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.
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| 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.
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| 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.
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