Jamie Walton, Monetary Expert with the American Monetary Institute (AMI), will speak on “The Fiscal Cliff Distraction - Ending the Debt Without Cutting Spending or Raising Taxes,” on Monday, December 10 in Akron and Tuesday, December 11 in Lakewood (details below).
Walton and others at AMI helped develop the National Emergency Employment Defense (NEED) Act, HR 2990, a bill introduced last year by Rep. John Conyers (MI) and Rep. Dennis Kucinich (OH).
The NEED Act’s key provision calls for the government to take back from banking corporations the ability to create money, as authorized in the U.S. Constitution (i.e. the power by Congress to coin money, Article I, Section 8). The Act would also end the ability of banks to make loans in excess of funds in their possession, called Fractional Reserve Banking. The Act’s third major component would place the Federal Reserve under oversight of the U.S. Department of the Treasury.
The creation and circulation of U.S. money by the government would be used to pay off U.S. debt instruments (i.e. Treasury bonds, bills and notes) as they come due, thereby ending all interest payments. This provision of the Act would avoid all the proposed spending cuts and tax increases under consideration by Congress and the President. U.S. money would also be used to hire 7 million workers to repair our nation’s basic infrastructure, estimated at $2.2 trillion. Inflation would not occur since the money would be spent on real goods and services. This will dramatically improve our economy.
Mr. Walton will describe details of the NEED Act and how the public can pressure Congress to place the NEED Act “on the table” in the fiscal cliff negotiations. Questions and answers will follow. The program is free and open to the public.
Tuesday, December 11, 7:00 pm
Madison Branch of the Lakewood Public Library (Basement Meeting Room)
13229 Madison Ave., Lakewood
Sponsored by the Northeast Ohio American Friends Service Committee, Monetary Literacy Group
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