Dennis Kucinich’s “National Emergency Employment Defense Act of 2011″ (Restoring the authority of Congress to create and regulate money)

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H. R. 2990

To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States; and for other public purposes.

IN THE HOUSE OF REPRESENTATIVES

September 21, 2011Mr. KUCINICH (for himself and Mr. CONYERS) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States; and for other public purposes.

 

Fully text: http://thomas.loc.gov/cgi-bin/query/F?c112:1:./temp/~c1127sf7T4:e0:

2 Responses to “Dennis Kucinich’s “National Emergency Employment Defense Act of 2011″ (Restoring the authority of Congress to create and regulate money)”

  1. John Turmel

    Jct: Yes, Dennis Kucinich’s Bill H.R. 2990 Ends the FED by having it subsumed into the US Treasury. No one else but him has produced any alternative to support until now! Keep plugging.
    From http://johnturmel.com/allpoems.txt
    Two notes used in America can clearly show the way,
    Both legal tender now down south. They can be spent today:
    “United States Note” issued by the nation’s Treasury,
    And “Federal Reserve Note” which is banker’s currency.
    Their fronts are very similar except the name they state,
    Their backs are very different, it means another plate.
    The Treasury provided notes for federal expense,
    And taxed them back to balance books with numbers that made sense.
    In 1913, other plates were given to the banks,
    Creation of the money. They gave politicians thanks.
    The Government had given banks permission to create,
    A batch of brand new money to be lent at interest rate.
    The Government then borrowed from them and at their request,
    The Congress passed the Income Tax to pay them interest.
    One Congressman objected, Louis T. McFadden, loud,
    “The greatest crime in history,” he said with head unbowed.
    Ten dollars out, eleven back, it often takes a while,
    But after years, the end result’s a melancholy style.
    The money from the Treasury, its use did almost cease,
    To pay the interest to banks, the taxes did increase.
    And when we ask “The Treasury, why is it never used?”
    In answer, we get silence and an attitude bemused.
    So to this day the bulk of the American supply,
    Is borrowed from the banks at rates that make debts multiply.
    All Governments do service debt by taxing you and me,
    Instead of letting Treasury create it interest free.
    I see no reason for a tax to pay them interest,
    When use of plates by Treasury would lower taxes best.
    The money from the Treasury was used down south before.
    The “Greenbacks” used by Lincoln paid to win the Civil War.
    The “Continentals” did their job until King George did state:
    “There’ll be no use of your own plates, for gold you’ll have to wait.”
    Though we’ve been told that their revolt was over tax for tea,
    Ben Franklin said “The war’s because they took our currency.”
    Jct: Kucinich has a whole history backing his Greenbacks solution.
    Time to follow where a good man is leading.

  2. Lois Penny

    Dennis Kucinich’s “National Emergency Employment Defense Act of 2011 is a step in the right direction. The US economy should not be controlled by a private banking system whose goal is to maximize the profits for the banks its represents. The US Tresury should be charged with managing the US economy.