Monday, October 3, 2011


Rep. Dennis Kucinich (D-Ohio) on Sept. 21 introduced the National Emergency Employment Defense Act (NEED), H.R. 2990, which would remove the power of creating money from the privately owned and controlled Federal Reserve System and restore to Congress to constitutionally create money interest-free. The bill closely reflects the American Monetary Act (AMA), model legislation developed by the American Monetary Institute, which is headed by noted money historian Steve Zarlenga.

Kucinich has persisted in pursuing legislation to make the historic change of converting to interest-free government money spent into circulation—as the Constitution mandates—instead of being borrowed into existence from the private banking system at ruinous interest.

H.R. 2990 “would . . . reassert congressional sovereignty and regain control of monetary policy from private banks,” according to Kucinich, and the bill would “address our structural economic problems directly by creating over 7 million jobs,” when “the nation struggles with long-term unemployment at rates not seen in generations, and as infrastructure crumbles across the nation.”

Fractional-reserve lending—money lent beyond what banks have in their reserves, using a multiplier effect—would be eliminated, and the nation’s endangered infrastructure would undergo an unprecedented overhaul to account for much of the proposed job and money creation.

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