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Monday October 20th 2014

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The World is getting ripe for meaningful monetary reform!

Christmas and holiday message

Dear Friends of the American Monetary Institute,

Warmest Christmas and holiday greetings to all.

Yes, 2009 was disappointing when so many in our legislative and executive branches ignored the wishes of our people and the requirements of progress and of justice, and put forward  miserable health care proposals. The farcical battle continues.

But do not conclude that we are losing and have no power to affect our government to do much better. That power is there and is exercised by replacing those legislators who made such a mockery of our system of government and the needs of our nation. That their malfeasance is obvious represents a much greater loss to the established plutocracy, than to the people. For that establishment depends on the idea that the Statue of Liberty means something. Exposing that fiction, identifying the real nature of our society’s predicament, can lead to progress; as only the truth can do. That’s up to us!

More disappointing for many has been how a Bright young President elected specifically to achieve meaningful change, has at best, demonstrated pitiful negotiating skills and an inability to act based on what he is really up against.

Shortly after the election we were told for the first time, how much the President enjoyed the company of economists. That would have been a huge red flag to those who understand how less than useless nearly all the economics “profession” has been towards improving society. One of the best of them once summarized it to me in these words: “There is no good macro-economic theory!”

It’s understandable how a capable legal mind, with substantial but limited real world experience, such as the President’s, could be unduly swayed by economists.

Good legal methodology depends a lot on analytical deductive reasoning; drawing conclusions from axioms/laws. Such methodology is also valuable in making moral judgments, as was done by the Catholic Scholastics from about 1100 to 1500 AD (See LSM chapter 7).

Therefore such a legal mind as the President’s might not be alarmed by economists using similar methodology. Such a mind might not realize the inappropriateness of economics relying so heavily on theory, and ignoring actual results as economics has done for centuries. The Scholastics minimized such problems because their focus was primarily on moral issues.

But modern economists have removed morality from their “science,”  proudly announcing they ignore what they call “normative considerations.” If they used plain language and said that they don’t consider morality in their theories, people would better understand how skewed and inappropriate economics has become to society.

We must hold economics to a much higher standard than we’ve experienced from it. Especially at this Christmas moment, when more of us focus on fairness and good will toward others, and feel the wonder and heartwarming feedback of those sentiments.

Lets keep that in mind, as we look forward to 2010, and the financial legislation which will finally become the focus of attention. We must demand not mere regulation, but reform. Regulation of a system that unfairly concentrates wealth is not enough. As wealth becomes concentrated in unfair ways and obscene amounts, that concentration overcomes regulation through outright bribery, and similar methods of influence.

It allows those criminal elements which create our financial difficulties, to use our government to bail them out of their errors and crimes through various bailout mechanisms.
What is crucial is to enact structural reforms that begin a process that does the opposite of unfairly concentrating wealth. That means a process which fairly de-concentrates unearned, obscene wealth – a process based in morality and justice. A process with much greater long term effect than mere temporary regulation. Christmas is a good time to realize that.

The American Monetary and Financial Security Act, represents the needed reform. The Act places the Federal Reserve System within the US Treasury; it removes the banks accounting privilege of creating our money supply when they make loans, ending the fractional reserve system; and it facilitates Government to create money and spend it into circulation debt free and interest free to rebuild the nation’s infrastructure, including the human infrastructure of health care and education.

You can see the most recent version of it at http://www.monetary.org
where you may send comments and suggestions on it, and read the valuable monetary articles there and can also help the AMI in its continuing work by making a $ contribution $ to our efforts.

Thanks much for your attention. Lets now look forward to great and real progress in 2010.
Stephen Zarlenga
Director,
AMI

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