The AMI Monetary Reform Description Also Describes Our BLOG principles

The Following is from the AMI Monetary Reform Conference brochure:

Dear Friends,

The American Monetary Institute is proud to announce its 3rd annual Monetary Reform Conference in Chicago. Our conferences have launched the modern grass roots movement for U.S. monetary reform and thereby World reform. Make your plans now to attend this important meeting in beautiful downtown Chicago. Our money system clearly needs a serious overhaul to secure economic justice and peace as we enter the 3rd Millennium. It’s evident that true reform, not palliatives, are necessary to  move humanity back from the brink of nuclear war; away from a World dominated by fraud, warfare and ugliness and toward a World of justice and beauty. The conference focuses on minimum initial steps to begin this process and put time on the side of humanity instead of against us. You may receive this announcement amidst very depressing news and events, but we urge you to avoid discouragement and instead join with us in this adventure to achieve positive results for America and the world.

A Different Kind of Monetary Conference

The situation in which knowledgeable monetary reformers find ourselves is that after years of studying monetary history and theory, we already know many if not most of the broad shapes that monetary reform should take. We know from experience that these views have stood the test of time and many challenges from those with less experience in the field or operating under misconceptions or pursuing non-reform agendas. Rather than merely arguing over these main themes, it is time for those of us who understand, to move forward to implement those elements that we know must be a part of good reform.

What are these broad national parameters supported by over 3000 years of history? That the control of money systems should shift away from private control toward governmental control. Away from commodity money notions; away from fractional reserve banking – monetizing private credits and loaning them into circulation at interest. Towards money issued interest free by government and spent into circulation for the common good. The system must be morally grounded in fairness.

Not seeking blind trust, we’ll continue educating and explaining why the proposals are beneficial and moral and continue to present the historical evidence demonstrating that. We’ll answer any serious challenges, and those arising from plain misunderstanding. We may invite selected spokesmen for differing reforms to succinctly present their case. But we’ll do it within a context of advancing the reform agenda, making necessary adjustments as we proceed. Dissenters obviously don’t have to join in the reform phase; but neither need we procrastinate, waiting for all to experience their monetary epiphanies, before moving forward. The direction of world events requires that we begin a solid program now.

Themes of the Conference

Therefore the AMI annual conferences focus on three broad areas:

The Monetary Reforms: The main focus of the conferences – Researchers will describe and make the case for the kind of monetary reforms advocated, presenting both the logical and historical basis for them, and the mechanics of implementing them. Extensive question and answer periods and panel discussions can air doubts or concerns regarding the desirability of the reforms and suggest refinements. Included will be discussions of research and thinking methodology. Two monetary reform acts will be analyzed including strategies for getting it supported.

Achieving the Reforms: Selected Political, Social and Monetary Activists will give the benefit of their experience in educating, raising public awareness, organizing and motivating people and governmental bodies to influence public policy decisions

Using the Reforms: Presentations on how a properly reconstituted money power within government will be effectively used to “promote the general welfare”. These will focus on several areas:

Infrastructure Programs including education and health, upgrading America’s crumbling infrastructure, including futuristic designs well within the reach of today’s technology and economy, to create hospitable, clean, cities of the future.

Farming Parity proposals for maintaining the existence of family controlled environmentally sound farming.

Educational proposals providing funding from sources other than middle-class property taxes.

Medical Care proposals which more effectively and fairly distribute the benefits of our medical technologies.

Each area identifies another constituency which will support monetary reform.

This conference is open to the public*, and to properly organize it the AMI requires a minimum donation of $295 per attendee; $465 (to include significant other). For early registrations postmarked by March 30 the minimum donation is $215. This includes substantial conference materials and aids, daily coffee breaks, a Get Acquainted Reception and a Celebration Dinner and beach barbecue. Hotel and travel costs are separate at group discounts. We say minimum donation because affluent attendees who want to help out with larger donations are strongly encouraged to do so. It enables us to extend attendance scholarships to students. Looking forward very much to seeing you and advancing monetary reform to the next level.

Stephen Zarlenga, Director, American MonetaryInstitute

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15 Responses to The AMI Monetary Reform Description Also Describes Our BLOG principles

  1. Jamie Walton says:

    Hi Tommy,

    Sorry, I didn’t answer the second part of your question; about the pawnshops and payday loan companies and the like. I don’t know the details for the USA, but in New Zealand and Australia these are usually ‘retail’ operational subsidiaries of ‘finance’ companies, which in turn get their finance from banks and/or insurance companies and the like.

    I am not sure whether there is any money creation at the ‘retail’ level, but it is certainly a lucrative activity due to the extortionate interest rates and penalty fees that are charged on the people that can least aford them. In New Zealand and Australia these companies can even reposses assets if borrowers default.

    It is a sickening business, and the lawmakers and regulators do little or nothing to improve matters.

    Cheers,

    Jamie.

  2. Jamie Walton says:

    Hi Tommy,

    As I understand it, traditionally credit unions are supposed to operate like building societies, savings banks, and other such organisations, whereby they only lend what they have to lend. However, I do not know the details of the legislation and regulations and policies of these organisations in the USA. In the UK, Australia and New Zealand, most of these types of organisations have been taken over by commercial banks, either completely or as subsidiaries, and so they have mainly become like commercial banks in practice, i.e. they lend what they don’t have (within limits, decided amongst themselves). But I do not know about the situation in the USA – maybe someone else out there does.

    Cheers,

    Jamie.

  3. Tommy G says:

    Jamie,

    Are Credit Unions adding to the money supply by fractional reserve lending, or are they lending their depositor’s actual money? If they are lending by fractional reserve lending, is there a lower limit compared to banks on how much money they can create?

    I know many pawnshops and pay day loan companies are actually part of large corporations. Are those large businesses using fractional reserve lend, or are they lending their own money? What about the Mom and Pop operations? Are they actually a front for a local bank?

    Thank for starting up this blog again.

    Tommy Gregory

  4. Jamie Walton says:

    I am trying to get this blog going again. I am linking it to Technorati (www.technorati.com) to try and get it noticed, as American Money.

    Any constructive posts welcome.

  5. Jamie Walton says:

    Hello Tom Asbridge and everyone,

    In response to your question “Is there presently any monetary system that is not debt based?”; there are 3 semi-autonomous self-administrating territories of the UK: Guernsey, Jersey and the Isle of Man, that issue and spend their own public money debt-free, and so have no public sector ‘national debt’. They have been doing this successfully for many many years, and have co-existed with the debt-money system of the rest of the UK. If you want more details about Guernsey, I suggest you get hold of a booklet called “The Guernsey Experiment” compiled by Olive and Jan Grubiak and published by Omni Publications, Hawthorne, California (no ISBN available). I do not have information on any literature about Jersey and the Isle of Man. You should also be aware that debt-free monetary systems were the norm until a little over 300 years ago, and have intermittently partially reappeared in various countries since, including the USA, Australia and New Zealand. If you want more details about the history of monetary systems, I suggest you get hold of Stephen Zarlenga’s fine book “The Lost Science of Money”, available through the AMI. This book understandably concentrates on the monetary history of the USA with regard to the reappearances of debt-free money in the past 300 years. If you want more details about Australia, I suggest you get hold of a booklet called “The Story of the Commonwealth Bank” by D. J. Amos and printed and published by Veritas Publishing Company Pty. Ltd., P.O. Box 20, Bullsbrook, Western Australia 6084 (ISBN 0-9594631-6-X). If you want more details about New Zealand, I will try and paste a link so you can view the relevant pages of a book that partly covers what happened here in the late 1930’s with regard to what was effectively a non-debt credit-based funding process:

    1949 official history of state housing in NZ (accessed through the Housing
    NZ website). Page 7 of the book admits to the use of low-interest RBNZ loans.

    http://www.hnzc.co.nz/hnzc/dms/0AA7ED65E40188E074653A44F66750D3.pdf

    I hope this helps, and that other people will be able to add more details about these and other instances.

    Regards,

    Jamie Walton.

  6. Jamie Walton says:

    Hello Tom Asbridge and everyone,

    Apologies, it is page 7 of the book on the link that briefly explains the debt-free financing of state house construction in New Zealand.

    Jamie Walton.

  7. Jamie Walton says:

    Hello Tom Asbridge and everyone,

    In response to your question “Is there presently any monetary system that is not debt based?”, there are 3 semi-autonomous self-administrating territories of the UK: Guernsey, Jersey and the Isle of Man, that issue and spend their own public money debt-free, as have no public sector ‘national debt’. They have been doing this successfully for many many years, and have co-existed with the debt-money system of the rest of the UK. If you want more details about Guernsey, I suggest you get hold of a booklet called “The Guernsey Experiment” compiled by Olive and Jan Grubiak and published by Omni Publications, Hawthorne, California (no ISBN available). I do not have information on any literature about Jersey and the Isle of Man. You should also be aware that debt-free monetary systems were the norm until a little over 300 years ago, and have intermittently partially reappeared in various countries since, including the USA, Australia and New Zealand. If you want more details about the history of monetary systems, I suggest you get hold of Stephen Zarlenga’s fine book “The Lost Science of Money”, available through the AMI. This book understandably concentrates on the monetary history of the USA with regard to the reappearances of debt-free money in the past 300 years. If you want more details about Australia, I suggest you get hold of a booklet called “The Story of the Commonwealth Bank” by D. J. Amos and printed and published by Veritas Publishing Company Pty. Ltd., P.O. Box 20, Bullsbrook, Western Australia 6084 (ISBN 0-9594631-6-X). If you want more details about New Zealand, I will try and paste a link so you can view the relevant pages of a book that partly covers what happened here in the late 1930’s with regard to what was effectively a non-debt credit-based funding process:

    1949 official history of state housing in NZ (accessed through the Housing
    NZ website). Page 6 of the book admits to the use of low-interest RBNZ loans.

    http://www.hnzc.co.nz/hnzc/dms/0AA7ED65E40188E074653A44F66750D3.pdf

    I hope this helps, and that other people will be able to add more details about these and other instances.

    Regards,

    Jamie Walton.

  8. moneyreform says:

    Regarding Tom Asbridge question November 23, 2007 at 11:16 pm :
    Is there presently any monetary system that is not debt based?
    Can a non-debt based monetary system co-exist with a system like ours(Federal Reserve system)?

    Tom pardon the delay in response. Have now returned from Washington and NY trips. The main money systems around the world are debt based. Unlike our Federal Reserve System, most of the world’s central banks are government owned. Yet they are also mainly debt based, rather than money based.
    For example the Bank of England was nationalized in 1946 (see Chapter 20 of The Lost Science of Money). At that time much we hear that 45% of the UK’s money became government issued – notes and coinage. That co-incides roughly with a time when great strides were made on behalf of the general population, such as their national health care system.

    However the Brits allowed the private banks to continue to create money in the form of their credits, through a fractional reserve system so that today about 97% of Brit money is in the form of credits created by the banking system, and only about 3% in the form of government money. About the same as the proportion here. British monetary reformers such as James Robertson, Brian Leslie, Alistair McConnachie and James Gib Steuart point out that those bank credits are hardly distinguishable from money in their system; which means that the money issuing process in the UK is still private with this great privilege given to banks, of something that belongs to the nation. Read at the end of Chapter 20 how the Archbishop of Canterbury William Temple criticized that practice. And today Britain has been privatized with predictably poor results.
    Stephen
    Ami

  9. Larry Mulcahy says:

    Hi Steve,

    I’m wondering if you could comment on if and/or how our debt based monetary system has played a hand in the subprime mortgage crisis which is now affecting other areas of lending (credit card debt, automobile loan debt, student loan debt, etc.).

  10. Matt Olive says:

    Hi Stephen, Hope things are going well. I had a couple of things I thought I’d bring up that might spur dialogue 1) I was wondering if other Iowa AMI supporters had any luck getting AMI info. to any of the presidential candidates? I had a chance to ask John Edwards (quickly) if he knew anything about monetary reform. He didn’t so I asked him if I could give his aide a copy of the American Monetary Act. He said yes. I gave an aide a copy but don’t know if he ever looked at it. I was also able to ask Biden when he visited why we don’t spend money into circulation rather than borrow money into circulation. Judging from the expression in his eyes when I asked the question I definately felt he knew what I was asking. He quickly said we should but then went into a lengthy explanation about the magnitude of our debt and particularly with China. It seemed he was trying to avoid the issue. I didn’t get a chance to follow up with him later but did give his aide a copy of the American Monetary Act. I would be curious if other AMI members have had similar opportunities. Also, I plan to take AMI information to my local caucus to give out on Jan. 3rd. It may be a good way for Iowans to get the message out.
    2) Has anyone else heard about the Liberty Dollar raid? One can google Liberty Dollar raid or Defense Fund to get news about it. I was interested in the Liberty Dollar years ago. But while blogging on a Kucinnich website Randell Burns directed toward AMI. Thanks Randall! So now, I understand the problems with a gold based currency via the risk of plutocrats manipulating its value and the destabilizing affects that it would have. It’s a very fundemental and important difference between Liberty Dollar suppoerters and AMI supporters (same as between Ron Paul and Dennis Kucinich). However, they do agree on perhaps the more important point of issuing money into circulation rather than borrowing it into circulation. My question is, is there possibly a way to have our currency symbolically backed by gold? The English people seem like they need their Royalty even though they have little affect on the actual Parliament. I don’t know if it acts as a security blanket for them or just an avenue to express their hopes and frustrations. Americans sort of do the same with their Hollywood and sports heros. Anyway, I wonder if this might be a little bit analogous with the gold standard. Perhaps there may be similar reasons why people feel attached to it that aren’t based in logic, And is it possible to symbolically have it and not have it interfere with the actual economy? I’m just throwing it out there. When we go micro on the monetary issues I start to get lost. So for those of you who understand economics better I would be interested in your responses. I’ve posted on a couple of the media outlets covering this story and referenced AMI’s website. It may be an effective way to get AMI’s message out if some of you with more expertise posted. Take care, Matt

  11. Tom Asbridge says:

    I just found your new blog. I am a novice at blogging but I will master it.

    I have been interested in the monetary systems for some 30 years and have been a serious student of Raw Material Economics for about that long.

    I have a question that thus far the answer has eluded me.

    Is there presently any monetary system that is not debt based?

    Can a non-debt based monetary system co-exist with a system like ours(Federal Reserve system)?

    Tom

  12. Raf says:

    Congratulations Stephen on your new blog. I’ll put a link to you on my one and spread the news.

    I look forward to some good postings and debate.

    Best Wishes

    Raf

  13. Luke Hajzl says:

    I’ve found the 3 keys to a successful blog that may prove useful here. First, the posts MUST be organized. I would reccomend you create a monthly folder (catagory) since there are only a few people currently blogging (sometimes less is more). Second, there must be dedicated bloggers until the numbers grow. Finally, I would encourage you to create an email list that encourages wayward blogers to return (but only send an email once a month, perhpas with a few highlights). I hope this takes off, there are so many questions that still don’t have answers!

  14. Tommy G says:

    I’m new to blogging and am trying to add a comment to this site for the first time. After I submit it, I’ll see if it has been posted.

    It would be great if anyone replied to this post to help me see how this works.

    Thanks.

  15. taxpayer says:

    Steve,
    Congratulations on your blog, as well as an excellent conference..
    I think the proper url for readers to use is not the one that was in your email, but rather https://moneyreform.wordpress.com/

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