End the Debt Crisis with debt-free United States Notes!
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Money should belong to the people, not the banks, and should be issued in sufficient quantity to meet the productive capacity of the nation, not withheld from circulation by banks that did nothing to deserve it.
Congress is empowered by Article 1, Section 8, of the United States Constitution to produce debt-free United States Notes at any time, for any reason, and actually DID create them under president Lincoln (the original "Greenbacks" - $450 million) to defeat the South during the Civil War, when New York City banks wanted 24-36% interest.
This is money that would not have to be borrowed (thereby avoiding any debt-ceiling issues), taxed to pay for, or backed by Gold. It is legal tender, acceptable for all payments, including taxes.
This new money need NOT be inflationary if dedicated towards those areas of society which are in deflation, such as infrastructure.
U.S. Notes would function as a "Public Option for Money."
A bill sponsored by Representative Dennis Kucinich and John Conyers, the N.E.E.D. Act, HR 2990 (formerly HR6550), would produce U.S. Notes, specifically for infrastructure, Social Security, and universal healthcare, and make the Federal Reserve a department under Treasury - for the first time, a true branch of government.
Even if you don't believe in the full measure of HR 2990, our current debt-ceiling crisis, which comes on the heels of the Federal Reserve pumping $16 trillion into the banking system, leaving most Americans struggling with over 9% unemployment, and asking "Where is my bailout?" points to the need for a real, meaningful - and immediate - solution that would provide jobs and opportunities.
United States Notes were our country's longest-living currency, lasting until the Mid-1990s. They were accepted everywhere and were widely embraced when they first came out in the late nineteenth century. It is time again for America to take back its sovereign right to "coin Money" - Article 1, Section 8 of the U.S. Constitution.
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