Whilst this sounds a nice idea and may at least bring some short term pain relief on an individual basis, the reality of the economics is that this
would likely cause hyper inflation, ie vast increases in prices. How much higher can you afford for the price of essentials like food and utilities
to go? What if there is an overnight, huge jump in prices? And, mortages for that matter. Inter-bank interest rates, and therefore commercial
interest rates will sky rocket and US banks will struggle to survive liquidity issues.... which they already have been struggling with anyway because
they rely on borrowing from each other, foreign banks and the central bank, just to stay open!
Flooding the market with dollars will make each dollar worth far less, particularly in the eyes of other countries around the world. Imports will
feel extortionate in price - there will be food shortages - Medicare will go bust and require massive increases in budget to cope, or fold. This
combined will lead to unrest, and it could be on a mass scale if it carries momentum or is prolonged. There will no doubt be some severe pain on an
individual level one way or another if this happens.
Still want short term pain relief??
Alternatively, the money is leant to the banks, and the above happens anyway as they perpetually pump money into the system! It is inevitable - and
this needs to be accepted. Even if neither of these solutions is opted for, the whole lot will come tumbling down. Is this bad?? If either IS
adopted, tax-payers will be paying the bill for years to come. The children of America will still be paying this tax, the nation's people, will be
poor. On top of paying much higher prices NOW AND IN THE FUTURE
Do nothing, let it collapse.
Short term chaos ensues.
[unless the FINANCIAL SYSTEM ITSELF is changed before collapse]
Zero personal debt.
Chaos calms a little as people find hope, and certainly feel at least some relief, [or people are relieved overnight before chaos]
Revert to Treasury dollars rather than federal, pay the national debt in new T-dollars.
Pay employees of defaulting companies a redundancy, made payable by the Treasury in Treasury dollars - new companies will spring up through demand
which will continue to exist, jobs will soon be created and America will become an entrepreneurs dream once again.
Replace deposits with T-dollars.
Taxes to be controlled by the Treasury.
No need for high taxes to pay back loans to bail the banks or the people out! This means a wealther Society. The economy could bloom.
The pain would be short term, I would hope, in this situation. Anyone agree?
And, hopefully, the mistakes of the past will be remembered moving forward. Power, governmental or legislature power, must be spread out. Get
congress and the Senate to start doing their jobs, or new, fresh congressmen instead. They are responsible as much as the bankers themselves, either
through ignorance or through compliance.
This was the crux and purpose of The Constitution. To ensure freedom of oppression by government, foreign or domestic, any third party or company,
and moreover freedom for the people. The exectuive branch should be just as it says, A BRANCH. It should not have ultimate power. Congress has
allowed it this, and should be replaced.
Another key point is that central banks should not be privately controlled (I have no intention of trying to proove this here, but just consider it a
possibility, as I do). Money supply must only be manipulated for the benefit of the people, never a private group. And more regulation for the
banks, less for the people, surely?? These things are services, they're here to serve the people.
In short, just get rid of the FED, and keep it simple, with the nation, via the Treasury, printing its own money.
So, that's my perspective anyway... let the whole thing come tumbling down and start fresh, and everyone will feel better in the morning