By Joe Bongiovanni
AFJM Legislative Action Committee
At the very start of the discussion about AFJM Resolution One, On the Establishment of a National Commission of Inquiry into the Monetary System of the United States of America, there were key questions: (1) Why call for a “National Monetary Commission” (NMC), and (2) Why adopt a “Resolution.” That first question stands answered in Part 1 of this article.
But the answer to both should be familiar to us all: the purpose is to overcome our national monetary ignorance. It is especially important to inform and to empower those whose consent is needed in order to do something about our monetary system. We hereby Resolve to do just that.
The slacking tide of our collective understanding about the national money system – of who owns and who controls it, how it works, who benefits from its operations, and how they benefit – has long escaped our grasp. This has been by design. Instead, that tide has been moving inexorably toward today’s historical and unacceptable ebb, where our socially and politically paralyzing monetary ignorance rules the day. The money system itself is broken and in need of replacement, yet today’s policymakers are frozen, busying themselves in their search for yesterday’s indicators of change in the direction of the financial economy…with or without COVID-19.
But today also, as never before, the exposed shoals of private-money’s obvious failure and illegitimacy are becoming evident far and wide. The societal suffering that derives from private-money’s unworkable, debt-based constructs are affecting the lives of just about the whole of the Ninety-Nine Percent of Americans, especially the wage-earning and wealth-creating working class. The historical era dominated by Bankers Money – over a century of mysteriously and somewhat secretly lending to us that which we already own, and then collecting compound interest from us on every loan in perpetuity – is past. The AFJM Resolution marks the beginning of a new day for public money in America.
Over 106 years ago, our monetarily ignorant Congress passed the Federal Reserve Act, which could, and should, have been more aptly named the Privatization of Our Money Act of 1913. The Bankers Money system was legitimized. Because of that tremendous fraud on our people, today, we at the Alliance For Just Money MUST provide the leadership to take our money system back FROM the private bankers – if only because we care to ensure that, as a nation, our people and our Planet Earth are prepared, monetarily-speaking, to survive the coming environmental, health, social, and state-political funding crises on our doorstep, along with that of the current pandemic.
The Resolution presents the reasons for taking that necessary, essential first step to reverse the vestiges of the private international bankers’ money system. This ‘first step’ is defined in our Resolution as a national study – an empowered National Commission of Inquiry – of the true nature of how this money system works today. It also addresses how we might replace this system with a constitutionally congruent system of Public Money creation, ownership, issuance, administration, and gain.
We MUST change now to a system where all new money is created by, and first used (issued) by, the Congress to achieve truly public purposes via budgeted spending which then remains in circulation to facilitate our commerce.
This initial public-money powered benefit is a benchmark of how our money MUST and will fulfill its true role in a modern monetary economy: the role of distributing national wealth created by the 99 Percent – as best we can and as much as possible – to that same 99 percent of Americans. Under the current system, where the 1% have a legal (though illegitimate) leash on the operations of our money system, our national wealth concentrates in the hands of that One Percent.
With these proposed reforms, OUR national money system will neutralize the ability of the financial elite to drive their own wealth and income concentrations, on an increasingly UNJUST scale, to the One Percent.
Our claim – our rationale for a JUST MONEY Change – should be obvious to everyone who is not in that privileged One Percent: the current system of private money creation cannot be tolerated in the JUST society that we seek. This Bankers’ Money System is the deeper root cause of the injustice and social imbalance that must end.
But FIRST, we’ll NEED a BRIDGE:
From Our Collective Money Ignorance to Its Understanding.
Please read the Alliance’s Resolution. Please understand it. Please question it in any way you care through our Blog. Please sign our Petition for advancing the Resolution’s key purpose – achieving a Congressionally-authorized National Monetary Commission. Please join us in this critical effort in any way you can to make the revolutionary change that is needed. We need to move from private to Public money. We need to so this NOW. Because it’s OUR money system, our common good.
For the Money System Common.