Transcript zJamie-Waltons-summa.. - American Monetary Institute

The American Monetary Act
Presented by Jamie Walton for
the American Monetary Institute
http://www.monetary.org
The American Monetary Act
contains
the
initial
minimum
steps
necessary
to put time on our side for ...
recovery
restoration
stability
prosperity
sustainability
justice
peace
security
freedom
anything else we want ...
The American Monetary Act has
3 inter-related elements
which must all be done together to work:
1) Place the Federal Reserve System within the
U.S. Treasury (like the U.S. Mint already is);
2) Take back the sovereign power of creating our
money from banking to we the people through
our government (as per the U.S. Constitution);
3) Create all money required by society without
any debt attached and spend it into circulation
to “promote the general Welfare” (well-being).
i.e., we make the money system work for us.
What the U.S. Constitution says
about money
“[ The Congress shall have Power… ]
To coin Money, regulate the Value thereof, and
of foreign Coin, and fix the Standard
of Weights and Measures;”
(Article. I; Section. 8.; Clause 5:)
Note:
1. The distinction between coin and Coin.
2. The correspondence between Money and Value.
3. The correspondence with determining a Standard of
Weights and Measures.
The American Monetary Act
TITLE I
Sovereign and Constitutional power to create money
taken back by Congress and restored within the U.S.
system of checks and balances:
• All money is made U.S. Money (legal tender)
• Monetary Authority (a statutory body) determines
how much money is needed in the economy to meet
statutory monetary policy objectives
• Congress determines monetary policy objectives
and authorizes spending of money (as now)
• Treasury creates and issues money as authorized
by Congress and administers and regulates the
monetary system and banking system (as now)
The American Monetary Act
TITLE II
Federal Government debt instruments are retired as
they become due by paying U.S. Money.
This money will then be available for investment in the
private sector (through banks and financial markets).
The American Monetary Act
TITLE III
Present banking practices change so banks cannot
create any money but can continue to lend money:
• All money is converted to U.S. Money (in all forms)
• Treasury administers the conversion process to
ensure that banks always have enough money
• All money previously created by banks is returned to
Treasury as it is received by banks from ‘borrowers’
• Treasury re-issues this money (and more if needed)
into the economy as needed via a revolving fund
• Banks stay in business like any other business
The American Monetary Act
TITLE IV
Federal Reserve System placed within U.S. Treasury
to continue many of its important functions:
•
•
•
•
Central Bank
National payment systems management
National funds processing clearinghouse
Fiscal agent for U.S. Government
Federal Reserve System experience and expertise is
retained while its power over public policy is removed.
The American Monetary Act
TITLE V
Money created and distributed to create new wealth
and restore existing wealth to good condition:
• Infrastructure improvements (hardware)
• Education and Health Care improvements (software
– ‘human infrastructure’)
• State and Local government grants and loans (0%)
• Farming parity assurance (good food security)
• Citizens dividend (effects of initial trial measured)
Immediate arrangements to resolve mortgages and to
The science of money
“All goods must therefore be measured by
some one thing... now this unit is in truth,
demand... money has become by convention
a sort of representative of demand; and...
exists not by nature, but by law…
money then acting as a measure makes
goods commensurate and equates them...”
– Aristotle (Ethics)
We can demand what we can supply ...
The science of money
“a device ... whose legal and permanent value
... being officially promulgated, circulated and
maintained its purchasing power ... from its
quantity. Since that time, only one
consideration in an exchange is called
merchandise. The other is called price.”
– Julius Paulus (Code of Justinian)
We need money to meet the price ...
The science of money
“Money’s essence (apart from whatever
is used to signify it), is an abstract
social power embodied in law, as an
unconditional means of payment”
– Stephen Zarlenga
(The Lost Science of Money, p. 657)
Note: it’s societal, and there’s no debt!
The science of money
ensures sufficient money is available
to meet the needs of the economy:
Real
Wealth
Financial
Money
(Supply)
(Demand)
dynamic flows of
things available for
sale at a price ($)
dynamic flows of
money to pay
those prices ($)
Note: there’s no debt
Here’s how we do it!
The sovereign nation creates its own money
through its government – not through banks.
All money is created as money, not IOU money.
No debt is created when money is created.
Banks handle your money, but don’t create any.
Banks only lend money they have already received
for that purpose.
The nation stops going into debt to get
the money to get the things its already got!
What’s changed?
By law we make the money in your bank account
actually your money – like cash in your pocket.
The money in your checking account will be yours
and only you can decide what to do with it.
Your bank will look after it for you.
Any money you transfer to a savings or investment
account will be your loan to the bank for it to
loan or invest on your behalf.
Your bank will act as your intermediary.
These rules stop banks creating ‘money’.
The science of money
ensures sufficient money is available
to meet the needs of the economy:
Real
Wealth
Financial
Money
(Supply)
(Demand)
dynamic flows of
things available for
sale at a price ($)
dynamic flows of
money to pay
those prices ($)
Note: there’s no debt
STRUCTURE
PEOPLE
CONGRESS
(via White House)
MONETARY
AUTHORITY
TREASURY
$
$
PEOPLE
(via White House)
The American Monetary Act
contains
the
initial
minimum
steps
necessary
to put time on our side for life