Following on from my piece on the AMRA, I’m posting a message from Stephen for all Washington D.C. locals who can attend his meeting below. Spread the word if you cannot.

Dear Friends of the American Monetary Institute

Please take a moment to concentrate on this message, and consider the very particular action it asks of you, to help our nation achieve meaningful change to assure that no “Wild West” banking system ever again despoils our people.

Place: Busboys and Poets Restaurant (Langston Room)
2021   14th St.   NW,    Washington DC  20009

 Date:  Thursday, April 10, 2008                  Time: 6:00 PM to 8:00 PM

Late arrivals OK                 Dress: Informal; all are welcome

 

Reservations not necessary but really appreciated 

Call 224-805-2200  or email  ami@taconic.net

RETURN TO AMI HOME PAGE

This is in response to Dave’s post on a new wave of financial regulation. It’s a great 5 minute potted history of money to a stunning tune from Prince Charles and the City Beat Band. They rock!

Watch it here

With the financial system gutted and exposed like big swordfish from the Grand Banks, it’s time to have a look at a proposal for monetary reform. Stephen Zarlenga from the American Monetary Institute has put together a proposal that rests on the US constitution no less.

As many people are starting to learn, the 1913 Federal Reserve Act “effectively ceded the sovereign power to create money delegated to Congress by the Constitution to the private financial industry”. It was led by none other than JP Morgan himself. There is some interesting history of how the Act was actually passed during the small hours of the morning whilst no one was looking.

As Jim Rogers suggested yesterday, the Fed could be abolished or as Stephen proposes, be purely a bank of issue, supplying money as required by the government.

Now there are many ways to approach the issue of interest free money into an economy but for now I would just like people to read through the proposal and see what they think. Pass it to friends, schools and universities. People should be discussing this openly.

The AMI hold talks around the US all year round so get in touch and find out when they are coming your way.

Its your Congress and its your money.

Sustainability – what is it?

Sustainability is a much maligned word “full of sound and fury, signifying nothing”. Well that’s a tad harsh but the word has been dragged through the mud from the early days of “sustainable development” to the “four pillars” namely enviornment, economy, social and cultural.

Reductionism rules!

You could argue that we have a sustainable society already because we are still here…6 billion of us. That’s not a bad effort considering we started off with just two .

But when we look back at our history we see clearly the duality of our existence: misery, bloodshed, violence and despicable acts; and amazing creation, beauty, love and art. It;s hard to argue that much has changed in the last 10,000 years at least.

So where to? Can we ever become whole or will we always be engaged in a battle between the dark and light forces in our amazing universe.

I believe sustainability as a metaframework not an end in itself. It allows us to ask ourselves “what kind of society do we wish to live in?’…..if we can define that then all the other stuff will follow. The problem we have know is we start with the reduced view whether it is the environment or social issues or economic growth.

Then when it all ends in conflict we wonder why.

So where do start? Well there’s the ten commandments magna carta, uk bill of rights moving along to more modern frameworks such as the US constitution and one i quite like is the UN Declaration of Human Rights which came into being on 10 December 1948.

This was ratified by all then 58 member states which was no mean feat. The committee which prepared the initial text was chaired by Eleanor Roosevelt herself. You can view it here

Article 25 and 26 are of particular interest being on the issue of education and well being.

It’s well worth a read.

Article 1, Section 8 of the US consitution notes:

Congress has the power “to coin money, regulate the value thereof”……….it doesnt say banks have that power mind you.

Coming back the the topic at hand: how do we craft a society that sustains itself without the externalisation of environmental, social, cultural and economic costs.

- Eliminating poverty (Article 25 of the UNDHR).
- Compulsory free education to 16 for all (Article 26 of the UNDHR).
- Life, Liberty and Security of Person (Article 3 of the UNDHR)
- Life, Liberty and the Pursuit of Happiness (US Declaration of Independence)

I could go on.

What is it that we want? We dont want our prisons overflowing with societal detritus. We therefore must ensure at all costs all children we bring into this world are well looked after with resources to ensure that is the case. Decent fresh food not the fossil fuel sugar laden processed rubbish churned out my the corporatised supermarkets. No wonder so many children are going round the bend…we’re poisoning them.

Safe, secure and healthy homes are vital for our children. Well resourced educational facilities are next on the list alongside decent parks and safe public spaces. Ripping poverty and its bedfellows out of our society has to start now with major expenditure….the kind normally reserved for invading other nations and killing machines.

If anyone argues “show me the money”…well it’s right there in front of you. There always has been and continues to be a huge transfer of wealth from the state to the private financial sector. It’s fact: in the UK the sum has been estimated at GBP20-40bln a year. In the US i imagine it will be a more significant sum.

Underlying all this is the question of who owns the money supply, where does the power lie.

If we dont have an idea of what we’re aiming for we will most certainly miss the target. We know we already have as levels of happiness and well being have been static for decades (sorry GDP is not going to help).

If we focus on building strong roots then sustainability will come. Right now no amount of fiddling will help. As the Declaration of Independence noted,

“whenever any form of government becomes destructive of these ends, it is the right of the people to alter it or abolish it, and to institute new government, laying its foundation on such principles and organising its powers in such form, as to them shall seem most likely to effect their safety and happiness”.