Lastest Update: 30th January 2010
In the next few months, legislation will be introduced into the US Congress proposing a reform to the banking system along the lines of that promoted on this site – in short, to prevent the private creation of money and to start creating money publicly for the benefit of the economy, society and nation. This is without doubt the greatest ever advance in the campaign for reform of the monetary system.
14 Years in the Making
This legislation is the result of 14 years of hard work by Stephen Zarlenga, director of the American Monetary Institute. Zarlenga has researched around 3000 years of monetary history to find out what has really worked, leading him to conclude that the only real solution is publicly-created, debt-free money (get the book ‘Lost Science of Money’). It is only thanks to the fact that Stephen has spent the last couple of decades raising awareness, educating on this system, and lobbying politicians, that we now have legislation in Congress. The Representative who will actually be proposing this legislation was originally approached by Zarlenga around 5 years ago, leading to this major advance in the movement towards a real reform of the monetary system.
What Happens Now?
The legislation is currently with the bill writers (a legal team within the machinery of US congress). They are drafting the legal version of the bill. I have been told that the bill writers have been faithful to the original proposal (and made no attempt to water it down), but that it still requires a few changes before it is ‘loophole free’.
Once the text of the bill is ready, it will be formally filed with Congress and given a ‘HR’ number. This is when the publicity really begins.
190 Co-Sponsors Needed
In order for the bill to progress, we need to get 190 Representatives to sponsor the bill. The only way to do this is with grass-roots lobbying, and with the help of a few Congresspeople who already understand these issues and appreciate the importance of this reform.
Consequently, there will be a lot of education and campaigning required. This is probably also when the mis-information campaign will start – journalists with minimal understanding of the economy will shout about the risks of inflation (inflation would actually be less under the reform), and vested financial interests will bring out their lobbyists. Considering that the US health care industry has employed 6 lobbyists for every 1 member of Congress to oppose Obama’s health care reform, it should be clear that we will face similar opposition from the retail banking sector. (Interestingly though, the reform will help asset management firms, pension and mutual funds, so these institutions could become allies once they understand the reform).
If you are a US citizen, your help is needed, even if you can only spare time to write to your Representative and Senator. Please contact me to find out how you can get involved.
Voting in the House of Representatives
Once the bill has secured 190 co-sponsors, the bill can then progress to a vote in the House of Representatives (the UK equivalent is the House of Commons). We don’t want this to be a close call, so it will be essential that all US Representatives are educated on the necessity of this reform and the benefits it will bring for America (and in time, the rest of the world) to ensure that there is a decent majority in favour.
Voting in the Senate
When the House of Representatives vote in favour of the reform bill, the bill will pass to the Senate for a vote. The same lobbying campaign that was used on Representatives will now need to be repeated with Senators. The Senate will either request amendments, or pass the bill. (The UK equivalent of the Senate is the House of Lords).
Success
When the bill is passed, one of the most poorly designed and economically destructive monetary systems will be replaced with a monetary system that actually helps the economy, helps capitalism, and helps society. Many people will only appreciate the significance of this moment in the years that follow – in the same way that you only notice pollution in the air when you step out of a deep natural cave, we will only appreciate the fact that this current system is toxic when we step into the post-reform economy.
Hard Work Ahead
We are closer than we’ve ever been, but we shouldn’t under-estimate the sheer size of the challenge ahead. Millions of pounds of lobbying money will be spent on opposing this reform, and the mainstream US media is hardly known for its quality or balanced reporting. It will need a massive on-the-ground campaign with hundreds of thousands of ordinary Americans campaigning for this, and be prepared for the inaccurate information that is put out about this reform. Getting a society as polarized as the US to wake up to a common sense reform that benefits 99% of the population will be difficult, but not impossible. I’ve offered my time and expertise to the American campaign team, but it needs more people. Again, if you are a US citizen, please contact me. Even if you can’t spare the time yourself, you can tell friends and family in the US and let them know what they need to do to protect their own interests.