This nation needs a major face lift. The pundits and know-nothings are too stupid to do what has to be done to solve the financial crisis we are facing. I remember when a hundred-million dollars was a lot of money - now we’re talking TRILLIONS! And the Federal Reserve has kept inflation under control? They point to rate-infaltion with pride but don’t mention the volume inflation that pinting FEDERAL RESERVE NOTES causes. Here’s what I believe we should do;
1. Abolish the Federal Reserve - the US Government debt to the Fed is 13 Trillion Dollars. If we can’t pay the bill then let’s kill the creditor.
2. Turn all monetary affairs over the Treasury Department and the Congress, as the US Constitution specifies.
3. Issue a second currency, let’s call it The Eagle. Put it out in the same denominations as the dollar and designate it as Foreign Exchange Currency. Eagles would be legal tender only in foreign transactions, trade and tourism. It would be illegal to own Eagles within the United States, and it would also be illegal to transport or possess dollars overseas. A proper exchange rate would be determned for the exchange of Eagle into Dollars and visa versa.
4. The Treasury Department would announce that 18 months from the issuance of Eagles, dollars held in foreign banks or other repositories will no longer be honored. Face with ruin it’s a safe bet that the holders of these outstanding dollars will line up to exchange them for Eagles:
20% of a going concern is better than 100% of nothing. There may also be some smuggling of dollars back into this country, but that’s fine - as long as we get them all back.
5. The huge influx of dollars will be channelled to the Treasury Department through the Exchange Banks (formerly the 12 Federal Reserve Banks) and these dollars will be used to fund Social Security, Health Insurance, Housing and Urban Development, Education, Veteran’s Benefits, and any other funds that need funding.
6. We should nationalize all Multinational corporations chartered in the United States that have more than 50% of their operations overseas. The stockholders would be paid off according to the formula using the percentage of such overseas operations. This percentage would be subtracted from 100% and the shareholders paid the difference. Ex: ABC Corp has 60% overseas operations
so 100% - 60% = 40% of the current value of the stocks will be paid to the share holders.
7. The foreign assets of these corporations would be sold to the nations in which they are located: payment will be 2% of gross profits derived from these assets over 50 years.
8. Restore the charters of these corporations when they operate 75% in the United States and employ American workers.
9. Repeal the 17th Amendment. Elected Senators are prone to be influenced by lobbyists for special interests. Having them appointed by the governors of their respective states, as the US Constitution originally called for will help the Senators focus on the interests of their constituents.
10. Change bank accounting procedures. Instead of banks claiming as assets the principal AND interest of the loans they make, the principal should be carried as a debit to an expense account,
LOAN EXPENSE, with that amount also being credited to Cash. The interest portion only should be carried as an asset, ACCOUNTS RECEIVABLE. As the loans are repaid CASH would be debited the full amount, LOAN EXPENSE and ACCOUNTS RECEIVABLE would be credited accordingly, and banks would thus stop creating money out of thin air.
11. Revive the Civilian Conservaion Corp.
This nation needs a major face lift. The pundits and know-nothings are too stupid to do what has to be done to solve the financial crisis we are facing. I remember when a hundred-million dollars was a lot of money - now we’re talking TRILLIONS! And the Federal Reserve has kept inflation under control? They point to rate-infaltion with pride but don’t mention the volume inflation that pinting FEDERAL RESERVE NOTES causes. Here’s what I believe we should do;
1. Abolish the Federal Reserve - the US Government debt to the Fed is 13 Trillion Dollars. If we can’t pay the bill then let’s kill the creditor.
2. Turn all monetary affairs over the Treasury Department and the Congress, as the US Constitution specifies.
3. Issue a second currency, let’s call it The Eagle. Put it out in the same denominations as the dollar and designate it as Foreign Exchange Currency. Eagles would be legal tender only in foreign transactions, trade and tourism. It would be illegal to own Eagles within the United States, and it would also be illegal to transport or possess dollars overseas. A proper exchange rate would be determned for the exchange of Eagle into Dollars and visa versa.
4. The Treasury Department would announce that 18 months from the issuance of Eagles, dollars held in foreign banks or other repositories will no longer be honored. Face with ruin it’s a safe bet that the holders of these outstanding dollars will line up to exchange them for Eagles:
20% of a going concern is better than 100% of nothing. There may also be some smuggling of dollars back into this country, but that’s fine - as long as we get them all back.
5. The huge influx of dollars will be channelled to the Treasury Department through the Exchange Banks (formerly the 12 Federal Reserve Banks) and these dollars will be used to fund Social Security, Health Insurance, Housing and Urban Development, Education, Veteran’s Benefits, and any other funds that need funding.
6. We should nationalize all Multinational corporations chartered in the United States that have more than 50% of their operations overseas. The stockholders would be paid off according to the formula using the percentage of such overseas operations. This percentage would be subtracted from 100% and the shareholders paid the difference. Ex: ABC Corp has 60% overseas operations
so 100% - 60% = 40% of the current value of the stocks will be paid to the share holders.
7. The foreign assets of these corporations would be sold to the nations in which they are located: payment will be 2% of gross profits derived from these assets over 50 years.
8. Restore the charters of these corporations when they operate 75% in the United States and employ American workers.
9. Repeal the 17th Amendment. Elected Senators are prone to be influenced by lobbyists for special interests. Having them appointed by the governors of their respective states, as the US Constitution originally called for will help the Senators focus on the interests of their constituents.
10. Change bank accounting procedures. Instead of banks claiming as assets the principal AND interest of the loans they make, the principal should be carried as a debit to an expense account,
LOAN EXPENSE, with that amount also being credited to Cash. The interest portion only should be carried as an asset, ACCOUNTS RECEIVABLE. As the loans are repaid CASH would be debited the full amount, LOAN EXPENSE and ACCOUNTS RECEIVABLE would be credited accordingly, and banks would thus stop creating money out of thin air.
11. Revive the Civilian Conservaion Corp.
Think about these ideas.