Monetary Reform Act

If the U.S. Congress actually represented the people, what could they do to solve the financial crisis by changing the monetary system?

(Since we don't have that Congress, how to change that is another story - but having a proposal to consider helps, I think, motivate people to try to bring about an actual change in Congress.)

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.

There is a 10 page .pdf of this draft online.

It proposes:

1. That the Treasury Department issue U.S. Notes (exactly like Lincoln's Greenbacks) to pay off the National debt.
   
2. The reserve ratio of private banks be increased from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.
   

The .pdf states:

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.

My understanding is that Congressman Ron Paul favors currency backed by a precious metal.

It seems that resolving the issue of whether currency has to be backed by a precious metal to be workable is the thorny issue that will have to be resolved somehow.

But having a proposal on the table is important if it will get a debate started toward finding a solution.

I am very impressed with the concept of freeing up $400+ billion annual interest payments on the national debt, thus balancing the budget, and having that money become available for loans to rebuild the economy.

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.

Here is Bill Still, also of The Money Masters, talking about the Monetary Reform Act in more detail:

The first banks, from what I understand, were used for storing gold.

The first fractional reserve lending was done with gold.

So having gold as your currency wont put a stop to things like fractional reserve lending -- however, passing strict banking laws, or just outright nationalizing the banks, could stop it.




WHY do you want to have a gold backed currency, anyways?

Also, for what it's worth, you can buy US national debt, and then you'll be the guy getting paid by the US taxpayers, rather than the one doing the paying...

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 Kaytagg
WHY do you want to have a gold backed currency, anyways?

I don't.

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.

The U.S. has an enormous debt, and is paying an enormous amount in interest. It's a waste of money.

reply to post by Mary Rose


It paying very small amount in interest.. You can buy the debt, if you want.. You wont get a good deal, though, because the interest payments are pretty tiny...

I don't pretend to understand economics, but I'm not so sure that our monetary system is so bad. But I can't tell you why we issue debt, rather than print money.. Somebody should explain that to me

reply to post by Kaytagg


The federal income tax we pay basically goes to pay the interest on the debt. That's money being poured down the drain.

It's like credit card interest payments. Perfectly good money wasted.

I understood what Mary said as she did not say she was for Gold Standard.
If you watch the Move Money Masters
It states run as fast as you can when the bankers start to push precious metals on you as we have seen going on lately.
I like Ron Paul but a precious metals economy is what they want us to fall far as they have done for over 300 years.
The Greenbacks would be the answer.

A link to the Movie so you don't have to buy it.

video.google.com...#

reply to post by Mary Rose


I didn't read the 10-pages yet. That said, I think a majority of our issues have simple fixes to them. They will not be easy though to change. The issue is that we have these rich people in charge of crafting regulations and laws that seem to favor their political, personal, or wealth accumulation tactics. A free-market and free monetary system that is fair should be by design simple to understand. Fairness in a system is not defined by how many rules there are, but by the entire process and how easily it is understood. Look at the game of tic-tac-toe. You put an X or an O in a box, taking turns and the first to get (3) in a row wins. Simple. I have never seen someone mess up or try to cheat tic-tac-toe as if they did it would be obvious to the other person.

I think 100% reserves is a great starting point. Even if they printed money they would have to store it in their vault. No way to cheat that. More money going out than coming in raises a red flag.

I hope this Thread About The Money Masters Video
gets more attention.
If more people knew what we are up against
we may have a chance!

reply to post by Kaytagg


In my opinion John F kennedy was killed for his views on backing money with gold.. he know the system was changing. nevertheless... SOMETHING should happen to save the system or repar it before its too late... oops. it already is.... sorry.

The Movie was made in 1996 it predicted
a Global event, 911 maybe?
And today's story and almost every other story we are reading in the news.

Bancor: The Name Of The Global Currency That A Shocking IMF Report Is Proposing

theeconomiccollapseblog.com...

reply to post by Gmoneycricket


That's the way I feel as well.

Economics makes many people's eyes glaze over, but I think we all need to learn to feel comfortable with the subject because it's up to us to insist that things change.

reply to post by bluestar.ranch


I agree that a central reason JFK was killed had to do with money. But I don't believe he was calling for a gold standard. I think it was the issuance of fiat currency by the government in addition to the private Fed.

[edit on 8/24/2010 by Mary Rose]

Has anyone watched how our government spends our tax money? So many in the House and Congress whine and complain about the national debt, yet, they are the first ones standing there with their hand out wanting money for this or that new bill they are putting before the other members. Oh, but we really need this, is always the responce you get from them when cornered. How do you balance a budget, if you continue to spend money in this way? You can`t, and you never will at this rate.

We blame the banks for our money problems, because of the interest and everything else they charge us for, but yet, we still allow our good old government to run around, like children in a candy and toy store with the peoples check book. The idea of having a nation of tax payers, help pay for a 37 million dollar bridge in Ohio goes against all logic. Now add that to the hundreds of bills they make each and every year, year after year, and what do you have? A national debt, that is well beyond what the tax payer can repay. But yet, we just sit back and let them continue, like it`s just another day. Is this how we run our house hold budgets?

Even if you form a new money system, you will need to knock a few heads together in Washington, and take the check book away from them. If not, the national debt will look the same as it is now, in a very short period of time. So I believe a new money system, and a nice big butt kicking in Washington should go hand in hand. If not, just look for the same old money problems that we have today.

reply to post by FiatLux


You are raising an important issue for which I have been looking for info addressing it: debt-based money is one thing, but what about government over-spending?

I think the most important over-spending we need to address is military spending. That takes us into the moral issue of the atrocities we've been inflicting on other countries the powers that be want to dominate in order to get to their resources.

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.

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]

reply to post by FiatLux


Another thing we have to do is get control of the government itself. I think our problem is money in politics. It costs so much to run for office because of political advertising on TV. I think it should be banned, and political contributions should be banned. The taxpayer should pay for elections. This is probably the most important thing, because we're not going to get any of the things we need to do with the Congress we have - which is bought and paid for by corporations - both parties. That's another thing. I'd love to see parties become obsolete. The left-right paradigm does not serve us well. Just keeps us distracted blaming the other party when they're both not serving the people.

reply to post by Mary Rose


One thing I counld never understand, was the reasons for having any political party. What ever happened to just choosing from two people, and NOT choosing from two parties? Why do they have to belong to any party? It`s not the party I look at, but what the person has to offer. The parties are nothing but lables, bought and paid for lables that is, just like the politicians in them.

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]

You have not watched the movie or understand the Greenback.
Second line
Watch the Movie.

Politics has nothing to do with it
The Money Changers
Control the Governments.
Vote is control by the Banks which own the Media.
They are contracting the Money supply at this very moment even if the Media says they are printing more.
Less Money less jobs less credit less everything.
Just as the president campaigned on.
A redistribution of wealth.
In the great depression as we collapse and they
contracted the money supply they gave it to Germany to rebuild their war machine.
So where is Americas wealth going to this time and who is building a country and a war machine this time?