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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.
Originally posted by Mary Rose
The producer of the documentary The Money Masters, Patrick Carmack, J.D., has written a draft of legislation to do this. It is copyright 1996 and is called the Monetary Reform Act.
Originally posted by Kaytagg
WHY do you want to have a gold backed currency, anyways?
In all reality, though, the US pays a tiny fraction in interest for it's debt, so this deal might not seem so tempting when compared to most other investment vehicles.
Originally posted by FiatLux
Though I am for having a new money system, what good would it be as long as our government spends money the way it does? Not only the money system needs revamped, but our government needs revamped right along with it, if not, welcome to the same old same old.
"Yes, there is more than one issue that needs addressing. We have a whole complex of issues. Our awful healthcare system is another one. Big pharma is running the show and is highly profitable, but we're not getting healthier; we're getting sicker. And spending a fortune in the process."
Welcome to the world of the big investor. This is what you get, when profits are more important than the bottom line health of the people. The more worthless drugs they can push on the people, the bigger the profit for the investor. This goes for any large corporation. Profits first, quality second.
You see, the two go hand in hand, government, and corporate greed. Only, one believes they control the other, they are in fact, one in the same.
[edit on 24-8-2010 by FiatLux]