Could ” QE” and/or the “PLATINUM COIN” fix the error..
Could ” QE 4 The People” and/or the “PLATINUM COIN” fix the error of paying interest on our own money and change the course of our economy to a path for the common bettering of all mankind?
A cry for help.
” God (READ “Invisible Hand” if you wish) has given all mankind the ability to achieve to some degree “wealth and happiness”, Why would you not want that for yourselves and your children?”
Could we now have found the path?
Could ” QE” and/or the “PLATINUM COIN” be the way?
Could either or both release We The People from the bondage of compound interest?
Read excerpts from: www. washingtonpost.com/blogs/wonkblog/wp/2013/01/12/treasury-we-wont-mint-a-platinum-coin-to-sidestep-the-debt-ceiling/,
“The idea of minting a trillion-dollar platinum coin was first floated in May 2010, in the comment section of “The Center of the Universe,” a blog devoted to Modern Monetary Theory. The author was a lawyer writing under the pseudonym Beowulf. “Curiously enough Congress has already delegated to [Treasury] all the seignorage power authority it needs to mint a $1 trillion coin (even numismatic coins are legal tender at their face value and must be accepted by the Federal Reserve)…”
The platinum coin idea gained some powerful adherents during the debt-ceiling crisis of 2011, but it really developed traction following the 2012 fiscal cliff deal, as politicians and economics writers realized that the country would, indeed, be facing another debt-ceiling crisis in a matter of months. A Twitter campaign by Joe Weisenthal, of Business Insider, and Josh Barro, of Bloomberg View, forced it into the conversation, and subsequent endorsements by Rep. Jerry Nadler (D-NY), Nobel Prize-winning economist Paul Krugman and former U.S. Mint director Philip Diehl gave it further legitimacy.”, Washingtonpost.com/blogs/wonkblog/wp/2013/01/12/treasury-we-wont-mint-a-platinum-coin-to-sidestep-the-debt-ceiling/,
Please, with all due respect consider the following questions, since I am a professed fool,I beg for your due examination as to the validity of this opinion as well as improvement by way of any profound responses.
Great work on the “Trillion Dollar Platinum Coin”
Frederick Soddy would have been proud to stand with you. As in his “The Role of Money”
“THE ROLE OF MONEY ” -WHAT IT SHOULD BE, CONTRASTED WITH WHAT IT HAS BECOME By FREDERICK SODDY.
Soddy states, “Money now is the NOTHING you get for SOMETHING before you can get ANYTHING”
What if a quadrillion dollar coin were to be minted and placed as a deposit in the US Treasury account being designated as “The present total wealth of this sovereignty as of 2013″ This is the present amount (value) of the combined “goods and services of the social society known as the American people, a/k/a “We the People”
Money=nothing=something = anything=money.
A quadrillion dollar coin = all the goods and services of the sovereign nation.(SOMETHING).
A quadrillion dollar coin=what you can use to get anything.
Money is merely a way and means of distributing the wealth
(goods and services ) of the sovereignty.
This account is to be controlled by the Monetary Sovereignty by means of a Central Bank.
This Central Bank (CB) is to be the the sole and only source of currency issuance, and must control the quality and quantity of the sovereign currency.
The CB is the only source of distribution of the wealth of the sovereignty. As it is the sole guardian
of that wealth ,it alone must guarantee “all the “money” backed by the “goods and services” shall be redeemable for “any goods or services”.
The government of a monetary sovereign nation is a social business corporation. We are fortunate the the USA has been established ” to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…”
It is for this reason that We the People are willing to allow our government the right of taxation.
Taxation allows our government to APPROPRIATE part of the wealth of the social community in order to pursue its mandated goals.If the whole is $1 quadrillion , that is the amount that is the wealth of the whole community and that is the amount they are to receive when redemption is demanded, even the government should not be allowed to take away the right of each citizen that places their wealth in the trust (storage) and “good faith” of its government , for their wealth “shall be redeemed”.
“How can a government use a taxation “…to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…”” at the same time NOT APPROPRIATE any of the wealth of the social community while at the same time control the quality and quantity of its currency?
USE COMPOUND INTEREST ON CREDIT EXPANSION AS THE SOURCE OF RAISING REVENUE AS TAXATION.
What if :
The Federal Reserve Bank (almost all agree can make unlimited purchases of assets)
were to purchase ALL residential and commercial real estate loans outstanding and rather than
continue the stupid practice of being guarantor to actually become the lender of these and future loans.
Correct QE3 (Infinity) stop bailing out the foxes in the hen house, stop foreclosures (85% of which the homeowners wish to stay and pay), start curing the crisis in housing, create millions of jobs.
Immediately , modify all loans at 2% for 36 years.What would that do for the “people” , put an end to the crisis and fix what went wrong ?
Force the banks to comply by doing what the Fed failed to do in 2001-demand 100% reserves and 100% capital requirements..
How great would it be if the banks needed $200 trillion to be at 100% reserve- 100% liquidity ?
At 2% for 36 years that would produce $11 trillion a year in “RAISED REVENUE INSTEAD OF TAXES”.
“The Wealth of a Nation is in How it Redistributes That Wealth” by justaluckyfool.
Excerpts contain quotes by Steve Keen, Michael Hudson, and others but most important
theory of Frederick Soddy “The Role of Money. 1926,1933″.
As Soddy thought, “A Monetary Sovereignty must be the sole issuer of its currency”
The currency is a representation of all the goods and services of that Sovereignty and that currency be it paper, metal or whatever form of transmission is used for the system of distribution and or redistribution.
A reply received:
Q..To immediately , modify all loans at 2% for 36 years.What would that do for the “people”?
Q.Your plan does nothing for non-debtors except perhaps indirectly thus it is not politically feasible…” ***
First, justaluckyfool must thank you for your challenge because “only after due examination” should a concept be accepted.
ANS.. If all the loans on land and improved land value were to be made by the Monetary Sovereignty instead of simply guaranteed that the loans would be backed by 100% currency , it would only change the direction of who would receive the benefits of the action-Instead of “private for profit banks ( PFPB) the revenue raised would go to the US Treasury. Let’s say for example for a sum of $36 trillion (makes the math easy ) at 2% for 36 years would produce a “revenue, or income in place of an income tax of $2 trillion per year.
How good is that for all the people?
For the individual homeowners, it makes their homes affordable.A home with a mortgage for $120,000 would have a monthly payment of $556 per month and since the mortgage would be assumable it would guarantee the remainder price value of the residence at whatever $556 per month can exchange for “credit,goods and services.”. This would with the intended consequence that they would be paying INTEREST instead of income taxes!
Plus the added benefit that they will gain value as the price of the home may increase because the assumable mortgage with its fixed rate will allow the homeowner to capture that gain, while at the same time the governing people will receive double, yes, double the amount of any asset that returns 2% for 36 years..
Or what if, this small move which would produce $2 trillion per year revenue (since all income to the Fed Reserve shall go to the US Treasury) , how about then we drop FICA.
What would that do , (Ask Dr. Wray , Warren Mosler? )
*Lower real estate (commercial buildings) cost= lower production cost.
*Lower tax with holdings = raise in pay.
*Lower cost of wages (No corp FICA co-pay)= increase in profit.
EQUALS : A SUM TOTAL OF MASSIVE JOBS INCREASE WITH PRICE STABILITY INTACT AND INFLATION CONTROL.
I am just a fool in search of profound answers.
Please, anyone with a voice that is heard, please “after due examination”
promote that which you find to be of a benefit to all mankind.
If I , a fool, who has but only for such a very short time found from “due examination”
articles from Steve Keen,William Black, Michael Hudson, L Randell Wray, Warren Mosler and put together an opinion, added to that some of what Frederick Soddy wrote in “The Role Of Money””Virtual Wealth”, can we together discover the path to prosperity?
CHALLENGE, IMPROVE , CLARIFY::
*A Monetary Sovereignty can issue its currency in unlimited amounts, any restraints would be self imposed.
*A Monetary Sovereignty must be the only source of issuance of its currency.
*A Monetary Sovereignty must use that currency as a system of distribution of its wealth.
*A Monetary Sovereignty must “by the good faith and credit of its people”
guarantees that no matter what physical form its currency is
it is redeemable in “goods and services” by the Sovereign Nation”
*A Monetary Sovereignty must have in place ways and means to protect the quality and quantity of its currency.
HISTORY AWAITS YOUR PROFOUND ‘DUE EXAMINATION’.
***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha