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an historic development has occurred -- monetary transparency act introduced by Congressman Kucinich
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(see, 'this is it!', below): an historic development has occurred -- monetary transparency act by Congressman Kucinich (story after the first two
posts that caught my eye)
(caught my attention) Illinois Governor Suspends All State Business With Bank Of America!, at(please make all comments at the following url): www.abovetopsecret.com...
&
will our savings be taxed 6%? ----->From the FED: Monetary Policy in a Zero-Interest-Rate Economy at (please make all comments at the following url)
www.abovetopsecret.com...
--------------------
Dear Friends of the American Monetary Institute,
(Please forward)
An historic development has occurred.
Congressman Dennis Kucinich of Ohio, U.S. Presidential Candidate in 2004 and 2008,
has introduced legislation requiring disclosure of the kind of information that would have made it much harder for the financiers to create the financial crisis in the first place!
This is the most courageous monetary action taken by any congressman or senator in decades, thrusting Congressman Kucinich to the fore in leadership to solve our monetary crisis. View his victory speech conclusion at our website to understand more will follow!
Please ask your congressman and Senators to read it and support it in the 2009 Session. And do let Congressman Kucinich know how much you appreciate his action at www.kucinich.us
The bill is also at www.monetary.org...
And here is the text of H.R. 7260
the Transparency in the Creation of Wealth Act of 2008
110th CONGRESS
2d Session H. R. 7260
To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
October 3, 2008
Mr. KUCINICH introduced the following bill; which was referred to the Committee on Financial Services
--------------------------------------------------------------------------------
A BILL
To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Transparency in the Creation of Wealth Act of 2008'.
SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY.
The Board of Governors of the Federal Reserve System shall devise, calculate and publish a replacement for the discontinued M3 monetary statistic, in order to provide a transparent estimate of the nation's total money supply.
SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE UNITED STATES.
The Board of Governors of the Federal Reserve System shall tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile, including a further examination of the uppermost 1% sections by 0.1% each.
SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO CONGRESS.
The Board of Governors of the Federal Reserve System shall calculate and report to the Congress the total annual seigniorage interest income received by financial institutions as a result of their being allowed to create money in the form of the credit they extend above their own cash deposits or reserves prior to extending the loans.
SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY.
The Board of Governors of the Federal Reserve System shall calculate and publish semi-annually the loss or gain in economic output due to the deviation of the previous year's actual unemployment rate from the 4% level required by the Humphrey Hawkins Full Employment and Balanced Growth Act of 1978 (15 U.S.C. 3101 et seq.), including such loss or gain, in income by quintile.
SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING DIRECTED .
(a) In General- The Board of Governors of the Federal Reserve System shall tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into each of the following:
(1) Public infrastructure.
(2) Primary residences.
(3) Secondary residences.
(4) Stocks, bonds, commodities.
(5) Foreign currency and derivatives trading.
(6) Mergers and acquisitions.
(7) Education.
(8) Manufacturing infrastructure.
(9) Military expenditures.
(b) Additional Analysis- Each category referred to in a paragraph in subsection (a) shall be further analyzed by type, gender, race, wealth status, and location, if applicable.
SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT.
The Board of Governors of the Federal Reserve System shall develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures.
SEC. 8. FOREIGN DEBT CALCULATION.
The Board of Governors of the Federal Reserve System shall make projections, in 10 year increments, of the net foreign debt, and estimate and report on the location of Federal reserve notes, by country and type of holder; including an estimate of lost notes.
SEC. 9. GAO AUDIT REQUIREMENT.
Notwithstanding the requirements, limitations, and exceptions contained in section 714 of title 31, United States Code, the Comptroller General shall conduct a full audit of the Federal reserve system in every year before a Presidential election year.
SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES.
The Board of Governors of the Federal Reserve System shall undertake the Survey of Consumer Finances every year.
SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH.
The Board of Governors of the Federal Reserve System shall publish a summary of total credit market debt, quarterly and annually.
SEC. 12. PUBLIC NOTIFICATION REQUIREMENT.
The Board of Governors of the Federal Reserve System shall release--
(1) the statistics required to be compiled by this Act at a quarterly news conference; and
(2) the survey of consumer finances and the total credit market debt report at an annual news conference.
END
[edit on 9-12-2008 by counterterrorist]
(caught my attention) Illinois Governor Suspends All State Business With Bank Of America!, at(please make all comments at the following url): www.abovetopsecret.com...
In a stinging note of support for the laid off workers that have taken up residency in Chicago's Republic Windows & Doors factory, the Governor of Illinois has suspended business with Bank of America until it reissues credit to the shuttered company. orig story here
&
will our savings be taxed 6%? ----->From the FED: Monetary Policy in a Zero-Interest-Rate Economy at (please make all comments at the following url)
www.abovetopsecret.com...
, orig source
The strategy for eliminating the zero bound, therefore, is to make money pay a negative nominal interest rate by imposing some type of “carry tax” on currency and deposits. A tax on money holdings of 0.5 percent per month, for example, would mean that money, in effect, pays a negative nominal interest rate of roughly –6 percent. Market interest rates would then be free to fall into negative territory, and the Fed could continue to cut short term rates, with –6 percent as the new lower bound.
--------------------
Dear Friends of the American Monetary Institute,
(Please forward)
An historic development has occurred.
Congressman Dennis Kucinich of Ohio, U.S. Presidential Candidate in 2004 and 2008,
has introduced legislation requiring disclosure of the kind of information that would have made it much harder for the financiers to create the financial crisis in the first place!
This is the most courageous monetary action taken by any congressman or senator in decades, thrusting Congressman Kucinich to the fore in leadership to solve our monetary crisis. View his victory speech conclusion at our website to understand more will follow!
Please ask your congressman and Senators to read it and support it in the 2009 Session. And do let Congressman Kucinich know how much you appreciate his action at www.kucinich.us
The bill is also at www.monetary.org...
And here is the text of H.R. 7260
the Transparency in the Creation of Wealth Act of 2008
110th CONGRESS
2d Session H. R. 7260
To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
October 3, 2008
Mr. KUCINICH introduced the following bill; which was referred to the Committee on Financial Services
--------------------------------------------------------------------------------
A BILL
To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Transparency in the Creation of Wealth Act of 2008'.
SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY.
The Board of Governors of the Federal Reserve System shall devise, calculate and publish a replacement for the discontinued M3 monetary statistic, in order to provide a transparent estimate of the nation's total money supply.
SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE UNITED STATES.
The Board of Governors of the Federal Reserve System shall tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile, including a further examination of the uppermost 1% sections by 0.1% each.
SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO CONGRESS.
The Board of Governors of the Federal Reserve System shall calculate and report to the Congress the total annual seigniorage interest income received by financial institutions as a result of their being allowed to create money in the form of the credit they extend above their own cash deposits or reserves prior to extending the loans.
SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY.
The Board of Governors of the Federal Reserve System shall calculate and publish semi-annually the loss or gain in economic output due to the deviation of the previous year's actual unemployment rate from the 4% level required by the Humphrey Hawkins Full Employment and Balanced Growth Act of 1978 (15 U.S.C. 3101 et seq.), including such loss or gain, in income by quintile.
SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING DIRECTED .
(a) In General- The Board of Governors of the Federal Reserve System shall tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into each of the following:
(1) Public infrastructure.
(2) Primary residences.
(3) Secondary residences.
(4) Stocks, bonds, commodities.
(5) Foreign currency and derivatives trading.
(6) Mergers and acquisitions.
(7) Education.
(8) Manufacturing infrastructure.
(9) Military expenditures.
(b) Additional Analysis- Each category referred to in a paragraph in subsection (a) shall be further analyzed by type, gender, race, wealth status, and location, if applicable.
SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT.
The Board of Governors of the Federal Reserve System shall develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures.
SEC. 8. FOREIGN DEBT CALCULATION.
The Board of Governors of the Federal Reserve System shall make projections, in 10 year increments, of the net foreign debt, and estimate and report on the location of Federal reserve notes, by country and type of holder; including an estimate of lost notes.
SEC. 9. GAO AUDIT REQUIREMENT.
Notwithstanding the requirements, limitations, and exceptions contained in section 714 of title 31, United States Code, the Comptroller General shall conduct a full audit of the Federal reserve system in every year before a Presidential election year.
SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES.
The Board of Governors of the Federal Reserve System shall undertake the Survey of Consumer Finances every year.
SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH.
The Board of Governors of the Federal Reserve System shall publish a summary of total credit market debt, quarterly and annually.
SEC. 12. PUBLIC NOTIFICATION REQUIREMENT.
The Board of Governors of the Federal Reserve System shall release--
(1) the statistics required to be compiled by this Act at a quarterly news conference; and
(2) the survey of consumer finances and the total credit market debt report at an annual news conference.
END
[edit on 9-12-2008 by counterterrorist]
See-thru money? I would really struggle to find it in a dimly lit pub or club. Maybe if it had a backlight or glow in the dark ability.
Seriously - that bill you quoted in its entirety(?) really went over my poor simple African head. I understand it as:
Americans need to know how much money they have in their State wallet because they appear to be hanging out in a really dimly lit place (like a pub or club) and have drunk one too many. And the problem when they have drunk one too many is that they tend to lend money to any bum that approaches them. Metaphorically speaking.
Seriously - that bill you quoted in its entirety(?) really went over my poor simple African head. I understand it as:
Americans need to know how much money they have in their State wallet because they appear to be hanging out in a really dimly lit place (like a pub or club) and have drunk one too many. And the problem when they have drunk one too many is that they tend to lend money to any bum that approaches them. Metaphorically speaking.
reply to post by counterterrorist
This is a great start though I believe if/when the Fed and it's conglomerates are audited, they will be running for cover. They may even be 'hard' to find as the Bin Laden's (CIA asset) of the world.
This is a great start though I believe if/when the Fed and it's conglomerates are audited, they will be running for cover. They may even be 'hard' to find as the Bin Laden's (CIA asset) of the world.
new topics
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