[A-List] Reviewing Ellen Brown's "Web of Debt"
PeterHollings at comcast.net
Fri Jun 5 06:31:04 MDT 2009
Todd, my understanding of it is that the most concrete monetary reform
proposal is that of the American Monetary Institute
(http://www.monetary.org/) and I believe that Brown & Lendman are
advocating something along those lines. The AMI has drafted a piece of
legislation that I expect Rep. Kucinich to introduce that would have the
power to issue money transferred to the US Treasury. The US government
would spend this money into circulation and also use it to redeem
existing US debt. Since the new money would be issued without interest
payment obligations, future interest payment obligations would be
cancelled as the outstanding interest-bearing debt was redeemed. This
would free up a large amount of society's resources to be used,
hopefully, for social programs. As a side benefit, it would disempower
the banking cartel that presently directs our society and government.
On Wed, 2009-06-03 at 09:36 -0700, Todd Boyle wrote:
> Lendman and Ellen Brown do a disservice by this excessive claim:
> At http://www.countercurrents.org/lendman060509.htm it is said,
> > The solution is simple but untaken. As the Constitution mandates,
> > money-creation power must "be returned to the government and the
> > people
> > it represents". Imagine the possibilities:
> > -- the federal debt could be eliminated, at least a more manageable
> > amount before it mushroomed to stratospheric levels;
> The public, rightly would interpret this claim as meaning that the
> federal debt can be eliminated without consequence or pain. That's
> not true. The truth is that the federal debt is noncancellable and
> has real consequences. The bondholder expects that the
> paper can be exchanged for real goods and services--- isn't
> that the essence of a money system?
> The federal debt can only be "eliminated" by paying it down with
> money. The money can of course be printed and issued unearned,
> without taxing the country. Obviously that is what Ellen Brown is
> talking about. Equally obviously such money competes for the
> available goods and services alongside existing money stock,
> creating price inflation, other things being equal.
> Whenever inflationary expectations arise, banks all over the world
> have complete freedom to create loans in excess of their assets,
> in the time honored way they have done for many centuries. Their
> fake money competes with Uncle Sams' fake money. Then you
> get down to a war between the US Fed and Treasury versus the
> global financial industry-- it happens sometimes. The US govt
> can and does succeed in chasing down one of the hyenas and
> ripping it to pieces. But like the lion of Africa it cannot chase
> of the hyenas, all the time. In fact, it cannot even kill the vast
> majority of patient and prudent hyenas who take no risks.
> > -- federal income taxes could as well; entirely for low and middle
> > income people and at least substantially overall;
> > -- "social programs could be expanded ... without sparking runaway
> > inflation"; and
> Both of these claims are true, independently of how money is created.
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