“If the American people ever allow private banks to control the issuance of their currency, banks and corporations will grow to deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson

What Jefferson warned about two centuries ago, has come to pass.

People seem unable to comprehend that money doesn’t exist in nature and somebody has to create money OUT OF THIN AIR.

This money, created out of thin air, must then be distributed into the society so an economy can function.

There are two ways money can be distributed into the society. It can be issued as interest bearing debt by private banks, resulting in great wealth accruing to the banker while placing a great burden on everyone else, including the nation. Or money can be issued, debt free, by the nation’s central government, imposing a burden on no one.

The U.S. Constitution specifically grants the power to create the nation’s money to our Federal Government, to congress. If congress had retained its constitutionally granted power to create the nation’s money, there would be no government debt, and, within the limits of inflation, our government would be free to provide national healthcare, infrastructure construction and repair, free education from child care to college degrees, low-cost housing as needed etc., all debt free.

Tragically, the money creation power in America has been turned over to private banks.

We now have a shrinking middle class, a growing poor and homeless class, and a billionaire class that increasingly owns everything – including the government itself. The United States is no longer a democracy. It is an oligarchy/plutocracy. Rule by the rich.

But there are two situations in which the billionaire class still allows congress to exercise its Constitutionally granted power to create money:

First, when the corruption of private banks and corporations results in the financial collapse of those institutions, congress is directed to permit the U.S. Federal Reserve Bank (the Fed) to create all money needed to bail them out. This happened under the Obama administration in 2008-9 when the Fed created over 20 trillion dollars out of thin air and gave it to the Wall Street banks to cover their losses from the fraudulent mortgages they had foisted on working Americans.

Second, each and every year in the “Defense” Authorization Act, legislators are ordered by their billionaire donors to create whatever money is needed to fund the Pentagon and the military/industrial/congressional complex. Now approaching a trillion dollars each year, this is not intended to defend America. In fact, it impoverishes Americans, making it more difficult for society to provide the domestic needs that actually enhance and protect citizen’s lives. The real purpose of the “Defense” Authorization Act is to provide an endless cash cow for the billionaire class – nothing more.

The Alliance For Just Money has three stated goals. Jefferson would have liked them:

Change the money system TO:

  • Require Congress to be the sole creator of all U.S. money debt-free;
  • End the privilege of commercial banks to create money.
  • Transfer all remaining operations of the Fed to the U.S. Treasury.