Own or be Owned ... Every Citizen an Owner!
“Green Money, Green Growth: A New Role for the Federal Reserve.”
Washington, D.C., April 6, 2016 — Citizen-activists from around the country will rally in front of the Federal Reserve Building in Washington, D.C. to deliver their “Declaration of Monetary Justice” to Fed Chair Janet Yellen. The protest rally, scheduled for Friday, April 22, 2016, from 10:00 AM to 1:30 PM, will focus on“Green Money, Green Growth: A New Role for the Federal Reserve.”
Representatives of the Coalition for Capital Homesteading and Center for Economic and Social Justice (CESJ) and other citizens will sign and issue a “Declaration of Monetary Justice.” This calls for the Fed’s Board of Governors, the Congress and White House to enact monetary reforms for spurring sustainable private sector growth, and universalizing citizen access to future capital ownership opportunities.
The rally’s organizers argue that the economic foundations of America’s political democracy, and the economic independence of the majority of citizens and families, are threatened by what most Americans view as a Wall Street-biased, overly complex and corruption-prone money and credit system. They assert that the Fed’s Keynesian policies have helped concentrate money power and capital ownership in the top 0.1% and their government allies.
The Declaration instructs the Federal Reserve and local commercial banks to use the Fed’s existing discount powers under Section 13, paragraph 2 of the Federal Reserve Act. This would democratize a now-untapped source for financing non-inflationary private sector growth, and stop creating inflationary debt-backed money for government spending, speculation and other non-productive purposes.
Based on projected rates of new capital formation in the private and public sectors, equal annual allotments of “asset-backed” money and interest-free capital loans would be made available from the 12 regional Federal Reserves through local banks to every citizen, subject to a one-time charge for risk insurance and services. Citizens could then invest in profitable companies seeking to grow by issuing new, full-dividend-payout, voting shares. Companies could eliminate their corporate income taxes by making dividends deductible at the corporate level and taxable when received at the personal level.
Lawyer-economist Norman Kurland, a co-founder of CESJ and the Coalition and pioneer of 100% leveraged Employee Stock Ownership Plans (ESOPs), explains that unlike people opposed to the Fed’s existence, “We have no interest in ending the Fed, or turning its functions over to the Treasury Department, as some are demanding. We want the Federal Reserve to become a democratically accountable and just engine of faster rates of non-inflationary, green energy, private-sector growth.”
“Today the Fed is backing our money supply with government debt, encouraging wealth-concentrating uses of credit for the rich and debt-enslaving uses for the non-rich. The Fed should enable all citizens to obtain capital credit repayable with the future profits from their investments. Every citizen, from the poorest to the richest, would gain equal access to future ownership opportunities for generating retirement assets and dividend incomes. This would make money power a basic right of citizenship, while promoting sustainable economic growth, expanded job creation and shared prosperity in a more just market system.”
The Coalition for Capital Homesteading advocates universal citizen ownership through the “Capital Homestead Act.” The non-profit, all-volunteer Center for Economic and Social Justice, based in Arlington, VA was founded in1984 as an educational and research organization with an interfaith membership throughout the U.S. and other countries. For more information, visit http://www.cesj.org.
To present how the Federal Reserve, without taxpayer money or adding to Federal debt, could create asset-backed money and interest-free, productive credit, as part of a new national strategy for building a “green growth” economy, eliminating government deficits, and creating a nation of capital owners.
To show how artificial barriers in our tax and monetary systems could be lifted to create equal ownership opportunities to future capital assets for every citizen.
To chart a step-by-step strategy for creating Capital Homesteading models at the community level, passing national legislation (the Capital Homestead Act) and developing global applications to provide every citizen of the world the means to become an owner of income-producing wealth.
America and the world community face a continuing collapse of the money and credit system not seen since the Great Depression. Flawed policies of central banks like the Federal Reserve, which supported speculation in the stock market over production of real goods and services, were a root cause of this crisis.
The effects of the global financial crisis are evidenced by inadequate capital credit for businesses of all sizes, and growing unemployment, poverty, and hopelessness among potentially productive Americans, and citizens of other countries. Students are graduating with mountainous debt and shrinking prospects for a decent job to repay their loans.
Meanwhile, the Fed continues to ignore the obvious differences between productive uses of credit and non-productive uses of credit, pouring money into mounting government deficits and Wall Street bailouts, while enslaving future generations with mounting debt.
America can wait no longer. Now is the time for a comprehensive policy framework that would reform the financial system, democratize governance of the Fed, unify the nation and light a new path for the world.
Taking inspiration from President Abraham Lincoln, the great Unifier and Emancipator, the coalition will call on President Barack Obama to introduce a new direction for Federal Reserve policy — a 21stcentury counterpart to Lincoln’s Homestead Act. Along with tax and other reforms, the proposed “Capital Homestead Act” would channel the Fed’s money creation powers to grow our private sector economy, and economically emancipate every man, woman and child in America through a direct and growing capital ownership stake in the new technologies and energy systems that America will need to compete in the global economy.
The key is the democratization of access to productive capital credit to grow the economy and create new owners of new income-producing wealth. This strategy would employ the Fed’s existing powers under Section 13 of the Federal Reserve Act and make the Fed’s money power accessible directly to every American.
By reorganizing the Federal Reserve System and its twelve regional banks into a “fourth branch of government,” every citizen can become a shareholder of this basic institution of money creation. “We the People” could hold the Fed accountable, geared toward sustainable private sector growth, and truly “of, for and by” the people. No longer could the Fed merely serve the special interests of a financial elite or become the tool of the Federal government for financing war and deficit spending.
Join us at the "Rally for Monetary Justice" on April 22, 2016.
Invite others to the Rally at the Fed.
Read about and sign the petition to adopt the “Declaration of Monetary Justice”. Then send a copy of the Declaration to your local, state and U.S. congressional representatives. Encourage others to do the same.
Get organizations and individuals to become members of the Coalition for Capital Homesteading. Click here to add your name to those who join with others supporting the Declaration of Monetary Justice and the Core Principles of the Coalition for Capital Homesteading.
Spread the word through Facebook and Twitter.
Work with the Coalition for Capital Homesteading to make every citizen an owner and pass the Capital Homestead Act!