Representative Dennis Kucinich rolled with statements from the AFL-CIO president for renewed infrastructure and jobs to explain in two minutes how monetary reform accomplishes both goals. Monetary reform is accomplished through H.R. 2990, a bill Dennis introduced to Congress in 2011.
Monetary and credit reform can be understood with three simple areas of facts taught in basic economics:
- The US does not have a money supply; we have its Orwellian opposite as a debt supply. This is because the US leading banks won legal right through passage of the 1913 Federal Reserve Act to have private banks and the Fed create debt for what we use as money, and then charge the 99% for its use.
- The policy choice of a debt supply compounded with interest causes ever-increasing aggregate debt that can never be repaid. It can’t be repaid because this is what we use for money. The US national debt now pushing $16 trillion has a gross annual interest payment over $400 billion a year; ~$4,000 per US family of $50,000 annual income (if your household earns $100,000, then your gross annual interest payment is ~$8,000 every year).
- Monetary reform creates debt-free money that extinguishes the debt (details here), and allows government to become employer of last resort for infrastructure investment (hard and soft). This creates full-employment, optimal infrastructure, and falling prices because infrastructure historically creates more value to the economy than cost. Credit reform allows for public loans (interest directly pays for public goods/services) as another monetary tool for stable money supply (credit reform details here).
Given the King family civil trial verdict that the US government assassinated Dr. Martin Luther King for his stand against the 1%’s wars and avarice, and mountains of evidence this is how the 1% does business, Dennis Kucinich is a hero to the 99%. Perhaps in a new and coming political climate after the 1%’s arrests, Dennis will be in position to express leadership in politics.