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Reply #39: knr - A better way to bail this out (Michael Hudson, Kucinich adviser) [View All]

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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-22-11 02:17 PM
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39. knr - A better way to bail this out (Michael Hudson, Kucinich adviser)

"...The US government made a choice. That choice involved helping the big end of town to pay its gambling debt and left up to 4 million American taxpayers at risk of losing their homes. To add insult to injury, those who lose their homes, and their children, will be paying off the bankers debt for many decades to come.

There are alternatives to corporate bail outs. Although reading the mainstream media you could be made to think otherwise. The solution below requires that billions be spent on homeowners/taxpayers, rather than those who have already been proven to be financially incompetent.

A better use of the money, says Michael Hudson, professor of economics at the University of Missouri, Kansas City, and an economic adviser to Rep. Dennis Kucinich, would be to save these 4 million homeowners from defaulting and being kicked out of their houses. Now theyre going to be kicked out of the houses. The houses will be vacant. The cities are going to (lose) property taxes, theyre going to have to cut back local expenditures, local infrastructure. The economy is being sacrificed to pay the gamblers.

Life or Debt?
AMI Monetary Reform and Liberation
G-20 - Debt Slavery

"In Pittsburgh the G-20 agreed to disagree, thus maintaining the illusion that they have secured the unraveling financial system by instituting the mildest of reforms even while allowing the bankers most responsible for the economic disaster to keep their ill-gotten gains. Simultaneously, in Chicago a less heralded group gathered at the American Monetary Institute (AMI) 5th Annual Monetary Reform Conference to deepen their understanding of the flaws in the dominant debt-based system and the possibilities for transformation. At the G-20 meeting in Pittsburgh, protected by brutal military and police forces, world leaders were met by thousands of protesters deploring their policies. At the AMI meeting at Roosevelt University in Chicago, monetary researchers, authors, and activists from Russia, New Zealand, Europe, Africa, Canada, Britain, and across the US were ignored by the press as they shared their insights and experiences and discussed the Monetary Reform and Financial Security bill, to be introduced into Congress by Dennis Kucinich as a first step to ease the debt slavery burdening humanity.

The AMI was founded by Stephen Zarlenga (& Dr. Lucienne DeWulf). Zarlenga, author of The Lost Science of Money: The Mythology of Money, the Story of Power, contends that

By mis-defining the nature of money, special interests have often been able to control a societys monetary system, and in turn, the society itself.

For years the AMI has labored to create a bill that would nationalize the Federal Reserve, prevent private banks from creating money out of thin air (which they do now under the current fractional reserve banking system), and enable the government to spend it into existence by investing in much needed public infrastructure, including education and health. The conferences feature speakers who understand the current process and how our dishonest, private, oligarchic system could be retooled into an honest, public, transparent, and accountable one.

The recent four-day conference in Chicago included outstanding speakers with extensive knowledge and expertise in a wide range of areas, including some who had worked at the Federal Reserve whistleblower William Bergman and Meredith Walker; authors, economists, and advisors to Congressman KucinichMichael Hudson and David I. Kelley; as well as William Black, who led the Savings and Loan rescue effort in the 90s and spoke in detail on Fraud's Critical Role in Producing the Financial Crisis. The talk that moved me the most, however, was about the history of Canadas monetary reforms, presented by Will Abram- who was born a year before the 1929 stock market crash and vividly described his life during and after the Great Depression..."

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