Monetary Reform Plan to Pay Off the $22 Trillion Debt Over the Next 30 years.
The Government has the Constitutional right to issue the US currency. This has been affirmed three times by the US Supreme Court. The Government issued the currency from 1776 to 1790 and again from 1836 to 1912 and the country prospered.
US Constitution Article I, Section 8, Clause 5. The Congress shall have the Power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures. Coin is used as a verb. To coin money is to make money.
The first step would be for the Congress to pass a law requiring a fiscal year balanced budget. The Congress would no longer be able to spend more than the tax revenues provided during a fiscal year. Deficit spending would be stopped. Without this, it’s impossible to pay off the national debt. As long as there are Deficits, the National Debt gets bigger.
Nationalize the Fed and put it under the Secretary of the Treasury. The Fed would no longer issue Federal Reserve notes to buy bonds. The Fed would keep its infrastructure in place for check clearing systems between banks as it is today. The Fed does that job well.
Would Nationalizing the Fed be a Catastrophe? No! This has already been done in Sweden (1668), UK (1946), Germany (1957), Japan (1882), India (1949), Israel (1954), Canada (1938), Iceland (1961) and the Netherlands (1814) to name a few. There was no economic collapse in these counties due to the nationalization of the central bank.
By law, the US Treasury would issue US Treasury Notes in electronic form for all government spending. The government would no longer sell bonds. There is no need to sell government bonds if there is no annual deficit because of a balanced budget.
US Treasury Notes in electronic format would be used to pay the interest on all outstanding US Bonds for the next 30 years. All outstanding Bonds from 1 month to 30 years, would be paid off with US Treasury Notes as they come due. After 30 years, there would no longer be any US national debt. This provides a 30-year gradual stabilization period to avoid any panicking of the Bond Markets.
All circulating Federal Reserve paper notes would be exchanged 1 for 1 with US Treasury Notes at any Commercial Bank or Federal Reserve Bank. No one would lose any money! Citizens would have up to two years to make this exchange. In times of a legally declared war, the government would be required by law to raise the money for the war by raising taxes. No more wars on a credit card through deficit spending. This would prevent a lot of wars of choice! The citizens will not tolerate the tax increases to fund wars of choice. According to a Watson Institute study at Brown University, the costs of the Korean, Vietnam, Afghanistan and Iraq wars was in excess of $6 Trillion. All of this money was borrowed, not taxed, adding to the National Debt.
William T (Tom) Dietrich email@example.com February 20, 2019
DOC (1 Page): Tom Dietrich on Monetary Reform
ROBERT STEELE: I believe that President Trump is thinking along these lines with the substantive variation that the amount we owe is almost precisely the same as the amount stolen from the US economy and US treasury by the Federal Reserve and the privately owned banks, hence an alternative is to recover the stolen funds from the banks and wipe out the debt without printing additional national (not Federal Reserve) currency. I believe that the President is playing Wall Street and the Zionists. If my belief proves to be wrong, the President has still enabled this discussion and those of us that come after him — the post-Trump transpartisan reformistas — will prevail.