Kucinich Proposes Landmark Reform of Monetary Policy

[Peace4us]

Source: American Monetary Institute

Washington D.C. (December 17, 2010) –As the nation struggles with long-term unemployment at rates not seen in generations, contracted credit and the hoarding of public dollars by the banks, Congressman Kucinich (D-OH) today introduced a dramatic new proposal to establish fiscal integrity, reassert Congressional sovereignty and regain control of monetary policy from private banks. The National Emergency Employment Defense Act of 2010 would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt. The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.

Congressman Kucinich stated, “The staggeringly bad employment and economic numbers represent a massive problem which cries out for bold action. Rather than crossing our fingers and hoping that banks will finally lend some of the billions of public dollars they haven’t thus far seen fit to lend, we can take action. My bill would replace the Federal Reserve System’s dependence on private banks to create credit. In its place, a Monetary Authority under the Treasury Department would directly inject liquidity into the economy by purchasing much needed public infrastructure repair. Today, we have idle capital, millions of able-bodied but unemployed workers, unused equipment, and record low interest rates. These conditions are the best possible time to make a long-term investment in our nation’s infrastructure. My bill would do exactly that.”

Read more: http://moneyreform.wordpress.com/201

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This is going to open the debate on Monetary Reform in this Country. Which is necessary before we can begin to heal the economy.

[unkachuck]

1. sounds good, Dennis....

"...Monetary Authority under the Treasury Department would directly inject liquidity into the economy..."

....of course, you know this hasn't got a snowballs chance in hell of ever being signed into law....

[Mark D.]

35. Shame

You're right, it won't pass. All the bluster of Ron Paul about monetary policy. It's nice that Ron will at least tweak the Federal Reserve next year. But Dennis is talking about boldly doing away with it. Congress has the power to do it, they are the only ones with the oversight on the issueance of currency. They gave The Fed the right to do it, they can change it or take it away. Everything Dennis has proposed would work, including of course the Single Payer he spoke of years before most others that would cut 1/3 of a trillion a year off our deficit. But of course, he's marginalized.

[Kweli4Real]

40. Ummm ...

Maybe I mis-read the article, but I don't get that (by this bill) Kucinich is trying to do away with the Fed; rather, he would expand its reach by giving it authority to lend directly to businesses or local governments, rather than have private banks do it.

Someone correct me if I am wrong.

[JDPriestly]

43. I'm grateful that Kucinich has proposed an alternative to our current

system. This proposal may never be accepted as is, but it will start a conversation that could open up new insights and permit other ideas to be raised.

Thanks to Kucinich for starting the ball rolling on real change.

[molly77]

52. Go Dennis

Repeal NAFTA and Glass-Stegall too.

[IamK]

2. I think he will be about 56 votes short of 60 in the Senate on this....

[Amonester]

15. Of course!

The government by the Rich for the Rich will never vote for this.

[JDPriestly]

44. I remember a time when the votes just weren't there to

pass anti-discrimination legislation. And look where we are today.

Somebody has to start challenging the current system. I thank Kucinich for doing that.

[WhaTHellsgoingonhere]

56. And 1 "vote" short in the White House

Obama is a banker butt-boy.

If you don't understand that, go watch "Inside Job." Boy, is that movie an Obama buzz-kill.

[Foo Fighter]

57. No shit.

"Obama is a banker butt-boy." LOL! Talk about telling it like it is.

That should be his slogan in 2012: "A banker butt-boy you can believe in."

"Inside Job" was on my list of movies to check out. Thanks for reminding me.

[WheelWalker]

3. That link came up short for me, Try this one...

http://moneyreform.wordpress.com/2010/12/18/kucinich-proposes-landmark-reform-of-monetary-policy/

Kicked & Recommended.

[Peace4us]

12. Wheelwalker's link is correct.

Thank you Wheelwalker. I don't know how I messed up the link, but appreciate the fix.

[Lydia Leftcoast]

4. It will receive NO publicity, but every Republican who screeches about

"Social Security bankrupting the country" will be on the front page and every talking head show.

[ThomCat]

8. You are right.

And Kucinch's proposal is far, far more worthy of serious discussion and air time. :(

He will be ignored solely because he is liberal. He is routinely ignored and silenced solely because he is liberal.

The banks and their lobbyists will never allow this to go through because they own and control the fed. Conservatives own and and control the media, and they will do whatever the banks want.

[RandomThoughts]

22. Some in the media will ignore him becuase it is correct for better practices for more people.

Although some might here him.

Why should banks control the economy? What is the rational? It has not worked out to well for most people. It has worked out for a few.

[truedelphi]

25. + 1. n/t

[thesquanderer]

27. ignoring Kucinich is not simply because he is liberal

re: "He will be ignored solely because he is liberal. He is routinely ignored and silenced solely because he is liberal. "

He is ignored because his positions are extreme. That's not to say that they're necessarily wrong, but they do tend to be about the farthest from the mainstream among all elected officials. It's not a matter of being liberal... Ron Paul, extreme on the other side, is likewise often marginalized.

[Lydia Leftcoast]

54. Kucinich is far more marginalized than Ron Paul

and DK's positions are "extreme" only in our distorted political climate. He'd be a centrist in almost any other Western country.

[ThomCat]

58. If you mean that he's outside of the conventional wisdom

in DC then I will agree with you. But that's the only description of "extreme" that fits Kucinich.

His views on most issues, when described in simple terms instead of political soundbites, very closely match the views of a large majority of Americans.

That isn't extreme in any sense, except to DC insiders. But the DC insiders are the ones who depend on that conventional wisdom, and depend on what lobbyists want and believe, and look to the people behind the money primary to see what their acceptable ideas area.

That is why Kucinich has so many fans nation wide who still listen to him and believe in him. It is because, when you really do listen to him, he isn't extreme, and he really is standing up for people. It is the conventional wisdom in DC, that is normal there, that is so extreme when you really understand it.

[Kalyke]

38. Everyone who reads this here needs to post it on their Facebook

page, their blog, on Twitter, or in other locations where it can get attention.

You're correct. The media will not cover this (unless forced to do so because they noticed it was getting a lot of attention on social media), so the only way to get it out is to use the power of the Internet.

[Kweli4Real]

41. Ohhhh ...

You remember the presidential primaries AND his healthcare bill?

[ThomCat]

59. Very good points!

I remember him getting physically cut out of pictures of debates as if he had not been one of the debaters. :(

I remember him blatantly being given the least time to speak.

I remember his bill being ignored, except when it was being ridiculed.

The media never treated him with the respect due an elected official.

[Lorien]

53. But we can't have an honest discussion about restoring the fairness doctrine here

on DU, because the MSM says that talking about such things is silly, so we don't discuss it. They herd Americans like livestock on EVERY issue. Once a person turns the TV off they'll see exactly how bad it really is.

[myrna minx]

5. K&R n/t

[smiley]

6. truly a politician looking out for the common man.

Cheers to you Dennis Kucinich!
:toast:

[elleng]

7. Interesting to see what Ron Paul says about this;

He'll be 'in charge' of the Fed soon.

[Peace4us]

20. Ron Paul's take on it.

Ron Paul has weighed in on this and unfortunately, he would like to see "competing currencies" including gold and silver. He calls supporters of this "greenbackers" and believes that this would still lead to inflation as Congress, rather than the Fed, would still have the power to increase the money supply. But it would all be done out in the open and if the Congress inflates, we can vote them out, whereas if the Fed inflates, we have no recourse.

But the Austrian School of Economics has come out with no competing bill with any sort of clarity for how we change from the current system to a sound money system. I think that competing currencies would just cause a big mess (how do you reconcile them across the country and throughout the world). If you go to a gold standard, the same bad guys in charge now have been buying, controlling and hoarding all of the world's gold, so they still come out on top.

[Mark D.]

36. Ron Has Good Points

But too much of his proposals are not weighed on what would help end poverty, or close the gap between rich and poor. Quite the opposite, he and his Austrian School believers are followers of the psychopath Ayn Rand. Where do you think he got the idea for his son's first name?(Rand). With the US group of idiots keeping her dream alive recently bashing billionaires committing at least half of their estates, after their passing to charity, you realize you can't negotiate with these people. It's like negotiating with a violent criminal about the best way to attack you. They do not deserve a place at the table. Their self-centeredness is not borderline, it is certifiably insane.

[Kaleva]

9. Looks good on the surface. Gave it a rec.

Maybe some of the more knowledgeable members here could give their opinion.

[groundloop]

10. Makes sense - unless you're a "Privative the Government" repuke

Hell, just let the free market dictate policy :sarcasm:

[varelse]

11. K&R

[girl gone mad]

13. Someone has been listening to the MMTers.

Good job, Dennis!

[earcandle]

14. Dennis is tireless when it comes to helping our country get back to balance. Thanks, Dennis!

We love you in San Francisco. 

[NorthCarolina]

16. K&R

[Johnny Harpo]

17. In His Own Way...Dennis Makes A lot Of Sense....

too bad no one listens to him but us.

[ThomCat]

60. Not just "in his own way."

He frequently just makes a lot of sense. He would often make a lot more sense if others would seriously work with him instead of shunning him.

But even here, very few people are willing to listen to him. :(

[puebloknot]

18. Kick! An answer to "What can we do?" nt

[Peace4us]

19. That is the crux of it!

There are so few political solutions that are offered which actually strike at the root of the problem. This would take the Criminal Banking Syndicate out of control of our government and return control to the people's representatives.

[mindwalker_i]

21. That's gonna make the boner cry

[Dokkie]

30. Not just Boener

Chris Dodd would peee his pants if he sees this. The private banks have captured both parties and just like many sensible bills proposed in congress, this will be dead on arrival.

[penndragon69]

23. Sounds like "Socialism".

At least that's WHAT THE BANKING mafia would say.

Kucinich is RIGHT!
It's time to kick the money changers out of the temple again!

[valerief]

51. We already have socialism -- for the wealthy! nt

[burning rain]

24. Well, Ezra Pound would agree with him.

.

[fascisthunter]

26. Sounds like it would Work

and that's why I doubt the other bubble heads in our party won't go along with this.

[Uncle Joe]

28. Kicked and recommended.

Thanks for the thread, Peace4us.

[thesquanderer]

29. Borrowing money vs. printing money

The idea is appealing, to essentially print rather than borrow money. Not just because of the banking problems, but also because of how much is borrowed from China, etc. Presumably there is some balance to be had. Printing money tends to be inflationary, which is why this period of low inflation may be the best time to consider shifting the balance, but there would seem to be need for some braking mechanism on the other side as well.

[Dokkie]

31. technically

they are both the same. We have to borrow the money printed by the federal reserve at the same interest rate we borrow dollars from China. So in terms of debts(not inflation) theres virtually no difference between borrowing money from China and the FED printing it and lending it to us.

But some in Congress(Ron Paul, Dennis K) have suggested we suspend paying off the interest we owe to the FED and instead focus on shoring up social security and Medicare, but nobody listens to those "kooks"

[girl gone mad]

61. The braking mechanism is taxation.

Taxation is what gives our dollar its value.

The primary reason a sovereign fiat currency regime taxes its citizens is to maintain the currency's stable purchasing power (fight inflation), not to raise revenue as many assume.

[Desertrose]

32. Go Dennis!

Sounds good....

[felix_numinous]

33. Those here who marginalize Kucinich's

views are playing into the RW propaganda, and that is what makes me the saddest. I had to say it, I had to speak (write) my truth.

[LWolf]

34. k&r

[flvegan]

37. Sounds good to me.

As usual, Dennis is working to actually help the people, not just big corporations.

[me b zola]

39. K&R

[paparush]

42. "Mr. Kucinich, do you pray?" "I've been praying for 45 minutes that you'd call on me.." nt

[Enthusiast]

45. Dennis is a sincere and

honest man. That is all.

[InvisibleTouch]

46. A K&R for Dennis. n/t

[pleah]

47. K&R

[WillyT]

48. HUGE K & R !!!

:patriot:

:kick:

[quaker bill]

49. He surely will get

three or four votes in the house for this, a bit better than usual.

[valerief]

50. I thought the tax giveaway to the rich was going to create jobs.

:rofl:

[drm604]

55. I read the whole thing.

I'm honestly not qualified to judge it, but it seems to make sense to me.

It treats money as what it is: a means to facilitate the movement of goods and services. Government should provide that means in the manner and amount required to have a healthy functioning economy and it shouldn't acquire any liability by doing so.

[girl gone mad]

62. So nice to have someone in elected office that understands economics.

This is really good stuff from DK.