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

[Norman Kurland]

Robert,

You have never explained what in my thinking about money and credit is 
illogical or would stifle the growth of a just market economy that would 
lift up all have-nots, without violating property rights of the current 
elite controlling the global economy.  The Kelsonian paradigm is a new 
general theory.  It responds to all the problems you are legitimately 
concerned with . . . and much more.  Please read and point out what's 
wrong with this article that was published in the Journal of 
Socio-Economics, a very respectable academic journal willing to explore 
new thought on changing the social order. Try critiquing A New Look at 
Prices and Money: The Kelsonian Binary Model for Achieving Rapid Growth 
Without Inflation. <http://www.cesj.org/binaryeconomics/price-money.html>
I appreciate that you see something good in binary economics but regret 
that your understanding is superficial.  Prove me otherwise.

Own or Be Owned,
Norm

robert searle wrote:

> Norm seem to be mentally trapped by backward outdated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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