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Home Alternative News News New Bill Introduced By Dennis Kucinich: HR6550 - End The FED

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Is there finally some hope, some common sense? Good news on the horizon for We the People... Good news for me and good news for all of you who have read "Global Monetary Sovereignty In Private Hands". In fact, the most important news of the last 300-year economic history. It seems that the first step towards the real social progress is being made. Dennis Kucinich's new legislation supports what Ron Paul has been trying to do for years now, banish the privately owned central banking institution. The National Emergency Employment Defense Act of 2010, abbreviated "NEED," the Bill HR6550 - or in short, "End The FED" - yes, this is what it's all about.


The global financial meltdown is worsening. Among other things, Dennis Kucinich's Bill HR6550 proposes to restore the authority of Congress to create and regulate nation's money supply. This very important Bill is just what we need:




Congressional Press Release, 17 December 2010:

"As the nation struggles with long-term unemployment at rates not seen in generations, contracted credit, and the hoarding of public dollars by the banks, U.S. Rep. Dennis Kucinich, D-Ohio, today introduced a dramatic new proposal to establish fiscal integrity, reassert congressional sovereignty, and regain control of monetary policy from private banks.

The National Emergency Employment Defense Act of 2010 would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt. The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.

Kucinich stated: "The staggeringly bad employment and economic numbers represent a massive problem which cries out for bold action. Rather than crossing our fingers and hoping that banks will finally lend some of the billions of public dollars they haven't thus far seen fit to lend, we can take action. My bill would replace the Federal Reserve System's dependence on private banks to create credit. In its place, a Monetary Authority under the Treasury Department would directly inject liquidity into the economy by purchasing much-needed public infrastructure repair. Today we have idle capital, millions of able-bodied but unemployed workers, unused equipment, and record low interest rates. These conditions are the best possible time to make a long-term investment in our nation's infrastructure. My bill would do exactly that."

See the legislation here:

http://kucinich.house.gov/UploadedFiles/NEED_ACT.pdf

 

Have you noticed some important similarities with the principles of the Crom Alternative Currency System?

In good faith, I would like to customise a little this legislation and add some extra facts: 

- National medium of exchange and dollar's global reserve currency status. Free will to choose his own medium of exchange is the undeniable right of everyone.

- Federal Reserve's crimes has left the entire world in the state of catastrophe. Will we experience worldwide liberation from the actual criminal embracement of the dollar claws? Are we going to see damage repayments, or reprisal of the famous 1971 statement (John Connolly - then U.S. Treasury Secretary): "The dollar is our currency, but your problem."