[GJM] [IndianJustice] Re: Transfrming usuriuos finance sector for assisting the debt-hit farmers

[robert searle]

 Norm seem to be mentally trapped by backward outdated
ideas about money. One thing I am convinced about when
the time comes to go public on Transfinancial
Economics is that I will make sure I will target the
younger generation (notably university grads, and
undergrads who probably know next to nothing about our
subject), and avoid seasoned "monetary reformers" like
those on this site who are stuck in the rut concerning
the nature, and purpose of capital.

Binary Economics is not manna from heaven. It is a
step in the right direction but without TFE behind it
the process for fairer wealth distribution, and
increased productive activity via automation will be
painfully difficult, and slow.



R.Searle


--- Muhammad Mukhtar Alam <mukhtaralam2000 at yahoo.com>
wrote:

> Dear Norman,
>    
>   It is great to have your response to my
> submission. Stephen Zarlenga www.monetary.org is
> also organising a discussion for exposing the powers
> that control Federal Reserve .It is all good winds
> blowing across the globe for transforming the finace
> sector.
>    
>   Dr.Muhammad Mukhtar Alam
>   New Delhi
> 
> Norman Kurland <thirdway at cesj.org> wrote:
>           I agree that the money systems of the
> world should prohibit usury.  On the other hand,
> there is a fundamental economic and moral
> distinction between money created for productive
> purposes (i.e., money and credit linked to the
> production of marketable goods and services) and
> money created for non-productive or even destructive
> purposes.  Common sense tells us that society should
> favor the former and discourage the latter.  The
> first is based on a stable currency and reflects
> real assets and inventories.  The second has nothing
> behind it and is therefore inherently inflationary
> (and therefore as Lenin understood was a hidden way
> to undermine a market economy; see Keynes in The
> Economic Consequences of the Peace.)  The following
> Declaration on Monetary Justice is aimed at getting
> the good kind of money power and interest-free
> productive credit to the people through any nation's
> central bank.  Nothing less will take away the
> unjustified monopoly over the creation of
>  money and credit now in the hands of a tiny elite
> of financial controllers of the world's economies. 
> Those of us in the American Revolutionary Party
> welcome fellow revolutionary thinkers to join in our
> Global Justice Movement.
> 
>             The American Revolutionary Party 
> DECLARATION OF MONETARY JUSTICE 
>     WHEREAS, the United States economy is today
> plagued by a growing gap between the rich and the
> non-rich; by continuing erosion of income security
> and quality of family life; by debilitating waste
> and underemployment of human talent; by inadequate
> growth alongside shackled technological potential;
> by growing dependency on foreign energy supplies; by
> record-level trade and governmental budget deficits;
> and by an estimated $74 trillion Social Security and
> Medicare revenue shortfall added to historically
> high Federal debt being imposed on young Americans
> and generations not yet born; and
>   WHEREAS, the sustainable growth and energy
> self-sufficiency of the American economy in the
> Twenty-First Century will require trillions of
> dollars each year of new and improved,
> life-enhancing technology, rentable space and
> physical infrastructure; and
>   WHEREAS, the Joint Economic Committee of Congress,
> as early as 1977, has declared broad-based ownership
> of new capital as an effective strategy for raising
> national productivity, and President George W. Bush
> has reiterated this policy in his call for an
> "ownership society", and
>   WHEREAS, the national goal of creating an
> ownership society has been seriously frustrated by
> the systemic concentration of economic power and
> exclusionary access to future capital credit to the
> advantage of the wealthiest Americans; and
>   WHEREAS, the Federal Reserve System has stifled
> the growth of America's productive capacity through
> its monetary policy, by monetizing public sector
> growth and mounting Federal debt; by favoring Wall
> Street speculators over Main Street commercial
> bankers; by shortchanging the capital credit needs
> of entrepreneurs, inventors, farmers and workers; by
> increasing the dependency of families by burdening
> them with usurious consumer credit; and by
> perpetuating unjust capital credit and ownership
> barriers between rich Americans and those without
> savings; and
>   WHEREAS, there is a fundamental difference between
> asset-backed credit for productive uses and
> debt-backed credit for non-productive uses or
> consumption, the first being critical for
> stimulating private sector investment, savings and
> the supply of new marketable wealth, and the second
> being used to give people more inflated dollars to
> chase the same supply of existing wealth; and
>   WHEREAS, the Federal Reserve Board is now
> empowered under Section 13 of the Federal Reserve
> Act to reform monetary policy to discourage
> non-productive and speculative uses of credit, to
> encourage accelerated rates of private sector
> growth, and to promote widespread individual access
> to productive credit as a fundamental right of
> citizenship;
>   NOW, THEREFORE, BE IT RESOLVED, that the Congress
> amend the Federal Reserve Act to require the Federal
> Reserve Board to stop monetizing government debt
> through its buying and selling of U.S. Treasury
> securities, and to begin re-activating its discount
> mechanism to encourage private sector growth linked
> to expanded ownership opportunities for all
> Americans.
>   TO THIS END, we hereby petition the Federal
> Reserve Board to adopt a two-tiered money-creation
> and credit policy that sharply distinguishes between
> ownership-expanding productive capital credit, and
> ownership-concentrating and non-productive uses of
> credit. The upper tier, reflecting the higher market
> costs of borrowing money from existing domestic and
> foreign savings pools and existing assets, should
> continue to be maintained as a source of market-rate
> credit to public-sector borrowers, consumers,
> speculators, and for all other non-productive
> purposes. The Federal Reserve discount rate for the
> lower tier should be reduced to no higher than 0.5
> percent, to cover the Fed's cost of administering
> the linkage between growth in the overall money
> supply with ownership-broadening, non-inflationary
> productive growth in the U.S. economy.
>   This new reservoir of Federal Reserve monetized
> credit should be reserved exclusively for commercial
> bank members of the Federal Reserve System to the
> extent they in turn make available in equal periodic
> allotments to every citizen through "Capital
> Homestead Accounts" (Special IRAs) direct access to
> capital credit at reasonable service charges and
> risk premiums, with prime rates set by market forces
> above the 0.5% cost of money to the member banks.
> Such expanded bank credit should not be subsidized
> by the taxpayers and should be backed and
> collateralized by widely-owned private sector assets
> and insured against the risk of default by
> commercial capital credit insurers and reinsurers.
>   Such ownership-broadening capital credit borrowed
> through local banks at the lower tier rates could be
> invested in "qualified" securities such as newly
> issued full-dividend payout, full voting shares in a
> company for which a member of the citizen’s
> household works; companies in which the citizen’s
> household has a monthly billing account; for-profit
> Community Investment Corporations organized for
> large-scale local land and infrastructural
> development; Employee Stock Ownership Plans;
> production and marketing cooperatives and
> partnerships; family-owned and -operated businesses
> and farms; and mature companies with a history of
> solid earnings; and
>   BE IT FURTHER RESOLVED, that a copy of this
> Declaration of Monetary Justice be sent to the
> President and to each member of Congress and the
> Board of Governors of the Federal Reserve System.
>   Adopted on April 15, 2005 at the founding ceremony
> at the Federal Reserve Building in Washington, D.C.
> by the Founders of The American Revolutionary Party
> and ratified by other signatories to this
> Declaration.
> 
>       
> 
> 
> Those of you who agree with this statement are
> welcome to join us in next April's demonstration at
> the Federal Reserve System, the modern temple of
> high priests who keep the poor and propertyless
> multitudes of the world in a tight grip.  Rather
> than destroy that central bank, armed with
> non-violent people power, we can turn the temple
> into a fountain of bottom-up monetary justice.
> 
> Money power to the people,
> Norm Kurland
> 
> Muhammad Mukhtar Alam wrote:
>     Joining in this discussion I would like to
> support the position o Ashok calling for addressing
> the root cause of indebtedness . Invaribly it is the
> usurious debts that are driving the farmers to
> suicide as they do not see a way out for a dignifed
> life .I would like to present the following text
> that has been already circulated for further
> strengthening and multiplying the voices for
> destroying the usurious finance sector that is nto
> only responsible for continuations of ecologically
> hostile development processes but it is also
> responsible for death and dispossession of many
> farmers, women, workers in the unorganised sector
> and so on..
>    
>   ============================
>    
>   
>   
>   
>   Transforming World Bank, IMF and WTO for social
> equity, ecological safety and distributive justice
> for renewable resource based livelihoods  
>   Dr. Muhammad Mukhtar Alam
> 
=== message truncated ===>
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