Occupy the Treasury and support HR 2990

By Nikki Alexander

Here is a plea, hot off the press, to take the private owners and dispensers of credit out of our bizarre monetary system, and restore the constitutional function of money creation to the Federal Treasury.

Dennis Kucinich introduced a bill that would do this, only four days after the Wall Street Occupation began ~ HR 2990 The National Emergency Employment Defense Act of 2011. It’s stunning and you will love it.

It ends ‘fractional reserve’ lending (the credit casino), nationalizes the Federal Reserve, restores the federal government’s authority to originate money (without debt), pays off federal debt with the new US money as it comes due, until the debt is completely retired.

US Money would be created by a Treasury Monetary Authority and spent into circulation to fund infrastructure, education, health care, grants and loans to states. It even includes a tax-free dividend to all US citizens to directly inject liquidity into the economy.

There are powerful beneficiaries of the current system who will descend on Congress to defeat this bill. But we have a GLORIOUS revolutionary network of the 99%. This is a magical moment in history! Let’s turn this bill into LAW with massive public pressure.

Let’s occupy the treasury!

~~~~

NEED Act Fact Sheet: http://kucinich.house.gov/UploadedFiles/NEED_Act_Fact_Sheet_09232011.pdf

Read the NEED Act: http://kucinich.house.gov/UploadedFiles/NEED_Act_FINAL_112th.pdf

Hear Dennis Kucinich explain the bill (15:29 – 28:55) http://archive.kpfk.org/parchive/mp3/kpfk_111005_140045truthdig.MP3

With all the hysteria about government debt and deficit spending, ostensible pretexts for annihilating the public, why is no one scrutinizing the source of the problem ~ the monetary system?

Our economy has been running on credit/debt since 1913 when Congress outsourced its sovereign authority to create the nation’s money and gave that privilege away to a cartel of private banking corporations ~ the Federal Reserve System. After 1913, our so-called ‘money’ supply could only be created by banks generating credit as loans. Credit is not money. Credit is debt. Our so-called ‘money’ (Federal Reserve notes) is actually bank credit or debt. We have no United States money.

Think this through … The private individuals who control the credit supply, control the economy. They can arbitrarily expand credit exponentially, e.g. the housing bubble and $600 trillion derivatives casino, and they can also withhold the credit supply – at will – and contract the economy, e.g. the current so-called recession or ”credit crisis.” Federal Reserve chairman, Ben Bernanke, admitted that the Federal Reserve caused the Great Depression by contracting credit. The same thing is happening again today. This is why hospitals and schools are closing, businesses are collapsing, the job sector is shrinking, and municipalities have insufficient revenue … why every part of the economy is contracting. The domino effect of contraction increases as people have less to spend and can’t support local business that in turn must lay off workers. Unemployed workers have no income to pay taxes. Decreased tax revenue starves federal, state and local governments, which in turn lay off more workers and cut spending. Spending cuts and layoffs further contract the economy. Is our economy being destroyed on purpose or are these people really stupid?

Why is no one publicly questioning the power banks have to contract the economy with their monopoly control over credit? Why don’t we use sovereign money instead that is issued by the federal government, per US Constitution Article 1, Section 8? We wouldn’t have a national debt because the government wouldn’t have to borrow. We wouldn’t be at the mercy of banks that withhold credit and contract the economy because our government would inject liquidity directly into the economy. This basic truth is so obvious, there must be an unspoken reason why governments everywhere continue to borrow credit instead of originating the national money supply without incurring public debt.

Who benefits?

Communist China and bankrupt Japan collect interest on the US debt and perhaps a handful of American citizens that invest in T-bills. But they are all latecomers and very nervous about the decreasing value of their investment.

Who else benefits? Large corporations and ultra wealthy individuals officially pay 35% in taxes, but in loophole reality WAY less, compared to 50% and 91% respectively, in 1960. Today, the federal government borrows from these two extremely affluent groups instead of taxing excessive wealth and the public pays them interest ~ an arrangement that fosters income inequality and concentration of wealth.

Who else benefits? The military siphons off 58% of the federal discretionary budget. Pentagon contractors, DHS and the “security” industry have sucked up $7.5 trillion since 9/11.  The corporate war and “security” industries are financed with borrowed credit that goes on the taxpayer tab for future generations. If Terrorism Inc had to be financed through immediate taxation do you think Americans would refuse to pay $6 trillion for illegal wars in Iraq, Afghanistan, Pakistan and Libya and $7.5 trillion for so-called “offensive security”? The cost of this antisocial spending is so excessive it would consume the entire annual income of most middle class workers. Rebellion would surely derail the corporate war and “security” gravy train.

Here are some other big beneficiaries of government debt … Wall Street financial institutions, transnational investment banks and members of the Federal Reserve System who derive billions of dollars in interest payments provided by American taxpayers. Where did sixteen trillion dollars in taxpayer loans come from to bail out corporations and domestic and foreign banks that crashed the global economy with their mortgage derivatives casino? That credit was generated by the Federal Reserve whose member banks created the crisis. Their liabilities were transferred to taxpayers and bailout funds were used to increase their monopolies. The US Treasury is their ATM and we, the taxpayers, supply the cash.

The so-called “sovereign debt crisis” that is being used in Europe as a pretext for “austerity” is classic IMF structural adjustment and has its counterpart in the US, masquerading as government deficit reduction. The predatory doctrine known as neoliberalism follows a predictable blueprint: deregulate to clear a path for criminals, drive a nation into debt, confiscate public assets as collateral on the debt, privatize the public sector, loot the treasury, slash wages, destroy unions, steal pensions, cut social spending, raise taxes on workers, and cut taxes on the wealthy. Sound familiar? Transnational predators operating through the World Bank and IMF have successfully used this blueprint to cripple one nation after another in Asia and Latin America since WWII. They moved on to ex-Soviet satellites in the nineties and are now attacking western democracies.

The global Occupy Movement has a stunning opportunity to defeat this pathological agenda by restoring sovereign monetary systems worldwide.

In the United States, Congressman Dennis Kucinich has introduced a bill that could be replicated in other countries – HR 2990 The National Emergency Employment Defense Act of 2011. The NEED Act restores the constitutional prerogative of the federal government to create the national money supply – without incurring debt – and ends ‘fractional reserve’ lending, the accounting device that banks use to arbitrarily create credit with a computer keystroke. Henceforth, ONLY the US Treasury’s Monetary Authority would have the legal authority to create US money. Banks would only be able to lend US money they actually have on deposit or borrow from the Monetary Authority. Implementation of The NEED Act would pay off federal debt with US Money as it comes due until it is permanently retired.

Money would initially enter circulation by federal spending to promote the general welfare, for example on public infrastructure ($2.2 trillion needed, creating 7 million jobs); underwriting the public education system from kindergarten through college; stabilizing social security and state pensions; funding federal mandates; making grants and interest-free loans to states for public infrastructure, education, health care and rehabilitation. In addition, the Monetary Authority would give 25% of money created to the states, and a tax-free dividend to all US citizens to inject liquidity into the economy. All without incurring one penny of debt.

Passing this legislation would give the PUBLIC control over creating the money supply and the MEANS to expand the PRODUCTIVE economy. People who are employed have money to spend which increases the number of customers for small (and large) businesses which can then hire more workers. Greater employment and increased productivity creates more state and local tax revenue which can then be spent on increasing public services. In other words, the NEED Act reverses the cycle of economic contraction engineered by private banks withholding credit – permanently.

The NEED Act nationalizes the monetary system ~ not the banking system. Serious banking regulations, Wall Street reforms and prosecutions for fraud are still in order. A top priority for reinstating the Glass Steagall Act and other Depression era protections is immediate withdrawal from the World Trade Organization 1999 Financial Services Agreement that mandated destruction of Glass Steagall and massive deregulation of the financial sector. The 1999 WTO Agreement forbids the US government to roll back these destructive mandates. By what authority? Congressional compliance with an unaccountable supranational tribunal that undermines our laws, our economy and our national sovereignty is treason.

Who wouldn’t want a public monetary system that serves the whole society? The beneficiaries of a debt scheme that siphons off our nation’s resources to finance antisocial pursuits and concentrate wealth in the hands of a few. Their lobbyists will descend on Congress. This bill will die a quiet death in the House Committee on Financial Services and never be brought to the floor for a vote unless we – the 99% – make it visible and demand its passage.

The Occupy Movement has enormous potential to transform the structural inequality built into our monetary, economic and political system. Superficial “reforms” are meaningless. Please devote yourself to building public momentum to demand passage of this bill. If we reach critical mass, we just might ‘form a more perfect union, establish justice, ensure domestic tranquility, promote the general welfare and secure the blessings of liberty to ourselves and our posterity.’

13 responses to “Occupy the Treasury and support HR 2990

  1. We’re wasting time and energy pursuing an initiative that will cause the elites to descend on us with terrible force. We are calling them out with this bill, directly.

    The best alternative is campaign finance reform. I think there could be more support for such an initiative and it begins the process of reform that is desperately needed.

    Make no mistake, Rep. Kucinich will be murdered in broad daylight if he is successful in using this initiative to splinter the Occupy movement and challenge elite authority.

    • I say, write the bill we want rather than negotiating from our fallback position. Go for the brass ring, not the stake holding it aloft.

      Kucinich won’t be killed; neither will Ron Paul. Both are needed to fool the masses into thinking that we can reform this government.

      But because the bill is written, we’ll have that for the new nation(s) created after the revolution wins

    • The NEED Bill deserves the full support of the entire US electorate because it addresses the actual problem: the monetary system.
      Yes, it strikes close to the international bankers who created the monetary system and use it to control the world. Yes, it’s reasonable to think that the response will be harsh. Yes, the lives of the proponents are insecure. Given that you already live under a totalitarian regime that assassinates its own citizens, assassinates foreign heads of state and serially invades foreign countries without just cause, how secure do you feel now?
      If you know you lost your keys in a rough neighbourhood, would you search for them in safety of your living room on the theory that you might get beaten up if you go back out onto the streets?

    • Campaign finance reform is doomed to fail as long as the mechanism that permits a a smaller and smaller minority to accrue a larger and larger percentage of the world’s wealth continues to exist. Nikki is absolutely right in identifying the privately owned, debt based monetary system, otherwise known as fractional reserve banking, as the real root of the problem.
      This is the central problem that underlies virtually every issue we are grappling with, form the corrupting influence of big money in our political system, to unfettered corporate abuses, including the illegal wars that they have manipulated our government into, to unfair taxation, to environmental abuses, etc, etc, etc.
      If this reform is enacted the rest will follow… without it any attempts at reform are band-aid efforts doomed to failure.

  2. To me it appears as a notice of intent. Whether it goes anywhere or not may be a matter of timing. If not this time, it puts it out there that we’re onto them and it’s just begun to go viral. Most people in the U.S. have come an obvious conclusion that it’s no longer a government by the people for the people. I think “THEY”RE a little late on crashing the second amendment. It must worry them about all the soldiers they trained(and/or shafted. All a matter of perspective). The cops did the heavyhanded thing, best advertising they could have had. Corporations would have paid large for that kind of exposure.

  3. All I can do is report what little I’ve heard. The Dump the Fed mantra was a non-starter.

    The elites wouldn’t have come this far without being absolutely certain they could corner every last one of us — check and mate.

    I just want us to hang together lest we hang separately. It will be much easier to pull people back from the right edge of things when they see how these fascists respond to a call for campaign finance reform than it would be to watch them get used a while longer by the same people who are going to grind them under their boots.

    We need the resources of our government back. If that’s not possible, then why are we bothering?

  4. EVEN IF WE DID PASS N.E.E.D.2011 ACT, IT WOULD BE FOR NAUGHT, AS ABSOLUTE POWER CORUPTS ABSOLUTLY. IT WILL ONLY SHIFT POWER “PUBLICLY” BUT BEHIND CLOSED DOORS THINGS WOULD REMANE THE SAME. IT IS THE PERFECT FOUNDATION FOR
    THE ” NORTH AMERICAN UNION” THAT THEY TRIED TO SLIP IN THE “REAR” , SOME FEW YEARS AGO, AND NOW HAVE DEVISED A WAY TO GET US “WE THE PEOPLE” TO VOTE IN AND INSURE WE ARE CHAINED AND BOUND BY OWN HAND WITH OUR OWN LAW. DO WE REALLY THINK THAT THE ELITE HAVE NOT HAD A HAND IN THIS MOVE ON THE CHESS BOARD? WE ARE BUT PAWNS BEING PITTED AGAINST OUR SELVES RESPECTIVELY FOR THEY’RE GREATER GOOD, TO CONFIRM OUR DEPENDENCE ON ANOTHER VERSION OF THE SAME SYSTEM THAT DIDN’T WORK IN THE PAST AND WILL NOT WORK IN THE FUTURE. THE ELITE WILL NOT STOP UNTIL WE ARE ALL SUBDUED IN TO ACCEPANCE OF THEIR WILL.
    WE NEED TO PIT THEM AGAINST “THEMSELVES.” ABSOLUTE POWER RULES ABSOLUTLY. DIVIDE AND CONQURE IS AND DOUBLE EDGED SWORD/PEN. THE N.W.O. HAS HAD THIS PLANNED FROM THE BEGINNING I’M SURE. ALL THE PEOPLE HAVE TO DO IS SAY NO!
    WHAT ARE THEY GOING TO DO? KILL US ALL!? HOW MUCH DO THINK THE PEOPLE WILL TAKE BEFORE THEY HAVE NOTHING LEFT TO LOSE? WE NEED HAVE FAITH IN OUR OWN ABILITIES NOT THEIRS. THAT WILL JUST ENPOWER THEM EVEN MORE. I FOR HAVE PITY FOR THE ELITE. AS THEY HAVE PUT MUCH EFFORT INTO THEIR WORKINGS AND HAVE SOLD THEY IMMORTAL SOULS FOR SOMTHING THEY CANNOT TAKE WITH THEM WHEN THEY DIE. IT IS ALL VERY SAD REALLY.

  5. Brian: I could not read your rant because your SHOUTING made my head hurt. I am leery of this bill as simply a way to splinter the #OWS and bring it into politics as usual, even if it IS by Kucinich, whom I do admire. #OWS needs to continue to think and brainstorm outside the box. Right now, they have the shirts and boots scared because they (the shirts and boots, or should we anagram that and call them the Shoots) don’t exactly know what WE want. On our local radio news this AM – Gov. Cuomo is going to send in the clowns, er, um, the cops to break up the Occupy Albany folks.

  6. What I see in these postings is a kind of fatalism where as it’s already a forgone conclusion that there’s nothing we can do about it. It would be a complete sacrilege to give it up this easy. They’ve been beaten before by people that had a lot less going for them. They’re not infallible, they’re smart but suffer from the usual foibles that befall cronyism and deal with as much incompetence as any large conglomerate. We’re fresh, they’ve overplayed their hand and are in a rush because time’s running out on them. Time to assert ourselves not wimp out. They didn’t in Vietnam and they didn’t give in for 3 generations.

  7. My 2 cents… The challenge is still formidable, but not a foregone conclusion. It requires OWS communicating our message and engaging as many individuals as possible. 5,000 members are not enough, nor are 10K or 100K, we need millions of people engaged and educated and then our own system can be modfied from within. BUT, the critical task is to inform, educate and engage people. There IS power in raw numbers. Non-violent protest CAN create significant reform. But it all takes time… time and energy… and human effort… and enthusiasm.

  8. Thank you for this brilliantly inspired article. I do want to devote myself to spreading this information. I do think that these basic facts about the monetary system are at the root of most of the other misery-making issues we are facing as a society. I like your writing, your energy, your clarity. I have a sign that says “End The Fed. Nationalize the central bank,” which I am bringing to Oakland tomorrow for the General Strike day. I am going to make copies of your article in a more print-friendly format (I am a graphic designer and I like to make things visually attractive. I believe it makes a big difference in the digestibility of the information.) If you want me to send you a copy of the print file, please get in touch and I will gladly do that. I have been looking for ways to contribute to this movement as an artist and graphic designer, and I would like to use your well-crafted writing to do that. I have also contacted Positive Money UK to find out if I can add to their work, and they responded with an email asking me to join in a campaign to promote the NEED act, so I am waiting for marching orders. I can include you in that team if you like. That would be great. My privacy settings are pretty high, but I think if I give you this: https://www.facebook.com/profile.php?id=1071240307&sk=info you should be able to get to my FB profile. Here is the Positive Money site, in case you are not aware of them. They are loaded with well-produced, informative materials on the money system. http://www.positivemoney.org.uk/

  9. PS, I took exerpts of this article and laid it out on one page with one of my original illustrations. I think it looks pretty good.🙂 I gave you credit and included this web address. Get in touch if you want me to send you a PDF. I’ll be handing them out in Oakland at the General Strike today. Yay!!

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