24-11-2012, 04:31 AM
Thu, November 22, 2012 8:08:11 PMThanksgiving Wishes From AMI
From: The American Monetary Institute <ami@taconic.net>Add to Contacts
Dear Friends of the American Monetary Institute
A Happy Thanksgiving to you all!
Thanksgiving - a uniquely American Holiday - is one of our favorites, along with the Fourth of July.
It gives us an opportunity to focus on some of the good things happening in our world that we are thankful for. Here are some from the monetary area:
(Please do read this! We promise not to waste your time!)
FIRST: Serious attention to monetary reform took a major step forward. Dr.Michael Kumhof, Deputy Division Chief of the Modeling Division of the Research Department of the International Monetary Fund (IMF), of Washington DC, wrote a hugely important IMF working paper titled "The Chicago Plan Revisited." It is getting serious attention around the world.
Dr. Kumhof, presented the results of his study at the 8th annual AMI Monetary Reform Conference in Chicago Sept. 20-23. He did an advanced computerized "modeling" (mathematically predicting the results) of the Chicago Plan proposal, which came out of the University of Chicago in the 1930s to end the Great Depression. This is the first time that such a crucial exercise has been done and you can see it at: http://www.monetary.org/wp-content/uploa...isited.pdf.
Be sure to read the intro, especially page 13, and don't miss the conclusion that inflation does not automatically result from money being government controlled instead of privately controlled as at present.
The Chicago Plan was designed and promoted by our best economists in the 1930s (Henry Simons, Irving Fisher, Douglas, et al). It would nationalize the private Federal Reserve System; our money supply would only be created by the government; and it decisively ended what's called "fractional Reserve banking." It is the model for Congressman Dennis Kucinich's "NEED Act" (National Emergency Employment Defense Act), presently introduced in the 112th Congress as "HR 2990."
Dr. Kumhof concludes that:
"The Chicago Plan could significantly reduce business cycle volatility caused by rapid changes in banks' attitudes towards credit risk, it would eliminate bank runs, and it would lead to an instantaneous and large reduction in the levels of both government and private debt. It would accomplish the latter by making government-issued money, which represents equity in the commonwealth rather than debt, the central liquid asset of the economy, while banks concentrate on their strength, the extension of credit to investment projects that require monitoring and risk management expertise....This ability to generate and live with zero steady state inflation is an important result, because it answers the somewhat confused claim of opponents of an exclusive government monopoly on money issuance, namely that such a monetary system would be highly inflationary. There is nothing in our theoretical framework to support this claim. And as discussed in Section II, there is very little in the monetary history of ancient societies and Western nations to support it either." (Emphasis mine - AE)
SECOND: The work of Prof. Steve Keen of the University of Western Sydney, Australia, has challenged the economics profession to its core. Keen also addressed our AMI Monetary Reform Conference in Chicago Sept. 20-23. Keen Points out that The dominant school of economics is already off the rails. Keen writes:
"'Neoclassical' economics in general ignores banks, debt and money"
The New York Times' Krugman "answers:"
"Now I'm all for including the banking sector in stories where it is relevant-but why is it so crucial to a story about debt and leverage?..." (Krugman 2012)
That is truly amazing. Prof. Keens book Debunking Economics is available from the AMI for a $40 donation. Please use Paypal.
We are thankful that Prof. Kaoru Yamaguchi of Doshisha University and Berkeley, and Dr. Michael Clark of the United Nations continue their important work and we are very thankful for their very valuable contributions to advancing AMI and monetary reform. Both addressed our 8th Annual AMI Monetary Reform Conference, Sept.21-24. All the Conference talks are available on Video. Please seehttp://www.monetary.org/2012conferencevideos
THIRD and finally:
The AMI extends our sincere THANKS! Especially to those of you who make our continued existence possible and help our research efforts, through your donations. We might not be able to continue without them, and could certainly do more, faster if more of you helped. Especially helpful are the monthly donations, which add a degree of stability to our operations. Please help by sending a check, or instructing your bank to send an amount monthly. If you are able, please, make some donation now! If you like what we are doing, please help us continue this work. If you understand the importance of monetary reform to our families, our nation and the world, then become an essential part of it with your financial contribution in any amount you can afford. Contribute at http://www.monetary.org/contribute
Your donation can also take the form of ordering a copy of my book, The Lost Science of Money
from our homepage at http://www.monetary.org
Warm Regards and again a Happy Thanksgiving to all of you,
Stephen Zarlenga
Director, AMI
--
"Over time, whoever controls the money system
controls the nation."
Stephen Zarlenga
Director
American Monetary Institute
To receive notices for free AMI materials,
sign up for our email list at http://www.monetary.org
(224) 805-2200
American Monetary Institute, PO BOX 601, Valatie, NY 12184, USA
Adele
From: The American Monetary Institute <ami@taconic.net>Add to Contacts
Dear Friends of the American Monetary Institute
A Happy Thanksgiving to you all!
Thanksgiving - a uniquely American Holiday - is one of our favorites, along with the Fourth of July.
It gives us an opportunity to focus on some of the good things happening in our world that we are thankful for. Here are some from the monetary area:
(Please do read this! We promise not to waste your time!)
FIRST: Serious attention to monetary reform took a major step forward. Dr.Michael Kumhof, Deputy Division Chief of the Modeling Division of the Research Department of the International Monetary Fund (IMF), of Washington DC, wrote a hugely important IMF working paper titled "The Chicago Plan Revisited." It is getting serious attention around the world.
Dr. Kumhof, presented the results of his study at the 8th annual AMI Monetary Reform Conference in Chicago Sept. 20-23. He did an advanced computerized "modeling" (mathematically predicting the results) of the Chicago Plan proposal, which came out of the University of Chicago in the 1930s to end the Great Depression. This is the first time that such a crucial exercise has been done and you can see it at: http://www.monetary.org/wp-content/uploa...isited.pdf.
Be sure to read the intro, especially page 13, and don't miss the conclusion that inflation does not automatically result from money being government controlled instead of privately controlled as at present.
The Chicago Plan was designed and promoted by our best economists in the 1930s (Henry Simons, Irving Fisher, Douglas, et al). It would nationalize the private Federal Reserve System; our money supply would only be created by the government; and it decisively ended what's called "fractional Reserve banking." It is the model for Congressman Dennis Kucinich's "NEED Act" (National Emergency Employment Defense Act), presently introduced in the 112th Congress as "HR 2990."
Dr. Kumhof concludes that:
"The Chicago Plan could significantly reduce business cycle volatility caused by rapid changes in banks' attitudes towards credit risk, it would eliminate bank runs, and it would lead to an instantaneous and large reduction in the levels of both government and private debt. It would accomplish the latter by making government-issued money, which represents equity in the commonwealth rather than debt, the central liquid asset of the economy, while banks concentrate on their strength, the extension of credit to investment projects that require monitoring and risk management expertise....This ability to generate and live with zero steady state inflation is an important result, because it answers the somewhat confused claim of opponents of an exclusive government monopoly on money issuance, namely that such a monetary system would be highly inflationary. There is nothing in our theoretical framework to support this claim. And as discussed in Section II, there is very little in the monetary history of ancient societies and Western nations to support it either." (Emphasis mine - AE)
SECOND: The work of Prof. Steve Keen of the University of Western Sydney, Australia, has challenged the economics profession to its core. Keen also addressed our AMI Monetary Reform Conference in Chicago Sept. 20-23. Keen Points out that The dominant school of economics is already off the rails. Keen writes:
"'Neoclassical' economics in general ignores banks, debt and money"
The New York Times' Krugman "answers:"
"Now I'm all for including the banking sector in stories where it is relevant-but why is it so crucial to a story about debt and leverage?..." (Krugman 2012)
That is truly amazing. Prof. Keens book Debunking Economics is available from the AMI for a $40 donation. Please use Paypal.
We are thankful that Prof. Kaoru Yamaguchi of Doshisha University and Berkeley, and Dr. Michael Clark of the United Nations continue their important work and we are very thankful for their very valuable contributions to advancing AMI and monetary reform. Both addressed our 8th Annual AMI Monetary Reform Conference, Sept.21-24. All the Conference talks are available on Video. Please seehttp://www.monetary.org/2012conferencevideos
THIRD and finally:
The AMI extends our sincere THANKS! Especially to those of you who make our continued existence possible and help our research efforts, through your donations. We might not be able to continue without them, and could certainly do more, faster if more of you helped. Especially helpful are the monthly donations, which add a degree of stability to our operations. Please help by sending a check, or instructing your bank to send an amount monthly. If you are able, please, make some donation now! If you like what we are doing, please help us continue this work. If you understand the importance of monetary reform to our families, our nation and the world, then become an essential part of it with your financial contribution in any amount you can afford. Contribute at http://www.monetary.org/contribute
Your donation can also take the form of ordering a copy of my book, The Lost Science of Money
from our homepage at http://www.monetary.org
Warm Regards and again a Happy Thanksgiving to all of you,
Stephen Zarlenga
Director, AMI
--
"Over time, whoever controls the money system
controls the nation."
Stephen Zarlenga
Director
American Monetary Institute
To receive notices for free AMI materials,
sign up for our email list at http://www.monetary.org
(224) 805-2200
American Monetary Institute, PO BOX 601, Valatie, NY 12184, USA
Adele