The American Monetary “NEED” Act
Important Monetary News Alert:
Major, Historic Progress Being Made
On Friday, December 17th (2010) Congressman Dennis Kucinich (D-Ohio, 10th District) took a crucial and heroic step to resolve our growing financial crisis and achieve a just and sustainable money system for our nation by introducing the National Emergency Employment Defense Act of 2010, abbreviated NEED. The bill number is HR6550. While the bill focuses on our unemployment crisis, the remedy proposed contains all the essential monetary measures being proposed by the American Monetary Institute in the American Monetary Act. These are what decades of research and centuries of experience have shown to be necessary to end the economic crisis in a just and sustainable way, and place the U.S. money system under our constitutional checks and balances. Yes it can be done! We expect this bill will also be re-introduced next year in the 112th Congress. By putting it in now Congressman Kucinich accomplishes these important things: * First, the seriousness of intent is underscored; * Second, it gives our nation the opportunity to view, discuss and understand the necessary provisions, giving the chance to make improvements for re-introduction; * Third it serves as a beacon to our beleaguered people, cutting through the error, vested interest and disinformation that has blocked monetary reform understanding and action in the past.
One conservative blogger made this comment on what Dennis has done:
“Another congressman, who is given NO PRESS WHATEVER, has succeeded in introducing a bill into congress to BANISH THE FED AND CREATE HONEST, PROPERLY FUNCTIONAL, REAL MONEY. Most Americans do not realize that this accomplishment amounts to a modern miracle, even if it gets no further.
Rep. Dennis Kucinich, has affiliated with the American Monetary Institute (AMI) which organization has been studying for some years how best to bring the U.S. back to true and honest money…” Tony B
Here is the Press Release from Congressman Kucinich’s office:
For Immediate Release:
Contact: Nathan White
Kucinich Proposes Landmark Reform of Monetary Policy
Begins Discussion to Make Monetary Policy Work to Rebuild Economy
Washington D.C. (December 17, 2010) –As the nation struggles with long-term unemployment at rates not seen in generations, contracted credit and the hoarding of public dollars by the banks, Congressman Kucinich (D-OH) today introduced a dramatic new proposal to establish fiscal integrity, reassert Congressional sovereignty and regain control of monetary policy from private banks. The National Emergency Employment Defense Act of 2010 would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt. The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.
Congressman Kucinich stated, “The staggeringly bad employment and economic numbers represent a massive problem which cries out for bold action. Rather than crossing our fingers and hoping that banks will finally lend some of the billions of public dollars they haven’t thus far seen fit to lend, we can take action. My bill would replace the Federal Reserve System’s dependence on private banks to create credit. In its place, a Monetary Authority under the Treasury Department would directly inject liquidity into the economy by purchasing much needed public infrastructure repair. Today, we have idle capital, millions of able-bodied but unemployed workers, unused equipment, and record low interest rates. These conditions are the best possible time to make a long-term investment in our nation’s infrastructure. My bill would do exactly that.”
See a copy of the legislation here.