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1. End the practice of debt backed money at the federal level, returning the power of money creation to the people via Congress as the U.S. Constitution dictates.This is a permanent fix that can successfully get us from our current situation to a sustainable and prosperous future without crashing global markets in the process. It is fair and it is just. It puts the long term math on the side of the people, not working against them. Furthermore, it is repeatable and the same procedures can and should be used by other nations to solve their debt backed money problems as well. It does not matter what condition the economy is in before implemented, Freedom's Vision can be made to work.
2. Clear out excessive debt and derivatives from the entire financial system, thus repairing balance sheets and producing workable debt to income ratios. The following will be accomplished:
3. Ensure the quantity of money remains under control in the long term by:a. People's balance sheets will be repaired by returning tax dollars to the people to be used to directly pay down existing debt.
b. All banks and financial businesses are run through a special bankruptcy procedure to cleanse away unserviceable debt and derivatives. All banks will survive this process and will exit with 10 to 1 fractional reserve ability, a level of leverage that is safe and will be capped by law.
c. State balance sheets will be repaired and all states will create State Chartered Banks based on the successful model of the Bank of North Dakota. Additionally, these banks will assume the roles and functions formerly held by the 12 "Federal" Reserve banks, thus decentralizing control but in a coordinated manner where all states are benefitting equally.
a. Ensuring accurate and unbiased economic measurements and reporting. This is easily achieved with 100% transparency in all data gathering and statistical methods, allowing the market to 'police' the government.
b. Create controls that tie overall money quantity to PRICE of ALL asset classes. Target ZERO price inflation and adjust quantity of money spent into existence without debt. Interest rates are set by the free market. This means no more long term inflation or deflation.
c. Separate special interest money from politics. This targeted political reform is necessary to keep the political system functioning for those who it is supposed to serve. Without this piece history proves that the other pieces will not last long, as those with large reservoirs of money will eventually co-opt the system for themselves.
The Market Ticker - More Bank Lawbreaking: Terrorism Links?
Thread Starter: tickerguy 09-03-2010 02:58 PM by tickerguy