Article I, Section 8 of the U.S. Constitution grants Congress the power to coin money and regulate the value thereof.
On the October 16, 2011 episode of The Progressive Radio News Hour with Stephen Lendman, Ellen Brown, author of Web of Debt, relayed what a former director of the Bureau of Engraving and Printing said in the 1980s (at 13:18):
“The government could solve its debt problem by just minting some large coins. That there’s no limit on how many coins they can make, and there’s no limit on the face value of the coin. So today, for example, you could stamp out 15 $1 trillion coins and you’d take care of the debt and you’d have a little money left over. And, a number of economists actually picked up on that, and there’s this whole dicussion out there now about how you could solve the problem with some $1 trillion coins which you would then put in the government’s bank account, basically. So you don’t actually ever spend the coins, but you can draw against them, and it’s a way to create money…“
And I wholeheartedly agree with both the constitutionality and simplicity of the proposal.
[...] book Web of Debt quoted a 1980s-era director of Treasury’s Bureau of Engraving and Printing as saying the government could solve its debt problems by printing large coins. He wasn’t talking about [...]
[...] book Web of Debt quoted a 1980s-era director of Treasury’s Bureau of Engraving and Printing as saying the government could solve its debt problems by printing large coins. He wasn’t talking about [...]
[...] book Web of Debt quoted a 1980s-era director of Treasury’s Bureau of Engraving and Printing as saying the government could solve its debt problems by printing large coins. He wasn’t talking about [...]
[...] book Web of Debt quoted a 1980s-era director of Treasury’s Bureau of Engraving and Printing as saying the government could solve its debt problems by printing large coins. He wasn’t talking about [...]
This guy is on the right track, but he doesn’t phrase that he is facilitating a loan because he doesn’t have words in his vocabulary like debitor and ower –
That’s basically what they already do, using the Fed as a proxy.
There are two key differences:
One is that the Fed is operating unconstitutionally, since the money creation power was delegated by the people to Congress, through the Constitution, and Congress can’t re-delegate any of its powers to a private entity.
The other is that only the initial money, minus the “expenses” of the Fed, is paid back to the Treasury. The money the member banks create above and beyond that — around 9 times more in the case of commercial banks, and at least 20 times more in the case of investment banks — accrue interest and isn’t paid back to the Treasury.
The proposal mentioned by Ellen Brown would cut the banksters out of their odious interest charges.
[...] Ellen Brown on a simple and constitutional way to pay off the United States national debt [...]
heres a simpler way,
charge fed reserve board members and ceos
under racketeering laws, that way
everything they have can be confiscated
Gary, I like the spirit of what you’re saying. Since Congress has authorized their actions, I suggest firing all existing Fed directors, bringing the Federal Reserve functions into the constitutional Treasury, and issuing interest-free currency, limited as best as possible to actual market demand.
actually in 1913 phileander knox then secretary of treasury lied about the 16th amendment not one state amended it much less 36 of 48 needed. this has been an ongoing fraud for almost 100 years. the library of congress proves it.
Yes, so says Bill Benson in his book, The Law that Never Was. I don’t think any headway will be made overturning the alleged 16th amendment on the basis it was never properly ratified. I think the better course of action is to introduce a new amendment saying all taxes on income are prohibited. Barring that, the American people could put in more representatives who are committed to eliminating income taxes, like Ron Paul.
Great idea!
No, he’s right. All capitals makes it true. But I would point out that I was saying Tom loaned Bob a house while the Bank collects the interest. I’m sorry I didn’t make that clear.
There comes a time to pick up the eraser and wipe off the blackboard.
This idea of minting a trillion dollar coin is only treating the symptoms.
Pretty soon you will have to mint a quadrillion dollar coin, then a
quintillion dollar coin.
Moving money around does not fix anything. Producing goods that
the rest of the world wants creates wealth.
Jim, you are absolutely right. Until Americans — and most people for that matter — get rid of their entitlement mentality, there will always be more of a demand for other people’s money and services than supply.
But one way to bring soundness back to government is issuing interest-free currency, so that the economy isn’t operating under a system designed to fail.
We live in a world where the masses run like hamsters on a wheel all their lives only to end up surviving on a meager stipend, and the power elite extract the natural resources of the earth for their own benefit. Our government is completely owned and can say anything it wants to explain why the economy is in the toilet. Wouldn’t it behoove them to create the illusion that there is some kind of huge amount owed by the producers so they would be complacent in their servitude? There is no way an objective survey of how many bonds are there and who owns them is going to happen. There is no way of knowing if the government is raising more than it spends. The system is working great for the power elite.
I have something to say to Ellen Brown – http://www.youtube.com/watch?v=53ZzlAbXAtM
WHO IS THAT IDIOT?
THE BANK DOES NOT LEND TOMS MONEY
THEY USE IT AS A FRACTIONAL RESERVE AND CREATE OUT OF NOTHING
9 TIMES MORE TO LEND OUT AT INTEREST
Now, now. Respectful disagreements, only.