American Monetary Institute


14th Annual AMI Monetary Reform Conference, 2018


[under construction]

Chicago, October 25-28, 2018

Conference Speakers:




Professor Paul Davidson is widely regarded as a founder of Post-Keynesian economics in America and holds the J. Fred Holly Chair of Excellence in Political Economy Emeritus at the University of Tennessee at Knoxville. Professor Davison is highly soughtafter as a critic of mainstream economics. He originally studied natural sciences before turning his attention to economics, earning his Ph.D. from the University of Pennsylvania.

Dr. Davidson is the Founding Editor of the Journal of Post Keynesian Economics. He is the author, co-author, or editor of over 20 books and 200 journal articles. His most recent book is titled Who’s Afraid of John Maynard Keynes? Challenging Economic Governance in an Age of Growing Inequality (Palgrave, 2017). His research interests include international monetary payments and global employment policies, monetary theory, income distribution, energy economics, demand and supply for outdoor recreation, and Post Keynesian economics. Dr. Davidson is listed in Who's Who in Economics, Who's Who in The East, Who's Who in The South and Southwest, American Economists of The Late Twentieth Century, Dictionary of International Biography, Men of Achievement, and Contemporary Authors.

Professor Davidson has participated in previous AMI conferences. His paper and presentation this year is on the very topical subject of cryptocurrencies or "virtual currencies": Understanding the role of money and money contracts in a market economy. - Bitcoin is not money. Professor Davidson writes that "to develop a “serious monetary theory” one must provide the  properties necessary to understand the  special role of money and money contracts in explaining the operation of a market Economy" and that "It also explains why so called “virtual currencies” such as Bitcoin is NOT money."

speaker2 150x150Professor Steve Keen will present his latest reseach findings. Top Australian monetary economist Steve Keen who won the inaugural (Paul) Revere Award for giving an early warning (2005) of the present debt-deflation collapse. He has built a growing reputation as a rare deep thinker on how monetary systems really work, not just how the central banks say they work. Thus his blog has over 50,000 followers. Keen is a must-see analyst for theorists and investors involved in markets of all types, including the bond markets. Keen is Professor of Economics at Kingston University in London, UK. In December 2005, drawing on his 1995 theoretical paper, and convinced that a financial crisis was fast approaching, Keen went high-profile public with his analysis and predictions. He registered the webpage dedicated to analyzing the “global debt bubble”, which soon attracted a large international audience.

Dr. Kaoru Yamaguchi has continued to refine his highly advanced modelling system to project how HR 2990 will achieve monetary reform. He concluded it will pay off the US national debt as it comes due; provide the funding for infrastructure, which solves the unemployment problem and does this without inflation!

Former Professor Yamaguchi used to head the System Dynamics Group of the Doshisha Business School at Doshisha University in Kyoto Japan. He presented his macroeconomic model on the to a plenary session of the System Dynamics International Conference in Seoul (2010), being attended by more than 300 researchers. It was so well received that on July 26th, the same International Conference asked him to speak on this matter again, at their meeting in Washington, DC.

Dr. Yamaguchi is currently directing the Public Money Initiative movement in Japan, and preparing for a Crypto-token experiment called EPM (Electronic Public Money)-token to create 100% money electronically using blockchain technology. A PDF of Dr. Yamaguchi’s paper for this year’s AMI conference is accessible here (and the slides of the presentation are available here).

Dr. Yamaguchi will appear at our conference via Skype from Paris, with full facility for extended questions and answers. His webpage is available for viewing where you can read about his talk and books here.

Professor Nicolaus Tideman received his Ph.D. in Economics from the University of Chicago (where he studied under Milton Friedman among others), taught at Harvard (1968-73) and served as Senior Staff Economist at the President’s Council of Economic Advisers (1970-71) before moving to Virginia Tech in 1973. He has been Professor of Economics there since 1985. While his research has focused primarily on urban economics, public finance, voting rules and social justice, in 1975 he collaborated with Nobel Laureate James Buchanan in writing on “Gold, Money and the Law.”

Professor Tideman has participated in all of the AMI conferences. His topic this year is Points of agreement and disagreement with the AMI program. Professor Tideman characterizes the AMI program as ending the lending of deposits (agreed) providing a smooth transition to an alternative to bank lending for creating money (nice work!) and creating money by having the government spend it into circulation (problematic — there is a better alternative).

Mark Pash, CFP, has been promoting monetary reform to our leaders and the general public for over 25 years. Mark will discuss “Creating a 21st Century Win-Win Economy: Preparation for the Robotic Age” and why monetary reform is crucial for the 21st Century, including his 28 reasons for monetary reform and the 14 ways of overcoming its major objection (excess inflation). Mark has long been active in politics serving on a Presidential and Congressional Campaign Advisory Economic Committees besides running for a Congressional seat in 1996.

Mark will be launching his new book “Creating a 21st Century Win-Win Economy ” at this year’s AMI conference (copies of the book will be provided to conference participants). As part of the launch, he will discuss the many different ways that new money can be distributed and how it will create a 21st Century Win-Win Economy, even for the bankers.

Mark is a Certified Financial Planner from the College of Financial Planning with a Bachelors and Masters in Business Administration from UCLA and USC, respectively. He has served and founded a number of financial organizations and industry associations. His extensive background brings a grounded understanding of the practical and theoretical in the field of macroeconomics. He has written many articles besides his book “Economic Theory of Relatively” and the website of his non-profit think tank, Center for Progressive Economics (CPE) at

Joe Bongiovanni is a second-generation monetary reformer, studying money systems for over 40 years, being the co-founder and co-Director, with J. Peter Young, of the Kettle Pond Institute for Debt-free Money. Joe is an important monetary blogger and though always polite, his posts are blocked from some websites such as Naked Capitalist, and some MMT (Modern Monetary Theory) sites because they cannot answer his points.

Joe will present on Hyman Minsky and the 100 Percent Money Solution, a discussion on Hyman Minsky’s Working Paper No. 127 for the Levy Economics Institute; Financial Instability and the Decline(?) of Banking: Public Policy Considerations. Joe warns that this is not a session for economists! A PDF of Joe’s highlighted version of Minsky’s paper under discussion at this year’s AMI conference is accessible here.

Joe will also be discussing why monetary reform fits with progressive goals with Mark Young (who will be discussing why monetary reform fits conservative goals).

John Howell (Ph.D., UCLA); teaching and research in physiology for 42 years (Ohio University); recipient of numerous grants and awards; including the directorship of the Institute for Musculoskeletal Research, and chairing various committees. He currently serves as a teaching assistant in the Department of Classics and World Religions. He is co-founder and co-ordinator of Democracy Over Corporations in Athens, Ohio, and has attended AMI Monetary Reform Conferences since 2012, and is now giving presentations on monetary reform at local and regional gatherings. John gives one of the clearest, most inspiring talks on the problem of “fractional reserve banking” and using debt in place of money, and has established himself as a premier monetary reform presenter.


Sue Peters has degrees in History and Education and is an information technologist specializing in finance. Having spent 35 years on Wall Street, the last 15 at a multinational bank, she has an insiders knowledge of the relationship between Wall Street and money. She gave a public in-depth class on the book, The Lost Science of Money, by Stephen Zarlenga; the extensive class materials can be viewed from the HISTORY tab on the website, She is a member of The American Monetary Institute, Green Party Manhattan Local, National Organization for Raw Materials (NORM), the website and the NYC Labor Chorus.

Sue will speak on how she built a local monetary reform group in New York City, developed a monetary reform education course, took monetary reform to local and national conferences, built a monetary reform group within a national political party, and reached out to national groups to engage with them about monetary reform. Sue is a role model for people getting involved in their local area, and, among members of the groups they belong to, promoting monetary reform. AMI wants others to emulate what Sue is doing.

Dan Sullivan is the president of the Council of Georgist Organizations and the director of Saving Communities. He has been instrumental in winning shifts from property taxes and wage taxes to land value tax in some of the Pennsylvania cities that levy that tax. His leadership is primarily responsible for three quarters of a billion dollars in tax shifts.

Dan’s presentation on Land and Money Monopolies examines the parallels and differences of the land question and the money question and makes the case that these two issues are the most fundamental issues before us today. Dan will also discuss The Limits of Local Currency examines the strength and weaknesses of how local currencies have been designed, shows how well designed local currencies can benefit the localities where they are issued, and shows how they fail to address the underlying problems of debt currency.

Dr. Ron Davis was trained in applied mathematics at Harvard College and Stanford University, receiving his PhD in Mathematics in 1980. He worked in industry specializing in management science, operations research, and decision analysis, and recently retired from a 30 year career as an associate professor with the California State University System. Over the last five years, he has put together a multistage monetary reform transition plan that starts with the issuance of government created money in the first stage, takes on nationalization of the Fed in the second stage, and provides for an increase in reserve requirements from virtually 0% to 33% instead of going for a 100% reserve requirement. This would lead to a hybrid money system in which about 1/3 of the money supply would be created by the government (debt free) and 2/3 of the money supply would be created by the commercial banking system through the fractional reserve system, which would continue to operate much as it does now, but with higher reserve requirements. Previews of his handouts and presentation talk may be seen at his website

Nick Egnatz is a Vietnam vet, small businessman, and activist. His life as an activist began opposing the imminent invasion of Iraq in 2003. This opposition soon grew to include all U.S. wars, militarism, empire and the war on the poor and working class facilitated by a monetary system designed to send everything straight to the top. The National Association of Social Workers named Nick 2006 Northwest Indiana Citizen of the Year for his anti-war activism. At last year’s conference Nick began a discussion on social justice and monetary reform (his pamphlet entitled Linking Social Justice to Monetary Reform is available free at – those that would like copies to distribute are invited to contact Nick at This email address is being protected from spambots. You need JavaScript enabled to view it.). This year Nick will be speaking on Monetary Reform for Dummies.


Patrick Barry is the Managing Partner of Barry Investment Advisors LLC, a private wealth management firm based in southeastern Massachusetts. He and his team help over 450 affluent and high net worth families, from diverse backgrounds, with their financial and investment planning needs. After acquiring a BS in Finance from Fairfield University, he began his career as a Financial Analyst for The Blackstone Group. In 2002 he join his father in the investment advisory business. Together, they warned clients about the ensuing debt crisis, and were able to protect their portfolios from loss in 2008. Through research, investing, and conversations with industry leaders, Pat is convinced that the AMI has uncovered the best path forward to restore U.S. economic health and sovereignty through monetary reform. Pat will convene a discussion on AMI’s way forward in Washington DC, based on his experience and observations.

AMI’s colleagues in Switzerland, MoMo (Modernising Money), will give us an update on their citizens’ initiated referendum, the Vollgeld (translation is “full money”)-Initiative to transform the Swiss money system along similar lines to what AMI proposes for the U.S. (the NEED Act). You can read more about the Vollgeld-Initiative (in English) here.


AMI’s colleagues in the Netherlands, Ons Geld (translation is “Our Money”), will give us an update on their virtual Euro proposal to deleverage the EU economy without a “credit crunch” – and thus avoiding a “balance sheet recession” – essentially along similar lines to what AMI proposes for in the U.S. (the NEED Act). Ons Geld initiated a successful citizens’ initiative supported by over 100,000 Dutch citizens, resulting in the Scientific Council for Government Policy (a Dutch Government agency) being tasked to present a report on the topic later this year. More recently, two Dutch MPs tabled questions to the Finance Minister on the potential of the “virtual euro” and a recent report adopted by the European Parliament on Fintech also encourages experiments with digital cash. You can read more about the Ons Geld proposal (in English) here.





AMI’s colleagues in the UK, Positive Money, will give us an update on their many successful activities, including:

1. What Positive Money has been doing in the UK over the past year or so; including research, local groups, networking, lobbying, media, campaigns, achievement highlights.

2. What Positive Money has been doing in collaboration with International Movement for Monetary Reform (IMMR) partners over the past year or so; including key initiatives and achievement highlights.

3. What enabled Positive Money to achieve this success.

4. How Positive Money support the establishment of monetary reform groups around the UK and around the world.

Jamie Walton worked for two years in Congressman Dennis Kucinich’s office, helping put the N.E.E.D. bill together. He will describe how its various elements work. The three elements of this single reform are: 1) Incorporation of the Federal Reserve into the U.S. Treasury. 2) Ending Fractional Reserve Banking – Changes in accounting rules so that banks no longer create any part of what we use for money. 3) New money needed in a developing society is introduced by government spending money into circulation on things like infrastructure, starting with the $3.6 trillion our engineers (ASCE) tell us is needed by 2020. Also included will be the “human infrastructure” of education and health care. Read his latest work here. Jamie is an experienced civil engineer, and a senior AMI Researcher. Jamie will discuss The NEED Act: A Strategic Way Forward.




Schedule of Events:

Thursday Oct. 25

9 AM-12PM Registration (and the prior Wed. evening from 6 PM-8PM)

1 PM to 6 PM Presentations

7 PM Conference Reception with punch and hors d’oeuvres

Friday Oct. 26

9 AM to 7 PM Presentations: break for lunch, refreshment breaks

Saturday Oct. 27

9 AM to 6 PM Presentations: break for lunch, refreshment breaks

7:30 PM Dinner party, with keynote presentation

Sunday Oct. 28

9 AM to 12 PM Presentations & discussion

Oak Street Beach North Ledge

Register through PayPal

2018 AMI Monetary Reform Conference

The American Monetary Institute proudly announces its
14th Annual AMI Monetary Reform Conference

October 25 - 28, 2018

Dear Friends of the American Monetary Institute,

We proudly announce our 14th annual AMI Monetary Reform Conference, and bring together some of the world’s most serious advocates of real and achievable monetary reforms.

The banking disaster, created and facilitated by false economic and monetary ideas, used by some very bad people, actually poses a real danger to the survival of the species. We must transform the ongoing disaster into an opportunity to achieve real and lasting monetary reforms for mankind. These are the reforms indicated as necessary by decades of study and centuries of experience.

Regular working people understand that a moral approach is needed to lead to a future worthy of humanity.  Around the world they are way ahead of their leadership, which ignores moral considerations, seeming to rely on media dominance to hold onto undeserved privileges for a tiny minority of the population. But clearly, in order for the financial crisis to have occurred, thousands of financiers had to break our nation’s very serious laws; and yet not a single one of them has been charged for those crimes!

The main cause of the problem is using debt in place of money when the banks make loans, as our present system does. That single error, allowing banks to control our money system, promoted by those really trying to block monetary reform, and by some economics professors trying to keep their salary checks coming, is all it takes to wreck any monetary system, and begin the insane concentration of wealth, into exactly the wrong hands, as we now see in our society! The conference shows why money must be created by our government and spent into circulation on infrastructure, healthcare, and education. The conference highlights recent important moves in that direction by key people, and institutions, around the world.

We have a once in several generations opportunity to fix an obviously flawed money system that is causing so much pain and hardship among a growing section of our people. It is clearly time to fix our monetary and banking system! Come and find out how, and the role you can play in that process. In addition to top notch “real monetary reform” speakers, we’ll focus on some important themes:

The Student Debt Crisis. This tragedy has the potential to wreck the lives of an entire generation of young people that would wreck our nation. We are not going to let that happen – we are going to look at adjusting Kucinich’s N.E.E.D. Act ever so slightly so that it will forgive all student debt. The Act as written already pays for education – a small one or two sentence adjustment will also make that retroactive. Sounds unbelievable? This conference will look at that question in complete detail. Remember how Students demonstrated against the Viet Nam War? They didn’t want to be drafted and killed. The student debt question can have a similar effect. We can imagine an army of young people (and their parents!) who will promote monetary reform, and force Congress to end their student debt.

We are making a special effort to bring students and teachers into the conference by offering student scholarships for $79 and teachers $175 to attend the whole conference. Several are already doing this, and we are looking forward to helping get them started on monetary reform. They are able to stay at the affordable accommodation. Please help finance this by donating to the American Monetary Institute. Believe us, if students (and their parents) are in serious debt and not seriously employed, their outlook is bleak. This debt write-off can occur without raising taxes or borrowing!

And Teachers Are in Trouble Too Not only in Chicago, but around the country our teachers are under attack, because they are still making a living wage (barely!), and that’s no longer allowed, and their earned pensions are also threatened. Remember: the Chicago Teacher’s Union supports Kucinich’s N.E.E.D. Act. We are making a special effort to bring in teachers to this conference. If telling people about monetary reform is an educational task, who better to help us do that than the professional educators? Please help spread the word among teachers.

And What About You? We’d like you to consider attending this conference. There is very little time left to make all the arrangements. SO Think, and Act NOW! If you can’t come, consider making a donation to help us offer those student and teacher scholarships!
Click a donate button at our homepage

And one more thing!  The austerity gang are really trying to do damage to our people and others around the world. They are operating under cover of pretending they don’t understand how destructive and evil their actions are – pretending to be trying to do good for the country. Folks – Don’t buy that “cover story” for a minute. They know exactly the damage they are doing! The less money we all have, the more power their billions will have! That is obvious! If finances are making it hard for you to attend our Conference, let us know (by phone or email) and we’ll work it out together. Do not be afraid – and remember: “Action dispels fear.”

Warm regards,
Jamie Walton
Interim Director

Event on Facebook



Our 14th Annual Conference registration is $79 for student discount, $175 for teacher discount, $350 for full registration. This includes conference materials and aids, daily coffee breaks, a “Get Acquainted Reception” and Gala Dinner. Hotel costs are separate at group discounts – to be advised.

Affluent attendees who want to help out with larger donations are encouraged to do so, as it enables us to extend attendance scholarships to deserving students. Yes there are deserving students!

The Conference (and Reception and Dinner) venue is University Center, 525 S State St, Chicago, IL 60605, USA.

Thursday Oct. 25 … Registration from 9 AM

1 PM to 6 PM Presentations; refreshment break.

7 PM Conference Reception, with punch, delicious warm treats, cheeses, etc.

Friday Oct. 26 … 9 AM to 6 PM Presentations; break for lunch; refreshment breaks.

Saturday Oct 27 … 9 AM to 6 PM Presentations; break for lunch; refreshment breaks.

7 PM Dinner Party, with keynote presentation.

Sunday Oct. 28 … 9 AM to 12 PM Presentations & discussion.

Conference adjourns until 2019.

Each day begins with coffee, tea, and muffins, served half an hour before the talks start.

Click here to see the speakers for 2018!

Lodging Information:

Travelodge Hotel Downtown

65 E Harrison St, Chicago, IL 60605

Contact: Eric Simon, Direct Phone: 312-376-1480 or Email: This email address is being protected from spambots. You need JavaScript enabled to view it. or Fax: 312-427-8261

Rates quoted are net non-commissionable; Oct 24-27, 2018:

$135 rate per night, economy room. 2 beds, single-quad occupancy.

$155 rate per night standard room. 2 beds, single-quad occupancy.

$172 rate per night deluxe room. 2 beds, single-quad occupancy.

All rates are subject to the prevailing tax, currently 17.4%. Porterage optional. Breakfast $12 per person per day if needed 

Alternative Lodging Information

HI Chicago

24 E Congress Pkwy, Chicago, IL 60605

Call: 1 (312) 360-0300

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.



Register through PayPal

Register by phone at: 224-805-2200

Register by e-mail at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mail registrations to: The American Monetary Institute, P.O. Box 601, Valatie, NY 12184

—-> “Print Friendly” 2018 Conference Registration Form

Enclosed is my $______ registration donation for the 2018 AMI Monetary Reform Conference in Chicago October 25th to 28th.

After July 27th, 2018, the minimum donation rises to $350 per person.*

All participants must pre-register. There are no “at the door” registrations! (An 80% refund is available until March 16th, and will afterward be pro-rated downward to a 20% refund after September 1st.)

I am a bona-fide student at _______________________. Enclosed is my $79 registration.

I am a certified teacher at _______________________. Enclosed is my $ 175 registration.

CALL (224)-805-2200 if you prefer for us to process your registration over the phone or have questions.

For excellent pre-conference reading, get a copy of The Lost Science of Money book featured at our home page (click HERE).

___ Please send me the 2017 Conference videos on a 500 GB external storage drive ($245 postpaid).

Enclose Check OR: ___ Bill my credit card __________________

Card #________/________/_________/________ Expiration ____________

Signature _________________________________

Print Name __________________________________________

Address _____________________________________________

City/State/ZIP _______________________________

Phone # __________________________________ Email: ______________________________

* The American Monetary Institute, as part of its responsibility in sponsoring the Conference, reserves the right at its sole discretion and without public or private explanation, to restrict attendance at this Conference to persons it considers will enhance the purposes of the meeting, as detailed above. Participants should understand and be in agreement that the conference will stay focused on monetary system questions.