The litmus test for whether we have a legitimate government will be whether it is capable of passing such an elegant, fair, moral and eminently reasonable solution to the centuries of looting which has culminated in the engineered economic catastrophe which is now upon us. The current system has survived only through corruption and ignorance.
… The NEED Act was vetted as technically operational before it was introduced, by going through two years of non -partisan Congressional “Legislative Counsel” work, to coordinate existing legislation with it. It achieves monetary reform with 3 major actions which are done together :
First, it incorporates (nationalizes) the Federal Reserve System into the U.S. Treasury where all new money is created by government as sovereign money, not by banks as debt . This money is spent into circulation to promote the general welfare. A politically diverse Monet ary Authority monitors the system to avoid both inflation and deflation. This in effect puts the monetary power into the hands of the people, through their elected representatives, where the Constitution places it.
Second, it halts the banker’s privilege to create what we use for money by ending fractional reserve accounting in a decisive, yet gentle and elegant way. On day one, all the past bank loans still outstanding become U.S. government money. As clients pay those loans back to the banks, instead of that money going out of existence, as it presently does; since the act has turned it from debt into sovereign money, it remains in existence and is paid over to the U.S. Treasury, and can then be re-circulated. The N.E.E.D. act doesn’t extinguish any of the existing money supply.
Banks could then accept safe keeping accounts; and savings accounts; act as intermediaries on an ILF model, loaning money out to borrowers via mutual fund type accounts . They would do what people think they do now. Depositors could earn interest through those investment type accounts.
This Act nationalizes the nation’s money system, not the banking system. Commercial banking is absolutely not a proper function of government, but only government should provide the nation’s money.
Third, the N.E.E.D. Act encourages Congress to create and spend new money into circulation, for example, on repairing and replacing infrastructure with 21st century eco-friendly energy sources, including the education and health care needed for an improving society. It can start with the $3.6 trillion the American Society of Civil Engineers estimate is needed over the next 5 years, for infrastructure (17) (That’s not hard – the banking system was putting about $800 billion a year into corrupt mortgages). This creates many millions of good jobs across our nation, re-invigorating local economies and re-funding local government at all levels. (18)
The false specter of inflation is always raised against the suggestion that government fulfills its responsibility to furnish the nation’s money supply. But that is a knee jerk reaction – the result of decades, even centuries of banking propaganda against government – by those benefiting from bank issued money….
Monetary Reform FAQ
32 page introduction to monetary reform: