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A New Monetary System
If you are like most Americans, you can sense that something has gone terribly wrong with labor in America. According to one statistic, Americans work 137 more hours per year than the average Japanese worker, 260 more hours than the average British worker, and 499 more hours than the average French worker. This is true even though since 1950, American productivity has risen by 400%. Either we should be working one-fourth as much, about eleven hours per week, or our standard of living should be four times higher. Add to this that in 1960, only 20% of mothers worked outside the home. Today, 70% of American children live in households where all of the adults work. This is a tremendous obstacle to family life and a nurturing environment. It also contributes to increased stress, a factor in almost every disease that afflicts America today.

Time after time, the roller coaster that we call the economy has brought us to our knees just as we thought we were making progress. Not only have we had high unemployment since the monetary crisis in 2008, but millions of Americans have lost their life savings, usually in the form of their homes, to the same banks that the American taxpayer bailed out because of the banks foolish and fraudulent practices.

But while many protest the actions of the bankers and investment firms and corporations in general, the true origin of this malaise is in a system that was established in 1913, the Federal Reserve Banking System. This system is a license to steal, and it had been attempted to be put in place for many years, but thanks to men like Thomas Jefferson and Andrew Jackson, the attempts were defeated or short lived. From 1810 to 1910 the value of a dollar increased, from 1910 to 2010, it has lost almost all its value.

U.S. currency today does not represent an asset such as gold or silver or anything else. It represents debt. Money in the U.S. today is a debt based currency. This situation has occurred gradually, progressively over decades. But aside from the practical applications, what really has happened? Your money in 1910 represented a valuable asset, but your money today represents a debt. You have suffered a loss. In addition, someone has realized a gain. But more that just a gain or a loss, the American people have been robbed.

Today, money is created constantly, not in the U.S. Mint, but in every bank in America, and with most approved applications for a credit card. The bankers of America are the beneficiaries of this scenario. Bankers do not loan out their own money. What actually occurs is that when the person applying for a loan signs a promissory note, the note itself is converted into money that did not exist before! The new money represents some asset that the borrower brought to the table. It could be a house, a car, or some other asset in the case of mortgages or secured loans. In the case of unsecured loans, such as credit cards, the new money represents the borrowers future labor. But in every case, the bank provided NO asset of their own for the loan.

The borrower then pays the bank the principle of the alleged loan, plus interest, sometimes exceedingly high interest. All of this happens without the bank providing you any asset with the alleged loan. It is quite literally a license to steal.

The current monetary system is structured so that the expansion and contraction of the money supply is inevitable. When the money supply contracts, someone has to lose. In a game of economic musical chairs, it is always the lower and middle income groups that lose the most, proportionately.

In order to reverse this trend a new monetary system is necessary. The following outline provides my proposal for how we can restore the prosperity that is the heritage of the American people, and at the same time recover some of the assets that have been legally stolen from them in the last century.


1. A truly free market is the best decision maker. No person or group of persons can possibly assess all the information provided by the market, and no one can possibly have the judgment to be able to make decisions with far reaching effects.
2. Sound money is that commodity which the free market determines has widespread demand. Experience demonstrates that sound money must have intrinsic and common value.
3. Monopolies, especially government monopolies, are not indicative of a free market, and must not be dictated. Legal tender laws therefore must be repealed.
4. Currency not backed by something of intrinsic value is fraudulent, and has inflationary tendencies.
5. Inflation fraudulently and stealthily transfers wealth from the creators of wealth(labor, industriousness, and invention) to the creators and administrators of unbacked, unsound, currency.
6. Capital gains as the result of increased price of assets due to inflation also transfers wealth from active creators to passive recipients.
7. One role of government is to enforce all valid contracts and disallow any type of fraud.
8. Competing currencies must be allowed. Currency monopoly is the worst of all monopolies.
9. When sound currency is used as money, deflation is a natural occurrence of increased industrial efficiency, and should not be discouraged.
10. Wealth is created by the accumulation of durable goods. Services, although needed and useful, do not create wealth.
11. Banks provide services, but do not create any wealth.


1. Repeal all legal tender laws, allow competing currencies.
2. Recognize that all bank loans in the Federal Reserve System have fraudulent aspects.
3. The US Treasury shall issue a new U.S. Dollar, interest free, backed by credit of the US assets, including gold, silver, and land. U.S. coins will be minted in gold, silver, nickel, and copper.
4. All Federal Reserve Notes, including those existing in banks as depositor accounts and all elements of the M3 money supply, may be traded in for an equal number of the new U.S. Dollar, up until a certain point in time.
5. Existing bank notes and mortgages of the Federal Reserve System may be traded in for 5% of their value for new U.S. Dollars. Notes created by banks of the Federal Reserve System will not be deemed owed to the banks by the judiciary as they are fraudulent. The United States shall use the traded in mortgages to back the new currency.
6. 95% of the value of the notes traded in shall be used to create and back new U.S. Dollar currency. The Treasury shall use this currency to pay Social Security benefits, Medicare benefits, infrastructure, and other government expenses.
7. The mortgagees of the notes traded in to the U.S. shall only be required to pay monthly principle relative to the duration of the note. All interest payments are eliminated and absolved.
8. All income tax, social security tax, medicare tax, and payroll tax is eliminated. Future Social Security and Medicare beneficiaries will receive prorated benefits depending upon their age at the suspension of taxation.
9. Once all Federal Reserve Notes have been redeemed and all mortgages converted, there will be no need to create any more money. As a result, when more goods are created, the value of the US Dollar will rise.

The new monetary system, when fully implemented, will eliminate inflation. While competing currencies will have the capability to increase the money supply, this will only occur when more goods are available, since banks would be held liable for notes not backed by durable assets.

The end result will be a monetary system backed by hard assets rather than debt. The national debt will be eliminated, all forms of taxation based on income will be eliminated, and prosperity will return to the American people.

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