It's the 21st Century. We shouldn't be living as debt-serfs. We don't have to be.
“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good. The difference between the bond and the bill is that the bond lets the money brokers collect twice the amount of the bond and an additional 20 per cent, whereas the currency pays nobody but those who directly contribute... in some useful way.
“It is absurd to say that our country can issue $30,000,000 in bonds and not $30,000,000 in currency. Both are promises to pay; but one promise fattens the usurer, and the other helps the people.”
— Thomas Edison
No nation can continue indefinitely by borrowing against its future. There is a cost to borrowing, and it comes in the form of interest payments, which grow, year by year, until the wealth of a nation is concentrated in the hands of those who lend the money.
The history of the United States includes numerous attempts to establish a central bank. Until 1913, with the establishment of the Federal Reserve System, these central banks were always chartered for a limited period of time. The Federal Reserve System is the first central bank established in perpetuity, and given exclusive rights to determine the quantity of money in circulation.
In addition, the banking system is set up so that most money is created by commercial banks, who are able to expand and contract the money supply for the entire country, with no oversight other than the Federal Reserve, which is run by the same bankers who run the commercial banks.
It is the view of Americans for Honest Money that the practices of the Federal Reserve System and the banking sector in the United States are a barrier to the continued prosperity of the American people, and need to be changed. It is our hope that the Honest Money Amendment will be adopted before the end of 2013, the centennial of the Federal Reserve System.
Americans for Honest Money is neither a liberal nor a conservative group. Questions of government's role and the use of government funds, which have been so controversial in the recent presidental election, are not addressed by the Honest Money Amendment, which will benefit all Americans, regardless of their political positions or financial situation. But there is little point to arguing over whether to turn left or right when you're about to drive straight off a cliff.