Dear Friends,
As you know the states are in terrible financial condition, cutting back
on necessary programs, laying off people and raising taxes. This has
been the case for several years, and thanks to the banking crisis has
reached terrible levels. This is the time - an opportunity to push for
real reform, such as the American Monetary Act. But instead, suggestions
have recently been circulated on the internet that the states go into
the banking business to solve or lessen this problem. The American
Monetary Institute concludes that these suggestions, though they may be
for well meaning purposes, are bad ideas for a lot of reasons as
described at the link below. People involved in real monetary reform
understand that the private creation of money through what amounts to a
fractional reserve accounting system is at the heart of the monetary
problem which has plagued humanity and has now brought down the world
economy. That vicious system by which money is created in our society
must be reformed, not imitated. But there is no reform whatever in the
proposal for states to enter banking.
It would also distract lawmakers from facing the facts about the
national reforms that are needed to solve this crisis and institute a
money system grounded in justice, which will operate to promote the
general welfare. It would even sanction the present fractional reserve
banking system, the source of the problem. That system requires
structural reform, not endorsements! We'll soon have a blog at the end
of this article below, so that you may record and post your reactions to
Mr. Walton's research.
Please see and comment: http://www.monetary.org/moneyscenefive.html
Sincerely,
Stephen Zarlenga
Director, American Monetary Institute
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