o .comment-link {margin-left:.6em;}

Lamrot Hakol (Despite Everything)

Musings and kvetchings and Torah thoughts from an unconventional Orthodox Jew.

My Photo

"I blog, therefore I am". Clearly not true, or I wouldn't exist except every now and then.

Tuesday, December 18, 2012

The Objective Money Amendment

The following is a proposed amendment to the Constitution of the United States.  Its purpose is to:

  • Retire the National Debt
  • Ensure a proper supply of money for use in trade and necessary government expenditures
  • Prevent the government from incurring new debt
  • Forgive mortgage and revolving credit loans on a one-time basis so that the United States is no longer a culture of debt
  • Prevent the government from inflating the money supply in a way detrimental to the people of the United States

Objective Money Amendment

Section 1
The power of Congress to issue money shall not be delegated, except to the United States Treasury.

Section 2
The power of Congress to borrow money on the credit of the United States, as specified in Article I, Section 8 of the Constitution, is hereby repealed.

Section 3
The practice of fractional reserve banking is hereby outlawed.  The creation of money by lending against deposits shall be deemed counterfeiting unless the amount of the deposits is decreased by the amount being lent.

Section 4
Money shall be issued initially in an amount necessary to fulfull the following:

  • To purchase back all debt instruments previously issued by the United States
  • To retire all mortgage and revolving credit loans taken by non-corporate persons and/or partnerships up until one year prior to the adoption of this amendment
  • To lend banks, at no interest, sufficient money to raise their reserves to 100% after the retirement of mortgage and revolving credit loans, such loans to be repaid upon the bank closing.
  • To replace, dollar for dollar, any Federal Reserve Notes in circulation at the time of adoption of this amendment.
The quantity of money issued shall be increased or decreased each year by a per annum fraction of the growth or shrinkage of the population of the United States between the previous two census results.

Section 5 
Congress shall have the power to legislate a temporary issue of money in order to pay for such projects as it sees fit.  Such temporary issue must be legislated separately from all other temporary issues or other legislation, and must include an expiration date.  Money so issued shall be destroyed by the expiration date.

Section 6
Money issued by the United States shall be legal tender for all debts and payment of taxes.

Section 7
The right of individuals or groups to issue money in units other than the United States dollar shall not be infringed.  Such money shall not be legal tender for payment of taxes.