To: American public
Modifying our Banking System
Amendment XXVIII
The Constitution of the United States is hereby amended as follows:
1. The Federal Reserve Bank will no longer create the money of the United States and regulate it's value by any means whatsoever. The function of creating all money and other securities of the United States will revert back to congress as specified in Article I, Section 8[5] of the U.S. Constitution and the United States government will spend this money directly into the economy as needed, without borrowing funds at interest, for purchases necessary for the health and welfare of the nation as determined by congress.
2. The practices of Fractional Reserve Lending, the charging of compound interest for loans of any kind and the Federal Reserve Bonding process is hereby prohibited.
(This is "bare bones" but I think you get the drift of it and I'd be happy to work with others to polish it as needed.)
Ken Kollodge
1409 Minnesota Ave
Duluth, MN 55802
218-390-9214
[email protected]
www.kollodgegalery.com
The Constitution of the United States is hereby amended as follows:
1. The Federal Reserve Bank will no longer create the money of the United States and regulate it's value by any means whatsoever. The function of creating all money and other securities of the United States will revert back to congress as specified in Article I, Section 8[5] of the U.S. Constitution and the United States government will spend this money directly into the economy as needed, without borrowing funds at interest, for purchases necessary for the health and welfare of the nation as determined by congress.
2. The practices of Fractional Reserve Lending, the charging of compound interest for loans of any kind and the Federal Reserve Bonding process is hereby prohibited.
(This is "bare bones" but I think you get the drift of it and I'd be happy to work with others to polish it as needed.)
Ken Kollodge
1409 Minnesota Ave
Duluth, MN 55802
218-390-9214
[email protected]
www.kollodgegalery.com
Why is this important?
Modifying our Banking System:
It is mathematically impossible for the United States to solve the financial catastrophe we find ourselves in without dramatically modifying our banking system. We cannot tax our way out of the problem nor "cut" (spending) our way out of it nor borrow our way out of it. The reason, as understood by Benjamin Franklin and other "founding fathers" is that with our system, there is always more money owed back than there is in existence and since the only source for new money coming into the system under our current banking scheme is a loan which is a debt that carries an interest burden, it is not possible to not go deeper into debt. About the banking system we are now operating under, Franklin said that collectively, it represents an impossible contract which cannot be fulfilled. He is right.
We have to go back to what our constitution says at Article I, Section 8 [5] - Congress shall have power to "Coin money (and) regulate the value thereof..."
The Federal Reserve Act of 1913 purported to change this constitutional congressional mandate although our constitution was never amended to reflect that change. The Federal Reserve Bank (the Fed) is a secret cartel of large private banks that creates our money and regulates its value contradictory to the provisions of our constitution.
The entire banking system, including the Fed, mainly utilizes "fractional reserve lending", compound interest and the bonding process to transfer as much of the meager accumulated wealth of the 99+% at the bottom into the pockets of the less than 1% at the top as fast as they can, thereby enslaving all those below the less than 1% at the top.
We have to go back to congress creating our money and regulating the value of it and our government spending that money directly into the economy (for education, roads, ports, health care for all, social security etc.) without borrowing any of it at interest. It's as simple as that and the only way out of our economic problems.
You see, eliminating the monetary inflation generated by our "private" banking system by the three main methods I outlined above would automatically also eliminate price inflation. Our economy would stabilize and we would move toward full employment, foreclosures would virtually be eliminated, cities and states could slip back into the black and out of the red, taxes in all jurisdictions could be lowered and the list of benefits goes on and on.
This will not be easy and those at the top that created this system to benefit themselves will fight to the death to keep it in place. They have most of congress and the courts in their pockets and we therefore have to take the decision to institute a change out of the hands of the congress and the courts and circulate a constitutional amendment to eliminate current banking practices, specifically prohibiting the federal bonding process, fractional reserve lending and compound interest.
Short of doing this, we are doomed.
It is mathematically impossible for the United States to solve the financial catastrophe we find ourselves in without dramatically modifying our banking system. We cannot tax our way out of the problem nor "cut" (spending) our way out of it nor borrow our way out of it. The reason, as understood by Benjamin Franklin and other "founding fathers" is that with our system, there is always more money owed back than there is in existence and since the only source for new money coming into the system under our current banking scheme is a loan which is a debt that carries an interest burden, it is not possible to not go deeper into debt. About the banking system we are now operating under, Franklin said that collectively, it represents an impossible contract which cannot be fulfilled. He is right.
We have to go back to what our constitution says at Article I, Section 8 [5] - Congress shall have power to "Coin money (and) regulate the value thereof..."
The Federal Reserve Act of 1913 purported to change this constitutional congressional mandate although our constitution was never amended to reflect that change. The Federal Reserve Bank (the Fed) is a secret cartel of large private banks that creates our money and regulates its value contradictory to the provisions of our constitution.
The entire banking system, including the Fed, mainly utilizes "fractional reserve lending", compound interest and the bonding process to transfer as much of the meager accumulated wealth of the 99+% at the bottom into the pockets of the less than 1% at the top as fast as they can, thereby enslaving all those below the less than 1% at the top.
We have to go back to congress creating our money and regulating the value of it and our government spending that money directly into the economy (for education, roads, ports, health care for all, social security etc.) without borrowing any of it at interest. It's as simple as that and the only way out of our economic problems.
You see, eliminating the monetary inflation generated by our "private" banking system by the three main methods I outlined above would automatically also eliminate price inflation. Our economy would stabilize and we would move toward full employment, foreclosures would virtually be eliminated, cities and states could slip back into the black and out of the red, taxes in all jurisdictions could be lowered and the list of benefits goes on and on.
This will not be easy and those at the top that created this system to benefit themselves will fight to the death to keep it in place. They have most of congress and the courts in their pockets and we therefore have to take the decision to institute a change out of the hands of the congress and the courts and circulate a constitutional amendment to eliminate current banking practices, specifically prohibiting the federal bonding process, fractional reserve lending and compound interest.
Short of doing this, we are doomed.