proposed Money-Supply Act of 2009

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presidentbyamendment's picture
presidentbyamendment
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proposed Money-Supply Act of 2009

Money-Supply Act of 2009

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

( 12 USC 263 (d) )
The elasticity of the currency provided by the Federal Reserve Banks shall be
limited to variations in bank liquidity. Any operations by Federal Reserve Banks
which increase their capital funding arbitrarily are unlawful and void.

( 12 USC 321 (f) )
Monetization actions required for servicing the national debt may be entered
as credits to the accounts of the Treasury of the United States of America at
Federal Reserve Banks by the Secretary. Any such action shall be witnessed
by the Comptroller of the Currency, and immediately reported to Congress.
Any other increase in the capital monetary base of the currency of the United
States of America shall require an act of Congress.

Rick Hohensee
[email protected]
presidentbyamendment.com

 

presidentbyamendment's picture
presidentbyamendment
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Re: proposed Money-Supply Act of 2009

I handed copies of the above bill to Ron Paul and several other Congressmen this evening.

RH

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LogansRun
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Re: proposed Money-Supply Act of 2009

What is your layman's interpretation of this bill? 

presidentbyamendment's picture
presidentbyamendment
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Re: proposed Money-Supply Act of 2009

It takes the Fed's ability to print itself money away. A bank's capital is its property.

The supply of money is not the banks property. When the Fed prints money, it should

go in the account and possession of the US Treasury. The second paragraph is so that

if the USA is forced to monetize its debt, it can do so, but only if forced to do so, and

then it's not a double whammy of a monetization and a new debt to a private banking

group, but it's still a monetization. If this passed tommorow, the Fed's program to

buy mortgage backed paper is over.

The Fed was not created to be able to print itself money. The "elastic currency" the

Federal Reserve Act talks about is liquidity, bank float, not capital money.

The FOMC's webpage says the Fed was created to implement monetary policy.

I don't see anything about creating money in the 1913 act. They were created to

provide flexibility with existing reserves and liquidity, i.e. interest rates and

reserve limits.

Consider how pernicious it is for banks to be able to print themselves money. About

like Louis XVI's France, etc. etc.

The bill closes one door to hyperinflation, but there's still the issue of the Treasury

being forced into it by the credit situation. Consider the terror he must feel for Alan

Greenspan to say that higher taxes are essential (which, given our feckless mainstream

media, was only reported to my knowledge in a free paper in D.C.). Greenspan has thus contradicted

his entire career. He's also correct for the first time. Volker is correct also. Re-instate Glass-Steagall.

 

I have now handed the bill to Reps. Paul, Brown, Kissell, Space, Meek, Hank Johnson, Snyder,

Cuellar, and counting. Please write your congresscritters.

Rick Hohensee, lay homeless author of the bill

 

 

 

DrKrbyLuv's picture
DrKrbyLuv
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Re: proposed Money-Supply Act of 2009

Why not simply fire the Fed?

 

presidentbyamendment's picture
presidentbyamendment
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Re: proposed Money-Supply Act of 2009

How is that simpler than my 2-paragraph bill? It isn't. Not by orders of magnitude.

And by the way, US representative Virginia Foxx, Republican, North Carolina,

indicated very strongly to me in person Thursday that she might introduce the bill in question.

Hopefully she'll also mention it to Senator Bob Corker of Tennessee, who is working on

financial regulations with Sen. Mark Warner of Va. I'm also told that NJ Governor Jon Corzine

will be getting a copy of the bill this weekend.

 

Back to simplicity. HR-1207 is academic hand-waving. Ron Paul is the Ralph Nader of the right.

He's not really about DOING anything. If he is, he'll support my bill, and as a stand-alone, BTW.

He has a copy also. Hasn't made a peep, has he?

 

De-Fang the Fed.

Rick Hohensee

presidentbyamendment's picture
presidentbyamendment
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Posts: 64
Re: proposed Money-Supply Act of 2009

And by the way, nobody is anywhere near firing the Fed. "End The Fed" is a religious chant.

HR-1207 is what I call slug religion.

There was a Far Side cartoon of a bunch of slugs arrayed in ranks and files before a salt shaker all

chanting EENIE OONIE WANNA    EENIE OONIE WANNA   before their mighty god. That's what

HR-1207 is. Slug religion. My bill simply empties the salt, in two paragraphs, without the

toothless "End The Fed   End The Fed" religious chanting.

Audit? The entire housing market is bogus, and that's what supplanted our industrial base in the labor market,

and people are talking audits? When we can see from PeakProsperity.com what 4h1 at

federalreserve.com shows? Over a trillion in funny-money, and no sign that Berpankicky can put

down his funny-money pipe?

No, I'm not into slug religion.

The Fed has about half a Trillion to go in their mortgage backed paper purchase. If that stops,

perhaps Barry Soetoro can figure out how to do the same thing with real money, or perhaps

people will suddenly get a whiff of reality.

When the Fed prints money, there is no reason it goes to banks. The Fed was created to be

a help to banks, not Almightly EENIE OONIE WANNA. Give the Fed a monopoly on money, and

you get Monopoly money.

 

Rick Hohensee

presidentbyamendment.com

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