Monetary Reform Talk - Joe Bongiovanni

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Monetary Reform Talk - April  2009

Part 1: Introduction
Part 1 (of 9) is the introduction to Joe Bongiovanni's Montpelier VT presentation "America's Debt Crisis and the Need for Monetary Reform", April 8, 2009.
Joe promotes public, debt-free money creation by the US Treasury, as opposed to private money creation as debt by the Fed, as the solution to the debt crisis.

[youtube:30tziu53]http://www.youtube.com/watch?v=AamPaXA_a0M[/youtube]30tziu53]
http://www.youtube.com/watch?v=AamPaXA_a0M


Part 2 Early History
Watch Joe Bongiovanni describe colonial and revolutionary monetary history, in his Montpelier VT presentation "America's Debt Crisis and the Need for Monetary Reform", April 8, 2009. Learn more at EconomicStability.org.

[youtube:30tziu53]http://www.youtube.com/watch?v=8w0vyB9sq1Y[/youtube]30tziu53]
http://www.youtube.com/watch?v=8w0vyB9sq1Y

Part 3- Lincoln's Greenbacks
Watch Joe Bongiovanni describe Lincoln and his experiment with debt-free money, in his Montpelier VT presentation "America's Debt Crisis and the Need for Monetary Reform", April 8, 2009.

[youtube:30tziu53]http://www.youtube.com/watch?v=Wzf3h-63sjk[/youtube]30tziu53]
http://www.youtube.com/watch?v=Wzf3h-63sjk

 Part 4 Post Civil War
Economicstability.org's Joe Bongiovanni on America's Debt Crisis and the Need for Monetary Reform, Montpelier VT, April 8, 2009. Part 4 covers the Greenback Party after the Civil War, Vermonter Bradley Barlow, the Crash of 1907. This is the period right before the establishment of the Federal Reserve.

[youtube:30tziu53]http://www.youtube.com/watch?v=BsWJK8pQ_uQ[/youtube]30tziu53]
http://www.youtube.com/watch?v=BsWJK8pQ_uQ

Part 5 Federal Reserve Act
Excerpt of Joe Bongiovanni's talk on "America's Debt Crisis and the Need for Monetary Reform", April 8, 2009, Montpelier VT. Part 5 discusses US monetary history from the Federal Reserve Act of 1913 through the Crash of 1929.

[youtube:30tziu53]http://www.youtube.com/watch?v=C6Q7IcTAgcQ[/youtube]30tziu53]
http://www.youtube.com/watch?v=C6Q7IcTAgcQ

Part 6  Chicago Plan of 1933
FDR came to power in 1933, more than three years after the 1929 Crash. The national banking system was on the verge of total collapse, despite the Federal Reserve banking system being 20 years old. Fortunately, after the Crash, many economists saw the need for an alternative to the private Fed and it's boom-and-bust prone fractional reserve banking system. These economists developed a proposal for complete monetary reform that would negate the Fed's boom-bust cycle and impart soundness to the banking system. The Chicago Plan for Monetary Reform was sidelined in favor of Glass-Steagall and the FDIC. It's time again for the Chicago Plan.

[youtube:30tziu53]http://www.youtube.com/watch?v=d_wp8N-Q_O4[/youtube]30tziu53]
http://www.youtube.com/watch?v=d_wp8N-Q_O4

Part 7: Robert Hemphill quote
Part 7 (of 9): Joe discusses the following quote from Robert Hemphill, Credit Manager of the Federal Reserve Bank, Atlanta GA, in the introduction to Irving Fisher's "100% Money" (1935).

"If all the bank loans were paid, no one could have a bank deposit,
and there would not be a dollar of coin or currency in circulation.

This is a staggering thought. We are completely dependent on the
commercial Banks. Someone has to borrow every dollar we have in
circulation, cash or credit. If the Banks create ample synthetic money
we are prosperous; if not, we starve. We are absolutely without a
permanent money system. When one gets a complete grasp of the picture,
the tragic absurdity of our hopeless position is almost incredible, but
there it is.
It is the most important subject intelligent persons can
investigate and reflect upon. It is so important that our present
civilization may collapse unless it becomes widely understood and the
defects remedied very soon."

[youtube:30tziu53]http://www.youtube.com/watch?v=5TTVoNIpBjE[/youtube]30tziu53]
http://www.youtube.com/watch?v=5TTVoNIpBjE


Part 8: Milton Friedman
In Part 8 (of 9), Joe highlights Milton Friedman's opposition of money creation by private banks by highlighting the following quote:

"A reform of the monetary and banking system to eliminate both the private creation and destruction of money and discretionary control of the quantity of money by the central bank authority. The private creation of money can perhaps best be eliminated by adopting the 100% reserve proposal, thereby separating the depository from the lending function of the banking system

These modifications would leave as the chief monetary functions of the banking system the provision of depositary facilities, the facilitation of check clearance, and the like; and as the chief function of the monetary authorities, the creation of money to meet government deficits or the retirement of money when the government has a surplus."
From A Monetary and Fiscal Framework for Economic Stability in The American Economic Review, June 1948, p.247. Available on the web at : http://www.jstor.org/stable/1810624

[youtube:30tziu53]http://www.youtube.com/watch?v=4tSXnXE1slk[/youtube]30tziu53]
http://www.youtube.com/watch?v=4tSXnXE1slk

Part 9: The Solution
Part 9 is the conclusion to his April 8, 2009. Here, Joe recommends the American Monetary Act (http://www.monetary.org/amacolorpamphlet.pdf), a draft of legislation being compiled by the American Monetary Institute as the most workable solution to the current financial crisis,
and also the transparency legislation proposed by Dennis Kucinich.

(Video is an excerpt of Joe Bongiovanni's talk on "America's Debt Crisis and the Need for Monetary Reform", April 8, 2009, Montpelier VT, produced by EconomicStability.org)

[youtube:30tziu53]http://www.youtube.com/watch?v=0lyGoTEJb6g[/youtube]30tziu53]
http://www.youtube.com/watch?v=0lyGoTEJb6g



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[veritasvincit]

BRILLIANT - Bang on!

This Joe guy's solution is viable and benefits the people instead of the self-chosen few.

Give monetary authority to the state (the people) - they will be the benefactors and not the private bankers.  

Spending goes back into the infrastructure especially health and education.

Banks only act as intermedaries for the monetary system - no legislative control - no fractional reserve lending.

The real economy goes back to what it was prior to the private bankers hi-jacking the monetary system - that is;

natural resources + human resources = production

money is used only as a tool of exchange and is created against real production - it is not created against credit unless the credit is for real production

not useless credit for the inflated investment industry or consumer goods or derivatives

v

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here is Kucinich questioning the Debt Based Monetary System and the Federal Reserve, the "Foxy" dud doesn't agree -of course- :

Kucinich - 23 februari, 2010

[youtube:3bwlprnk]http://www.youtube.com/watch?v=UiMcJB3iJNg[/youtube]3bwlprnk]
http://www.youtube.com/watch?v=UiMcJB3iJNg

And, yes, he is a politician, I know

Categories: 1946 births | Dennis Kucinich | American Roman Catholic politicians | American Social Democrats | American environmentalists | Anti-corporate activists | American vegans | Case Western Reserve University alumni | Croatian American politicians | Drug policy reform activists | Irish-American politicians | Living people | Mayors of Cleveland, Ohio | Cleveland City Council members | Members of the United States House of Representatives from Ohio | Ohio Democrats | Ohio State Senators | People from Cleveland, Ohio | United States presidential candidates, 2004 | United States presidential candidates, 2008 | UFO-related government personnel | Youth rights individuals | Youth empowerment individuals | Democratic Party (United States) politicians

http://en.wikipedia.org/wiki/Dennis_Kucinich

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