Try to catch this radio interview of Stephen Zarlenga of the American Monetary Institute ASAP

[Adele Edisen]

This is playing right now today, Nov. 17, 2012
The broadcast is 90 minutes long.

"Dear Friends of the American Monetary Institute,

I'm being interviewed this evening (November 15th) at 11 PM Eastern Time on the internet radio show
Progress Towards Democracy.
It could last for some time.
You can tune in at http://www.blogtalkradio.com/forwardblit...-democracy

Best,
Stephen Zarlenga,
Director, American Monetary Institute

American Monetary Institute, PO BOX 601, Valatie, NY 12184, USA"

Adele

Stephen Zalenga, Director of the American Monetary Institute, proposes changes to our current monetary system (the Federal Reserve Banking System), two changes which had been originally proposed by economists at the University of Chicago during the early 1930s and have became known as the original "Chicago Plan". These economists were serious in their ideas to reform the system. These proposed plans were to be enacted simultaneously in order to be effective.

The first-mentioned idea was to incorporate the Federal Reserve Banking System into the Federal Government because the Constitution gave the US Government, the Congress, the right to create money (the term "to coin" money is used as a verb in Article !, Section 8 in the Constitution and includes paper money). The government is then in control of the money supply, and it is not left in the hands of privately owned banks, which are the Federal Reserve System Banks and have been since 1913..

The second idea mentioned as part of the original "Chicago Plan" was to remove, by law, the banks' "fractional reserve system" by which banks created money out of thin air to lend and charge interest upon.

The third idea which Zerlanga himself proposed was to counteract the idea that this monetary reform would cause deflation in the economy, as thought by some economists, was to have the government create and support infratructure (public works, roads, bridges, schools, programs in human health, education, etc.). Governmdent could do this by creating money for such, as was done during Colonial times when the colonists created their own script, or during the Civil War when Lioncoln had the US Treasury Department print "greenbacks" as currency when private banks charged extremely high interest rates to lend money to the US Government.

Later in the interview, Zalenga mentioned the name of the economist of the International Monetary Fund (IMF) who used computers to determine what effect the first two reforms alone would have on our current economic system and found that they would not cause deflation/inflation. I did not catch his name but his paper is referenced on the American Monetary Institute's web site and I shall find it.
His name is Dr. Michael Kumhof, Deputy Division Chief of the Research Division of the International Monetary Fund (IMF).

http://www.monetary.org/

Adele