bromsgrovetalk04

Dear Friends,
Some months back we sent you the following on the latest banking crisis, "our financiers" have created. Today all we see on television are these fools who created the crisis being interviewed, by such as Charlie Rose, or the PBS News Hour.

Here again is what I wrote, but this time followed by a mechanism for both solving the current crisis, and being sure that it does not happen again, which we submitted to the Green Party as a Monetary Reform plank. If you are aware of media that I should be interviewed on regardng this, please feel free to contact them, and let me know.
Sincerely,
Stephen Zarlenga
Director, AMI

Dear Friends of the American Monetary Institute,
As our banking system sinks into its most recent debacle, once again demonstrating what should be described as its "criminal" nature (in quotes because these financiers use their control over our money system to "legalize" their nefarious activities); we again observe why our nation's money system would be much better off under societal (governmental) control rather than the present private control.

Even the descriptive term "sub prime borrowers" mislabels the problem - blaming the borrowers instead of the bank/hedge fund lenders. What should we call them? How about "Sub human." Pushing borrowers into variable rate mortgages, at a time when borrowers should have gotten fixed rate mortgages at historically low interest rates!

Our 2007 AMI Monetary Reform Conference at Roosevelt University, September 27-30th will discuss this anti-social nature of the present money and banking system foisted on us by what should be treated as a criminal gang, instead of being respected as the wealthiest in our midst. How the wealth was obtained matters! Whether it's the result of real production and thought and work, or the result of usurious theft, does matter! Whether the control of society is in the hands of producing, thinking and working, moral people, or in the hands of unscrupulous thieves does matter! Just look at today's world. (we'll do it again in September 2008!)

To jog your memory, because the corporate media won't, here's some bank background, from memory:

May, 2005 Citibank and Merrill Lynch pay $1.25 billion to settle a lawsuit brought against them by the Enron Pension fund, which alleged fraud in assisting Enron in its pillage and theft of the pension fund's assets, in Enron's almost unbelievable series of frauds against American states and citizens.

Mid 90's BCCI Banking scandal

Early 1990s Savings and Loan Crisis develops out of Reagan's removal of government regulations on them.

Early 1980's prime interest rates rise to 20% area, partly to get Reagan elected, and new bank legislation passed.

Early and mid 1970s banking scandal bailouts involving Franklin National, Banco Ambrosiano, Continental Illinois.

1930s The Great Depression, leading into WW 2, caused by moronic banking. (see The Lost Science of Money book, Chapter 20)

And I'm sure I've missed a number of debacles above. Friends the history of banking control over our money system, is a history of fraud, villainy and stupidity. Yet when we and others propose reforms, we face demands for complete unrealistic perfection in our proposals or we are attacked as being "dangerous" to the system. Well I would certainly hope that we are dangerous to this particular system, which is now harming humanity, and has always harmed humanity! The progress made in some specific areas has been in spite of this banking/money system, not because of it.
Warm regards,
Stephen Zarlenga
Ami

A very basic way to "solve" the current monetary/banking crisis and to be sure that it wont happen again

Dear Friends,
Here’s the draft of the AMI Green Monetary Plank. Also attached - “The Need for Monetary Reform,” providing background. (http://www.monetary.org/need_for_monetary_reform.html)
It’s interesting that this plank is also a very direct way to solve the current banking crisis. The plank is fully explained in the 12 page American Monetary Act, viewable at http://www.monetary.org/amacolorpamphlet.pdf
Sincerely,
Stephen Zarlenga
Director, American Monetary Institute
(please further distribute this to your lists)

To reverse the privatization of control over the money issuing process of our monetary system; and to reverse its resulting concentration of wealth and income; and to place it within a more equitable public system of governmental checks and balances; and to end the regular recurrence of severe and disruptive banking crises (such as the current so called “Sub Prime” mortgage crisis);

A) Nationalize the 12 regional Federal Reserve Banks, reconstituting them and the Federal Reserve Systems Washington Board of Governors under a new Monetary Control Board in charge of the U.S. Treasury’s Comptroller of the Currency division, presently responsible for U.S. Government oversight of banking. All new money is to be created and initially put into circulation only by the U.S. Government. The private creation of money, or credit which substitutes for money will cease.

B) The Monetary Control Board will redefine bank lending rules and procedures to end the privilege banks now have to create money when they extend their credit, by ending the fractional reserve system in an elegant, non disruptive manner. Banks will be encouraged to continue as profit making companies, extending loans of real money at interest, but no longer creating what passes for money by loaning their credit.

C) The new money that must be regularly added to the system as population and commerce grow will be created and spent into circulation by the U.S. Government on infrastructure, including the “human infrastructure” of Education and Health Care. This begins with the $1.6 trillion the American Society of Civil Engineers warns us is needed to bring existing infrastructure to safe levels. Per capita guidelines will assure a fair distribution of such expenditures across the U.S.A., creating good jobs; revitalizing regional and local economies and the local governmental bodies serving them, from school boards to states.

(As this money is paid out to various contractors, they in turn pay their suppliers and laborers who in turn pay for their living expenses and ultimately this money gets deposited into banks, which are then in a position to make loans of this money, according to the new regulations).