The N.E.E.D. Act (National Emergency Employment Defense Act HR 2990) calls for banking reform echoing the work of Irving Fisher and Henry Simons who formulated the Chicago Plan at the University of Chicago in the wake of the Great Depression. The N.E.E.D. Act takes the Chicago Plan one step further by authorizing a safe and productive way to put the money issuing power back into the hands of the public administration so as to spend new money on our nation's public infrastructure. This legislation will lead us on a viable path to institute free healthcare, education, and good jobs for all.
The N.E.E.D. Act includes the following three steps:
1. Incorporates the Federal Reserve System into the U.S. Treasury where all new money would be created by government as money, not by banks as interest-bearing debt; and be spent into circulation to promote the general welfare. A Monetary Authority monitors the money system to avoid both inflation and deflation.
2. Halts the bank’s privilege to create money by ending the fractional reserve system in a gentle and elegant way. All the past monetized bank credit would be converted into U.S. government money. Banks would then act as intermediaries accepting savings deposits and loaning them out to borrowers. They would do what people think they do now. This Act nationalizes the money system, not the banking system. Banking is not a proper function of government, but only government should provide the nation’s money supply!
3. Spends new money into circulation on 21st century eco-friendly infrastructure and energy sources, including the education and healthcare needed for a growing and improving society, starting with the $3 trillion that the Civil Engineers estimate is needed over the next 5 years, for infrastructure repair; creating good jobs across our nation, re-invigorating local economies and re-funding local government at all levels.
Inflation is avoided because real material wealth has been created in the process. Research and development of superior pollution-free technologies is facilitated. Lawmakers have often believed they could trust the banks and ignore the big questions on how our money system is structured. Right from the Constitutional Convention, many delegates ignored society’s monetary power and the excellent record of government issued money in building colonial infrastructure and giving us a nation. In effect, they left the money power up for grabs (for historical case analysis please click on the following link: http://www.monetary.org/wp-content/uploads/2016/02/online-version-of-32-pager.pdf or for more detail please click and purchase, "The Lost Science of Money").
For more information go to The American Monetary Institute Website!
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