Now expand the money supply

Letters to the editor / Akron Beacon Journal
November 23, 2011

Since Democrats and Republicans on the congressional supercommittee, including Ohio Sen. Rob Portman, were unable to find common ground on spending reductions and tax increases to reduce the debt, Congress should now focus on an arena where both Democrats and Republicans might agree — monetary reform.

Passage of the National Emergency Employment Defense (NEED) Act, H.R. 2990, would eliminate the national debt by authorizing the government to print U.S. dollars (different from the Federal Reserve notes in our wallets) to pay off U.S. Treasury bonds, bills and notes.

Virtually all of our nation’s money is currently created by banking corporations as debt to people, businesses and governments, to be paid back with interest that over time often becomes an inflationary debt trap.

Democratic Presidents Jefferson and Jackson felt the people, not banks, should create our own money, while Republican President Lincoln created debt-free public money (greenbacks) in an effort to preserve the Union. The U.S. Constitution empowers the government to coin money.

Canadian economist William Hixson has said, “The very idea of a government that can create money for itself, allowing banks to create money that the government then borrows, and pays interest on, is so preposterous that it staggers the imagination.”

Congressional passage of the NEED Act would create a policy most people believe has existed since the nation’s founding — creation and issuance of U.S. money — which is both progressive and conservative.

Greg Coleridge
Northeast Ohio American Friends Service Committee
Cuyahoga Falls

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