I am a practitioner of Traditional Chinese Acupuncture and Herbology, with an interest in Mathematics, Physics, Philosophy (specifically as it relates to our current cultural degradation), and Political Economy. My main spiritual path would be Advaita Vedanta ("I am neither the body, nor the mind, nor the mental faculties. I am beyond all these...The light of awareness is the only reality."---Nissargadatta) Click below for more details on my interests and current projects.
The current model of banking and currency is based on the Bank of England model, founded in 1694. Benjamin Franklin stated that the main reason for the American Revolutionary War was the insistence by George III that the American colonies accept Bank of England banknotes, which were issued as promissory notes, rather than use the increasingly successful American fiat script, issued by the colonies in the CORRECT quantity and not bearing debt! We must be prepared for a new monetary system, an honest one, when our present debt-based banking cartel collapses. Kindly read and critique this proposed Constitutional Amendment. But first, a little background...
From "The Truth in Money Book" by Theodore R. Thorsen and Richard F Warner:
QUOTE Someone had to borrow at usury to bring that money [checkbook balances, bills and coins] into existence. The money goes out of existence as the usury and the debt principal are paid back to the bank. These amounts are huge: several billion dollars go out of existence each day. [Actually this money goes into the reserve accounts of the Federal Reserve Banks, out of the hands of the public! This book was first printed in November 1980. The amounts which are withdrawn presently are much larger.] If the money is not replaced with new loans, a shortage occurs. Soon individuals and businesses experience serious cash flow problems. These result in more and more loan applications to banks---the only place where money is being created to replenish the supply" UNQUOTE
Here is one possible solution----To Hell with Fractional-Reserve Debt-Based Banking Constitutional Amendment
(1) Rescind the Federal Reserve Act of 1913 and rename existing Federal Reserve notes and check book balances, in all U.S. banking and credit-creating institutions as well as foreign holdings of dollars, on a 1-to-1 basis, as U.S. Treasury Dollars and U.S.Treasury-Denominated bank balances. All currently existing financial contracts of the Federal Reserve Banking System, including United States Treasury Bills, Notes, Bonds, and Inflation-Protected Securities, remain in effect.
(2) Henceforward, ex nihilo credit creation by banking and financial institutions in the United States is prohibited. Loans are required to originate from previous savings of U.S. Treasury Dollars and U.S. Treasury-Denominated bank balances, which for each loan are held in and paid from specific sequestered loan accounts by the various financial institutions, with interest charges and term limits for each loan to be determined solely by the contracting parties. Non-cash reserves held in the regional Federal Reserve Banks in accounts of the member institutions of the Federal Reserve System no longer form the basis for credit creation and are extinguished via accounting erasure. Any further payments of principal and interest on currently-existing promissory notes owned by any bank are required to be distributed to holders of savings accounts and checking accounts in that bank in a manner to be determined by each bank, such procedures to be transparent to savings or checking account holders at that bank in terms of amount and frequency of payment. Regional Federal Reserve Banks continue to provide check-clearing operations for the member banks.
(3) Monetary transactions of the regional Federal Reserve banks or of its member banks with international banks, including the Bank of International Settlements and the International Monetary Fund, can not include ex nihilo credit creation.
(4) The U.S. Treasury supplies Treasury Dollars as needed to any member bank of the Federal Reserve system to satisfy demands for cash by deposit and savings account holders in excess of cash reserves held by banks at the time of enactment of this amendment.
(5) Fund the U.S. government and its agencies and projects directly via Treasury Dollars authorized by the Congress in its yearly federal budget. The borrowing of money from the Federal Reserve system of banks or from other institutions or individuals to pay for federal government expenditures is prohibited. All outstanding Treasury Securities are henceforward redeemed on demand via payment with U.S. Treasury Dollars.
(6) Abolish the Federal Income Tax on individuals, corporations, and business enterprises while maintaining a social security tax on individual incomes. Social security retirement revenues are strictly sequestered in Federal Government Retirement Accounts held by the U.S. Treasury and managed by the Social Security Administration. The Sixteenth Amendment to the U.S. Constitution is hereby rescinded and the Internal Revenue Service disbanded.
(7) Institute a federal sales tax with a varying yearly tax rate adjusted by the U.S. Congress in session, the sole aim of such adjustments being to maintain a stable or decreasing Consumer Price Index based on data collected by the Federal Government. Any such federal sales taxes taken in by the Federal Government are extinguished from the currency supply to keep the Consumer Price Index stable or decreasing and are not utilized for further funding.
(8) Clause 1, Article 1, Section 8 of the U.S. Constitution is amended to read as follows: The Congress shall have Power to collect customs duties on imports and exports, uniformly applied throughout the United States.
(9) Clause 2, Article 1, Section 8 of the U. S. Constitution is rescinded.
(10) The adoption of this amendment does not prohibit the use by the citizens of the United States of any alternative currencies they should choose to use in their private or commercial transactions, provided both parties to the transaction agree to the medium of exchange.
Here is another version (I am throwing ideas out there for discussion!!!! We must begin this discussion if we are to be free.)
Here is some non-fiction: To Hell with Fractional-Reserve ‘Debt’-Based Banking Constitutional Amendment
(It is extremely important that the average citizen understand our present system of debt-based currency issuance, which most people, unfortunately, do NOT understand, although it amounts to nothing more than a simple extortion racket clothed in a lot of financial mumbo jumbo: YOU (hereinafter referred to as the Serf) sign a promissory note of some kind, a mortgage, a business 'loan', or you swipe a credit card or acquiesce to some other credit instrument to THEM (hereinafter referred to as the Neofeudal Lords); they then create the money out of nothing ("ex nihilo"), and you pay it back over a lifetime with blood, sweat, labor, creativity, and tears; (here comes the truly diabolical part) then, they EXTINGUISH the principal portion hidden in every single one of your 'loan' payments while skimming off the interest portion to keep and play with (hey, they gotta pay for those mansions in the Hamptons somehow); this extinguishment of principal reduces the money supply and thus compels the population as a whole to take out more 'loans' from them in order to keep a requisite quantity of currency in circulation for advancing business and trade.
Let me simplify it even further: You are a Serf on a tread mill of eternal bogus debt to Neofeudal Lords.
The more ‘debt’, the greater the quantity of currency in circulation (there is no other way to create it under the present system), the less the purchasing power of the dollar, the higher the consumer price index (most importantly, the higher the costs of production), the more our manufacturing capacity is gutted by outsourcing, the harder you must work to maintain a standard of living.
If we can spend mystifying trillions of dollar on a worthless war on terror---which, surprise-surprise, only creates more terror---we can afford to do something different and beneficial for American citizens! We can afford to allocate our productivity in ways that benefit us all, not just the 0.1% in the financier class.)
The amendment proper:
(1) Rescind the Federal Reserve Act of 1913 and replace all Federal Reserve notes and check book balances in all U.S. banking institutions (and any other domestic credit-creating institutions) on a 1-to-1 basis with U.S. Treasury-issued dollars and U.S. Treasury-denominated bank balances.
(2) Honor only the repayment of principal on all presently existing financial contracts in the U.S. Federal Reserve banking system and prohibit interest payments on these fraudulent contracts. Payments on principal for these presently existing financial contracts are not to be extinguished from the money supply, as is heretofore the case, but are to be distributed annually to existing individual deposit account holders in these Federal Reserve institutions in amounts proportional to the minimum daily account balance for the preceding year.
(3) Prohibit all future lending by any banking or financial institution in the present federal reserve banking system of funds which do not originate from actual savings of the holders of the new U.S. Treasury dollar notes and U.S. Treasury denominated bank balances and stringently require any interest charges to be determined solely by the two parties involved in these valid loan contracts. (A valid loan contract is an actual lending of the previous savings of one party to another party for a stipulated time period and does not involve credit creation via accounting entries only, i.e. ex nihilo creation of purchasing power.) The prohibition of credit creation by the federal reserve banking system is to be applied as well to any transactions entered into with the World Bank, the International Monetary Fund (IMF), and the Bank of International Settlements (BIS). Existing financial contracts, such as pensions or other true savings plans in which transfer of actual previous savings has occurred, are exempt, however, from the provisions of this paragraph and are to be honored as valid interest-bearing financial contracts in which actual financial consideration was given by both parties to the contract. Banks and credit unions are hereby returned to their honest functioning as holders of 100% demand deposits and true intermediaries between savers and potential borrowers in which savings are transferred in the manner of honest lending.
(4) Fund infrastructure projects nationwide which cross state borders with U.S. Treasury-issued currency in amounts proportional to the population of each state affected and without leaving any state's cross-border infrastructure needs unfunded. These infrastructure projects are to be authorized by Acts of Congress and can include, but not exclusively of other examples of infrastructure, roads, airports, harbors, bridges, waterways, levees, pipelines, electric utility lines, high speed rail, pollution control, disaster relief, etc., all such projects being put out to bid to private companies on a competitive basis. All United States currency issuance is placed solely and directly under the control of the House of Representatives acting as an authorizing agency for the issuance of such currency, unburdened with interest, by the United States Treasury. It will be the strict responsibility of the House of Representatives to oversee the spending and accounting of expenses on these projects and to hold accountable the fulfillment of all contracts associated with these infrastructure projects.
(5) Fund the U.S. Military, the Federal Courts, Law Enforcement Agencies, the U.S. Postal Service, and any other existing constitutional Federal Agencies with U.S. Treasury-issued currency. The House of Representatives is responsible for strict oversight for such expenditures.
(6) Fund Disability and Medical Insurance for all U.S. citizens with Treasury-issued currency, awarding contracts to private firms for such services on an openly competitive basis and in such a manner as to apportion the created funding according to each State's population and under strict oversight by the House of Representatives.
(7) Continue to fund Social Security retirement liabilities separately by a tax on workers’ incomes throughout their working life and absolutely sequester these funds from any outflow payments other than to retirees, with continuing oversight by the Social Security Administration. After a certain age to be determined by federal law any participant who has contributed to the program of Social Security funding is eligible for retirement annuities based on a worker's accumulated payments irrespective of his/her present employment status or present income.
(8) Abolish the Federal Income Tax and institute a federal sales tax with a varying yearly tax rate adjusted by the U.S. Congress in session, the sole aim of such adjustments being to maintain a stable or decreasing Consumer Price Index based on data collected by the Federal Government. Any such sales taxes taken in by the Federal Government are simply extinguished from the currency supply solely to keep the Consumer Price Index stable or decreasing and are not utilized for any further funding.
(9) There are to be only two federal taxes levied on the American citizenry: (1) sales taxes, receipts of which are extinguished to prevent inflation; and (2) social security taxes applied to retirement accounts. Federal income taxes on individuals, corporations and business enterprises are abolished. Thus, there is no need for the Internal Revenue Service. That agency is hereby abolished and the 16th Amendment to the U.S. Constitution voided.
(10 )The adoption of this amendment does not prohibit the use by the citizens of the United States of any alternative currencies they should choose to use in their private or commercial transactions.