The Crisis That Need Not Be, IV: Rally at the Fed

Yesterday we concluded the posting with a promise to tell you what you might do to advance the effort to implement Capital Homesteading . . . aside from being independently wealthy, running for president, and persuading Congress to pass the necessary enabling legislation, that is. . . .

Fortunately, there’s a lot you can do, starting with (but not limited to) visiting the CESJ website and spending a few moments viewing the slide show on the home page, then browsing around a bit and looking over the basic material on Capital Homesteading.

Then you’ll want to gather with students, grassroots leaders and concerned citizens on Friday, April 22, 2016 (two days before the centenary of the Easter Rising in Dublin in 1916), in Washington, DC, for the 12th annual demonstration at the Federal Reserve in Washington, D.C.  Co-hosted by the Coalition for Capital Homesteading and the Center for Economic and Social Justice, the rally will run from 11:00 AM to 1:30 PM, starting at the Federal Reserve Building (between 20th and 21st Streets, NW).

Why We’re Rallying at the Federal Reserve

·     To present how the Federal Reserve, without taxpayer money or adding to federal debt, could create asset-backed money and interest-free, productive credit, as part of a new national strategy for building a “green growth” economy, eliminating government deficits, and creating a nation of capital owners.

·      To show how artificial barriers in our tax and monetary systems could be lifted to create equal ownership opportunities to future capital assets for every citizen.

·      To chart a step-by-step strategy for creating Capital Homesteading models at the community level, passing national legislation (the Capital Homestead Act) and developing global applications to provide every citizen of the world the means to become an owner of income-producing wealth.

The end goal is an economically classless society, which — through the proper use of modern financial technologies by means of which new capital can be funded without the use of existing saving — will establish and maintain equal economic opportunity (and means) for all.  And that means all, not just the rich, not just the poor, not just any select special interest group: every child, woman, and man.

Through the proper use of the banking system (commercial banks backed up by the Federal Reserve), "We, the People" can organize and demand the democratization of future ownership opportunities, without taking away any property rights from today's owners of today's assets.  That’s right: the rich are in this world along with the rest of us. Why not, then, unite to build an economically classless society?  Why not end class warfare?  Why not finance faster rates of sustainable growth, a healthier environment, new jobs, and transfers of existing assets in ways that close the wealth and income gap?  Why not reduce the need for taxpayer supported redistributions and government deficits?

What we should demand is equal access to the means of becoming owners of capital, with everyone on the same footing.  We won’t all end up the same way, but we can all start out with the same chance.

It’s not that we don’t need the rich.  Of course we “need” them, just as we need every other human being.  What we don’t need is their money.  We want our own money — and we can get it by reforming the Federal Reserve and managing the financial system in ways that creates new owners . . . and not by making non-owners out of owners.

Background

America and the world community face a continuing collapse of the money and credit system not seen since the Great Depression. Flawed policies of central banks like the Federal Reserve, which supported speculation in the stock market over production of real goods and services, were a root cause of this crisis.

The effects of the global financial crisis are evidenced by inadequate capital credit for businesses of all sizes, and growing unemployment, poverty, and hopelessness among potentially productive Americans and citizens of other countries. Students are graduating with mountainous debt and shrinking prospects for a decent job to repay their loans. Meanwhile, the Fed continues to ignore the obvious differences between productive uses of credit and non-productive uses of credit, pouring money into mounting government deficits and crippling future generations with debt.

America can wait no longer. Now is the time for a comprehensive policy framework that would reform the financial system, democratize governance of the Fed, unify the nation and light a new path for the world.

Do we really have to tell you who this is?

Taking inspiration from President Abraham Lincoln, the great Unifier and Emancipator, the coalition will call on the White House and Congress to introduce a new direction for Federal Reserve policy — a 21^st century counterpart to Lincoln’s Homestead Act. Along with tax and other reforms, the proposed “Capital Homestead Act” would channel the Federal Reserve’s money creation powers to grow our private sector economy, and economically emancipate every man, woman and child in America through a direct and growing capital ownership stake in the new technologies and advanced alternate energy systems that America will need to compete in the global economy.

The Federal Reserve Holds the Key

The key to growing the economy and creating new owners of new income-producing wealth is the democratization of access to productive capital credit. The Capital Homestead Act would employ the Federal Reserve’s existing powers under Section 13 of the Federal Reserve Act and make the Federal Reserve’s money power accessible directly to every American.

By reorganizing the Federal Reserve System and its twelve regional banks into a “fourth branch of government,” every citizen can become a shareholder of this basic institution of money creation. Why “End the Fed,” as some are calling for, when we as citizens should “Own the Fed”?

No longer should the Federal Reserve and our tax system merely serve the special interests of a financial elite or become the tool of the Federal government for financing war and deficit spending. “We the People” must be empowered to hold the Fed accountable and to return it to its true social purpose. With changes in our tax and monetary policies, as embodied in the comprehensive economic plan called “the Capital Homestead Act,” we could create sound, asset-backed money for sustainable private sector growth, and liberate every man, woman and child as a direct owner of new productive wealth.

What You Can Do to Carry This Forward

·      Join us at the “Green Growth, Green Money” Rally on Friday, April 22, 2016, 11:00 a.m. to 1:30 p.m.

·      Invite others to the Rally.

·      Read the “Declaration of Monetary Justice”, sign it and send a copy to your Congressional representatives. Encourage others to do the same.

·      Get organizations and individuals to become members of the Coalition for Capital Homesteading. Go to www.CapitalHomestead.org to add your name to those who join with others supporting the Declaration of Monetary Justice and the Core Principles of the Coalition for Capital Homesteading.

·      Spread the word through Twitter and Facebook.

·      Work with the Coalition for Capital Homesteading to make every citizen an owner and pass the Capital Homestead Act!

We are demanding that the Fed use its existing powers (Section 13, para. 2) to lift barriers to equal access and opportunities for the 99% to become direct owners of productive, income-generating capital. We are sending the politicians a new message:  Pass the Capital Homestead Act to build justice into our money and tax systems, and to grow a vibrant, sustainable economy. We are calling for students and young people to join with us to free all our citizens from wage slavery, welfare slavery, consumer debt slavery, and tax slavery, and to build a future that empowers every person.  It is time to launch a new national objective: “Every Citizen an Owner.“

Now you know what you can do to help.  Don’t say we never told you.

(Norman Kurland contributed to this posting.)

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