11 Apr 2023 8:21 am
https://www.monetaryalliance.org/sos-to ... ve-branch/
"In late January 2022, the Federal Reserve System’s Board of Governors published a paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation that focused on Central Bank Digital Currency (CBDC), and solicited comments on it from “the general public and key stakeholders.”
The Alliance For Just Money, Inc. (AFJM) submitted our public comments in May 2022 to the Board of Governors. AFJM strongly believes, as do other member organizations in the International Movement for Monetary Reform, that CBDC is not and cannot be viewed as a step toward a fully democratic sovereign money system so long as the private banking industry’s creation of money through credit (Bank of England, 2014, p. 14) still exists.....
Why an SOS?
Most people believe that the government creates our money and banks lend existing money from deposits, and that this is how it should be (Glocalities). But the Federal Reserve, like the Bank of England, acknowledges the first statement is not entirely true. Well over 90-95% of our money is created by banks with keystrokes as they make loans.
AFJM believes the nation’s monetary system should not be run as a private for-profit business but should instead function as a public utility. Instead of commercial banks issuing the nation’s money as interest bearing debt, as is currently the case, the government would issue permanently circulating public asset money. Congress would no longer have to borrow bank-created money to fund the deficit, increasing the national debt and annual interest payments that are already over $31.6 trillion and $540.6 billion respectively. Their chronic antics, as we are now witnessing for the 78th time, before inevitably raising the debt-ceiling would become a charade of the past.
In the sovereign Just Money system we advocate, all newly created money will be spent, lent, invested, or granted into the economy for the general welfare of the nation as its first use, and debt to holders of U.S. Treasury bonds can be paid off as it comes due. This would eliminate the boom/bust cycle, stabilizing the economy for the first time in the nation’s history. Banks will still lend, but they will be lending pre-existing United States money. Just Money would also empower Congress to fulfill its Constitutional mandate “to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity” (The Preamble, United States Constitution)....."
"In late January 2022, the Federal Reserve System’s Board of Governors published a paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation that focused on Central Bank Digital Currency (CBDC), and solicited comments on it from “the general public and key stakeholders.”
The Alliance For Just Money, Inc. (AFJM) submitted our public comments in May 2022 to the Board of Governors. AFJM strongly believes, as do other member organizations in the International Movement for Monetary Reform, that CBDC is not and cannot be viewed as a step toward a fully democratic sovereign money system so long as the private banking industry’s creation of money through credit (Bank of England, 2014, p. 14) still exists.....
Why an SOS?
Most people believe that the government creates our money and banks lend existing money from deposits, and that this is how it should be (Glocalities). But the Federal Reserve, like the Bank of England, acknowledges the first statement is not entirely true. Well over 90-95% of our money is created by banks with keystrokes as they make loans.
AFJM believes the nation’s monetary system should not be run as a private for-profit business but should instead function as a public utility. Instead of commercial banks issuing the nation’s money as interest bearing debt, as is currently the case, the government would issue permanently circulating public asset money. Congress would no longer have to borrow bank-created money to fund the deficit, increasing the national debt and annual interest payments that are already over $31.6 trillion and $540.6 billion respectively. Their chronic antics, as we are now witnessing for the 78th time, before inevitably raising the debt-ceiling would become a charade of the past.
In the sovereign Just Money system we advocate, all newly created money will be spent, lent, invested, or granted into the economy for the general welfare of the nation as its first use, and debt to holders of U.S. Treasury bonds can be paid off as it comes due. This would eliminate the boom/bust cycle, stabilizing the economy for the first time in the nation’s history. Banks will still lend, but they will be lending pre-existing United States money. Just Money would also empower Congress to fulfill its Constitutional mandate “to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity” (The Preamble, United States Constitution)....."