From this Ellen Brown piece:
As Thomas Edison observed in a New York Times interview in 1921:If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is that the bond lets money brokers collect twice the amount of the bond and an additional 20%, whereas the currency pays nobody but those who contribute directly in some useful way.
It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay, but one promise fattens the usurers and the other helps the people.
It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay, but one promise fattens the usurers and the other helps the people.
Congress has the constitutional power to issue sovereign money directly – interest-free and debt-free* – and viable precedents are available for implementing that policy without driving up consumer prices. The question is whether Congress will reclaim this hereditary power before the interest trap snaps shut completely.
*OK, technically, dollars are part of national debt, but they don't bear interest.
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