FOR IMMEDIATE RELEASE
Washington, D.C., March 30, 2016 — Citizen-activists from around the country will rally in front of the Federal Reserve Building in Washington, D.C. to deliver their “Declaration of Monetary Justice” to Fed Chair Janet Yellen. The protest rally, scheduled for Friday, April 22, 2016, from 10:00 AM to 1:30 PM, will focus on “Green Money, Green Growth: A New Role for the Federal Reserve.”
Representatives of the Coalition for Capital Homesteading and Center for Economic and Social Justice (CESJ) and other citizens will sign and issue a “Declaration of Monetary Justice.” This calls for the Fed’s Board of Governors, the Congress and White House to enact monetary reforms for spurring sustainable private sector growth, and universalizing citizen access to future capital ownership opportunities.
|Federal Reserve policies help concentrate wealth.|
The rally’s organizers argue that the economic foundations of America’s political democracy, and the economic independence of the majority of citizens and families, are threatened by what most Americans view as a Wall Street-biased, overly complex and corruption-prone money and credit system. They assert that the Fed’s Keynesian policies have helped concentrate money power and capital ownership in the top 0.1% and their government allies.
The Declaration instructs the Federal Reserve and local commercial banks to use the Fed’s existing discount powers under Section 13, paragraph 2 of the Federal Reserve Act. This would democratize a now-untapped source for financing non-inflationary private sector growth, and stop creating inflationary debt-backed money for government spending, speculation and other non-productive purposes.
Based on projected rates of new capital formation in the private and public sectors, equal annual allotments of “asset-backed” money and interest-free capital loans would be made available from the 12 regional Federal Reserves through local banks to every citizen, subject to a one-time charge for risk insurance and services. Citizens could then invest in profitable companies seeking to grow by issuing new, full-dividend-payout, voting shares. Companies could eliminate their corporate income taxes by making dividends deductible at the corporate level and taxable when received at the personal level.
|Dr. Norman G. Kurland|
Lawyer-economist Norman Kurland, a co-founder of CESJ and the Coalition and pioneer of 100% leveraged Employee Stock Ownership Plans (ESOPs), explains that unlike people opposed to the Fed’s existence, “We have no interest in ending the Fed, or turning its functions over to the Treasury Department, as some are demanding. We want the Federal Reserve to become a democratically accountable and just engine of faster rates of non-inflationary, green energy, private-sector growth.”
“Today the Fed is backing our money supply with government debt, encouraging wealth-concentrating uses of credit for the rich and debt-enslaving uses for the non-rich. The Fed should enable all citizens to obtain capital credit repayable with the future profits from their investments. Every citizen, from the poorest to the richest, would gain equal access to future ownership opportunities for generating retirement assets and dividend incomes. This would make money power a basic right of citizenship, while promoting sustainable economic growth, expanded job creation and shared prosperity in a more just market system.”
The Coalition for Capital Homesteading advocates universal citizen ownership through the “Capital Homestead Act” The non-profit, all-volunteer Center for Economic and Social Justice, based in Arlington, VA was founded in1984 as an educational and research organization with an interfaith membership throughout the U.S. and other countries. For more information, visit http://www.cesj.org.