Forum Post: National Emergency Employment Defense Act of 2011

A debt-based monetary system, where money comes into existence primarily through private bank lending, can neither create, nor sustain, a stable economic environment, but has proven to be a source of chronic financial instability and frequent crisis, as evidenced by the near collapse of the financial system in 2008.

(12)The aforementioned conditions require comprehensive action by the United States Congress to create full employment, invest in America and secure our Nation’s long-term economic, social and political future; and that such action is within our Constitutional right and responsibility. (13) The authority to create money is a sovereign power vested in the Congress under Article I, Section 8 of the Constitution. (14) The enactment of the Federal Reserve Act in 1913 by Congress effectively delegated the sovereign power to create money, to the Federal Reserve system and private financial industry. (15) This ceding of Constitutional power has contributed materially to a multitude of monetary and financial afflictions, including: (A) growing and unreasonable concentration of wealth; (B) unbridled expansion of national debt, both public and private; (C) excessive reliance on taxation of citizens for raising public revenues; (D) devaluation of the currency; (E) drastic increases in the cost of public infrastructure investments; (F) record levels of unemployment and underemployment; and (G) persistent erosion of the ability of Congress to exercise its Constitutional responsibilities to provide resources for the general welfare of all the American people.

HR 2990 National Emergency employment Defense Act of 2011.

http://www.monetary.org/wp-content/uploads/2011/11/HR-2990.pdf

What you can do to help get it passed:

http://www.monetary.org/distelhorst