Whereas our nation needs an enormous infrastructure investment to become the most efficient and energy independent world economy and
Whereas taxation will not provide the needed revenue, and
Whereas, during World War II, the Federal Reserve System financed the war by buying Treasury bonds "at any price and in any quantity",
Therefore we, the undersigned, do petition Congress, the President, and the Chairman of the Federal Reserve System to finance infrastructure by having the Federal Reserve buy 100-year zero percent Treasury bonds in such a quantity and at such a schedule that will minimize the time required to create the world's best infrastructure, including free education to the highest level, free medical care for all, and the most modern transportation and communication systems, but will also not cause undue inflation.
Why is this important?
To spend more than tax revenue provides, the Fed sells T-bills on the open market and pays interest on the bonds, creating a serious annual debt interest expense and adding to the national debt. This restricts spending on infrastructure necessary for competing in a world market.
During World War II, the Fed bought Treasury bonds "at any price and in any quantity" to finance the war. The price was very low and the quantity was very high. The money paid salaries which, after the war, turned old farms into new suburbs, starting our golden age.
