the Value thereof." Near Albany, NY, is an organization that has a plan to return money-creating power back to public, not private, purposes. The place is Valatie, NY, the organization is The American Monetary Institute, and the plan is The American Monetary Act. The American people should demand that our elected officials seriously consider The American Monetary Act. The alternative is a continuing series of desperate maneuvers that the previous day were considered unthinkable and that in the long run are bound to fail. Revolutions have come from less.

See also Hossein Askari and Noureddine Krichene, Dust off the Chicago Plan, Asia Times, September 17, 2008.

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