The Real Answer to a steadily booming economy

[interstategar]

Repeal the "federal" Reserve Act. I've studied the details of where our money comes from, and 98-99 % of it private commercial banks create our money by creating an interest bearing loan. The Federal Reserve Act signed into law in 1913 took the power away from Congress creating our money supply and gave to commercial banks. Congress could end this by Congress creating all the money it decides it needs for all its spending needs and this would supply enough money for the private sector. Commercial banks would now have to operate like S&L's and Credit Unions, actually loaning out their depositors money. Our money supply would act more like a utility rather than leaving the fate of our economy in the hands by bankers. The Federal gov;t would never be in debt. Congress's money would be backed by our production, as it is now, paying off bank creating money (loans).

 

[Turtle]

Yeah, cuz the one thing Cingress is best known for over these past 240 odd years, is being responsible, especially with the People's money

 

[Moot]

Congress could end this by Congress creating all the money it decides it needs for all its spending needs and this would supply enough money for the private sector.

Congress has insatiable spending needs. They could never create enough money to satisfy their spending jones.

 

[interstategar]

Congress has no limit of how much money it could create. Whatever Congress decides to spend money that will create jobs to produce whatever goods and services they want. Our money supply now is at the mercy of the "Federal" Reserve Board and the banks which is what causes Booms and then busts. Treasury created money would be interest free for the gov't. They could create interest free bonds and and collect taxes to pay them off interest free. This type of money system has already been tried and it works. Canada built its transcontinental railway system this way, and also their contribution to WW2. The founding fathers gave the responsibility to Congress to create our money supply. Woodrow Wilson's number 1 adviser was a banker and Wilson was paid off to change to system to the "Federal" Reserve system which is private. The public would put pressure on Congress if they abused this power since they would be taxed to pay for the interest free bonds. Bonds would no longer be needed to sell to the public which must pay interest.

 

[Moot]

The public would put pressure on Congress if they abused this power since they would be taxed to pay for the interest free bonds.

The public would put pressure on Congress? There has been no significant tax relief this century until Trump took office. In a few months I will find out if my wife and I will be among the beneficiaries of his tax cuts.

Bonds would no longer be needed to sell to the public which must pay interest.

Government bonds can be a decent investment for the public.