Kucinich bill addresses Fed Reserve

Jim McGurrin

Published in the Modesto Bee on May 10th, 2011.

In response to “We spend on wars but not people” (April 28, Letters): Someone has already asked and answered her questions, and addressed her suggestion. He is Ohio Congressman Dennis Kucinich who in December introduced into Congress HR 6550, the NEED Act.

Almost 100 years ago, the money-creating prerogative of government was surrendered to an “independent” quasi-government agency known as the Federal Reserve when Congress passed the Federal Reserve Act. We have had a century to witness the Fed’s many false promises and failures. HR 6550 would place the Fed clearly within the Treasury Department, making it answerable to the president.

Money would no longer originate as debt, but would be paid into existence by the government, in return for goods and services, primarily infrastructure. I believe the bill reflects Kucinich’s thorough understanding of the debt money system under which we labor. It offers a real hope of replacing it with one that is honest, understandable, constitutional and not based on massive government debt. It deserves our support.

McGurrin is a land surveyor from Central California.

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2 Responses to Kucinich bill addresses Fed Reserve

  1. Glenn Fritz says:

    Senator Durbin of Illinois explicitly concedes that the bankers own the Senate. He speaks only for the Senate but I argue that this is equally true throughout all corporate and banker financed branches of government.

    The bankers are but one part of the ruling polyarchy of the USA. Firstly, the fact that no candidate—good or otherwise—is considered by the corporate media to be viable without the substantial investment of private political capital in his campaign ensures that those with the most money have the most representation in government. This plutonomy (as named by a CitiBank memo) is described as democracy in the USA, where the concepts of democracy and market forces are conflated by much of the corporate media consuming public.

    Secondly, the fact that banks create money from nothing ensures that they can buy the representatives best able to support their money creation privilege at the expense of, and to the disadvantage of, those who are constrained by law to provide value (in terms of goods and services) in exchange for the money they earn. Banks do not create anything of value when they create their money from nothing; their creation of money merely creates debt to themselves and claims on value created by others. Banks are privileged by law to do what counterfeiters can only dream of.

    This is only the expected consequence of the senate (and all other branches) legitimizing the private ownership of the bank’s money-creation privilege and the bank’s private ownership of the senate that legitimizes this private issuance of money with debt.

    I support the Kucinich bill because its introduction of money into circulation is coincident with the creation of public value. This is contrary to the operation of banks in which the introduction of money into circulation is coincident with the creation of debt for the many and extreme wealth for a privileged and undeserving few.

  2. Helge Nome says:

    The problem is bigger than just money mechanics, but Kucinich’s bill is a start.
    Next, we have to put the right kind of people into Congress (and Parliament here in Canada).
    My own member of Parliament here in Western Alberta is all focused on side issues and does not question (or understand) the big ones.
    The Canadian Prime Minister has far more power than the American President and is fully controlled by the Oligarchy. That’s where the real problem lies.

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