Monetary Reform Task Force

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2012 AMI Conference

Posted by dr.ron45 on September 23, 2012 at 11:30 PM Comments comments (0)

I attended all four days of the 8th Annual AMI Conference in Chicago (Sept 20-23).  Here are a few highlights.

* Elizabeth Kucinich gave some personal history and encouraged us to get involved in trying to influence Congressional representatives in favor of the NEED Act, HR 2990.  She provided the Capital Hill switchboard number: (202) 224-3121 and advised to talk with the legislative aide for the area of interest, and to be friendly, "get them to like you" since you may need to talk to them several times before getting anywhere.

* Michael Kumhof (IMF Research Department) presented macroeconomic modeling work corroborating the positive benefits claimed for the Chicago Plan proposed during the Great Depression era (much better control of credit and monetary aggregates, much lower public and private debt, elimination of bank runs) and found two more positive benefits as well (higher output levels and ability to maintain zero inflation in steady state).  This work will be presented again at a Congressional Briefing this coming week in congress, arranged by principal Need Act sponsor, Dennis Kucinich.  Details posted soon.

Stephen Zarlenga, founder and CEO of the American Monetary Institute  and author of the hefty tome "The Lost Science of Money," is not willing to promote government issued money without also including nationalization of the Fed and imposition of 100% reserve requirements at the same time, as provided in the HR 2990 legislative proposal.  I feel that nationalization of the Fed and imposition of 100% reserve requirements, being very controversial, may take a long time to achieve, and therefore plan to press forward with the Greenback Renewal Act alternative that provides for government issued money very quickly with a Monetary Authority composed of two Fed employees plus several government members drawn from Congress, the Council of Economic Advisers, and the Treasury Department, plus an independent non-government and non-banking chairperson selected by the other committee members.  This should get us around the emergency conditions existing now by bringing unemployment, deficits and debt down simultaneously.  Once it is seen how effective government issued money is, it will be much much easier to go forward with the nationalization and 100% goals in a subsequent time frame.