A NEW MONETARY SYSTEM
by James Jaeger
With Substantial Input by Carol Jaeger
As some of you may know, I have been studying banking and the science of money since about 1974 as a hobby. As of the past several weeks, I have engineered a new system that, to the best of my knowledge, doesn't exist in the present literature and may work.
I would like to first present this early draft to you folks here at the MIND-X for your target-practice. I am sorry for the excessive length of this, but things kept coming up that I felt needed to be addressed, if even to convince myself that this System could possibly work.
I am in hopes that, at the very least, this presentation will stimulate further thought on the subject. If this new monetary system ("Monetary System", "New Monetary System" or "System") receives validation from you as a potentially workable system, my hope would be that it would be piloted in the real world and/or modeled in a computer simulation so its ultimate effects could be estimated.
I am going to assume you are reasonably familiar with the history of money and banking as well as the current Federal Reserve central banking system now in use today. If you are not, I refer you to the considerable discussion and debates posted on the MIND-X since about 1998.(1)
The Problems of Money:
Basically there are three problems that need to be solved in order to create a New Monetary System that benefits the greatest number of people in the United States and/or World. They are as follows:
1. a more accurate definition of money and what it's supposed to do;
2. a determination of who has authority to create money;
3. a method by which money's creators can issue it into the economy without creating unjust enrichment.
A More Accurate Definition of Money:
I propose a more accurate definition of money:
Money is a tally of human effort (as embodied in products and services) that can ALSO be used as a medium of exchange.
Note the emphasis has been changed from a "medium of exchange" to "the tally of human effort." This emphasis is extremely important to keep in mind as you review the balance of this paper.
Review of the Issue-Authority of Money:
In the past, money has been dug out of the ground as gold or silver and coined by governments or banks or issued as paper printed by banks or governments, such paper redeemable in gold or silver or backed by debt or by the "full faith and credit" of the issuing government or by something else.
Today, the U.S. currency is issued by a quasi-private, government-sanctioned banking cartel, known as the Federal Reserve System. Money issued by this system is supposed to reflect products and services in the economy and serve as a medium of exchange. Money issued by the Fed is no longer redeemable in gold or silver, thus is no longer said to be "backed" by gold or silver. Instead, money issued by the Fed is "backed" by debt because of the "full faith and credit" of the U.S. Government. Every dollar issued by the Fed is created from a unit of debt known as a bond, such bond representing PRINCIPLE upon which INTEREST is forcibly payable by We the People.
In this "fiat currency" system, every time a dollar is created, a dollar of debt is created with interest owing to bankers. The only way the interest can be paid is for the Federal Reserve to create more dollars for the interest. But when more dollars are created to pay interest, yet more principle is created which requires yet more interest payments. Thus it is impossible for there to ever be enough money in the economy and to remedy the vicious cycle established. This system of debt-backed money is therefore fatally flawed from a mathematical point of view and has been called the "impossible contract" problem.
Irrespective of the number of products and services in the economy, the money supply must grow exponentially until it eventually ends in hyper-inflation or the government takes some unusual action. We are headed down this path at this writing. More specific mechanics of the current system's liabilities as far as the creation and issue of money are not the scope of this paper but can be reviewed in the free, on-line movie entitled MONEY AS DEBT.
The salient fact is: issue-authority for money is essentially now in the hands of a government that is in partnership with an elite cartel of bankers who have used "legal tender laws" to require that such money be accepted by the Citizens. This "fiat" money is forced upon the Citizens as the only acceptable tender for the payment of taxes, debts, public and private -- and it states a such on every Federal Reserve Note in existence.
Thus the issue-authority of money today is in the hands of ELITE BANKERS and GOVERNMENT OFFICIALS or the two in combination, cooperation and/or collusion, all in direct violation of Article I, Sections 8 & 10 of the U.S. Constitution.
The New Money System I propose here is also probably in violation of the U.S. Constitution. I admit this, not because there is necessarily anything wrong with the Founder's System, but as a suggested Amendment to the Constitution -- hopefully executed in the broad daylight of the American Citizens -- if there is any merit to this new System I propose.
My proposal is relatively simple: I propose to remove the issue-authority monopoly from GOVERNMENT OFFICIALS and ELITE BANKERS and grant it primarily to U.S. CITIZENS. The reasons this should be done; how it can be done; and the benefits, which I believe will accrue to all Americans, as well as the people in the rest of the World, follow:
Who Should Have Issue-Authority of Money:
In this proposed new Monetary System, INDIVIDUAL CITIZENS have the PRIMARY issue-authority for money, however corporations and government, as more extensively discussed below, also have a derivative issue-authority. In this new System any Citizen can write a check for any amount and pay for any PRODUCT, at any time or at any place in the United States (or such country or space participating in this System). Again, although living, breathing people ("Natural Persons") are the preferred, distributed network for the issue of money, there may be no way to ever deny governments and corporations this power, at this or any other time. Ironically, the U.S. Constitution, which is supposed to be the blueprint for a self-governing entity of "We the People," would have to be amended to permit We the People ("Citizen" or "Citizens") issue-authority of money, because, as written, only the U.S. Congress now has issue-authority. Per the 1913 Glass-Owen Act, the Congress DID however delegate this power to the Federal Reserve System, an act many constitutional scholars feel is either unwise, illegal or both.
This paper will focus on the Citizen as the primary issuer and explore the benefits and liabilities of such a System.
In the New Monetary System proposed, the Citizen issues money by simply writing a check and signing that check. Such check is similar to the everyday checks Citizens already write in the current Federal Reserve System, but here is the difference: the CITIZEN CHECK (hereinafter "CITck") is NOT deposited in any bank. The reason a CITck is not deposited is because the Citizen-created instrument is more than a mere instruction for banks to transfer funds: it's an ATTESTATION that a PRODUCT has come into existence; that that product has been witnessed by the Citizen; that that product has been evaluated as being needed and wanted; and that that product has, in fact, been purchased by said Citizen.
By issuing a CITck, a Citizen assumes OWNERSHIP of a NEW product entering the economy. A CITck is NEVER issued for USED MERCHANDISE or PRODUCTS, only new. The act of purchasing a new product with a CITck confers all of the rights and privileges of ownership found in a free-market, capitalist society.
Consideration is transferred to the Seller and to Society (as will be later seen) by the Citizen-Buyer who, by entering into this contract, has assumed the labor of evaluation and the risk of guaranteeing such evaluation.
Consideration is transferred to the Buyer and to Society (as will be later seen) by the Citizen-Seller who, by entering into this contract, has assumed the labor of production and the risk of guaranteeing such production is viable and of quality.
The labor of evaluation and warranty thereof, consists of the following assurances:
1. that the CITck was issued in an amount NEGOTIATED at arm's length in accordance with fair market competition and valuation;
2. that no collusion or fraud is present between the Seller and Buyer because their transaction is of a FIDUCIARY nature;
3. that the products purchased are accurately TALLIED on the back of the CITck by the Seller and acknowledged by the Buyer's endorsement that such tally is true and accurate.
The labor of evaluation and warranty is therefore the consideration provided by the Buyer to the Seller in exchange for the products delivered by the Seller.
In such a transaction two Citizens have duly created REAL money, money backed by REAL products and based upon a REAL contractual agreement and a meeting of the minds.
No government or banks are necessary for this transaction.
Philosophically, the CITck places a PERIOD on the end of the sentence of the production cycle, a production cycle that started with human SERVICES (idea, plan, project, program, manufacture, distribution) and has resulted in a TANGIBLE tally evidencing a valuable final PRODUCT that is also TANGIBLE and ready for final consumption by the Citizens of the United States and World.
Accordingly, the CITck is always made out, "Pay to the Order of: We the People". CITcks are never made out to the Seller, as was formerly done with Federal Reserve System checks.
Creating Money Out of Thin Air:
The New Monetary System thus deviates from the current Federal Reserve System, and possibly all other monetary systems of the past, because of the following:
The checks written by Citizens, CITcks, are NOT deposited in any bank or government institution. CITcks are instead use by other Citizens as a MEDIUM OF EXCHANGE. They are used as newly issued currency based upon newly created products by any and all Citizens. After a CITck comes into existence, the currency thus created may be used VOLITIONALLY as legal tender in the payment of any other products OR services desired.
Under this System, the CITIZEN -- the originator of VALUE in the form of new PRODUCTS -- thus becomes the primary issue-authority for new money.
Once a CITck for a set of PRODUCTS has been written, tallied and issued for those PRODUCTS, it becomes part of the permanent money supply. Then, UPON ENDORSEMENT BY THE BUYER AND SELLER, IT BECOMES A CITIZEN DOLLAR (hereinafter "CIT$"). Endorsement means, the Buyer must sign the front of the check and the Seller must sign the back of the check.
Money has thus been created out of thin air, not by an elite of bankers charging interest; not by a government hell-bent on endless expansion as "justified" by endless WELFARE and WARFARE programs -- but by the everyday CITIZENS who create the actual VALUE of civilization in the first place.
CIT$ are thus BACKED directly by human effort because they were redeemed for actual PRODUCTS at the moment of their creation. The Buyer redeemed his CITck for the Seller the moment he asked for, and received, the PRODUCTS sold and tallied on the back of said CITck by the Seller and verified by the Buyer.
CITcks and CIT$ are thus backed directly and accurately by HUMAN EFFORT and such backing is guaranteed by the millions of individual Citizens DISTRIBUTED throughout the economic network of the country and civilization on a FREE-MARKET basis.
Thus: ANY CITIZEN CAN WRITE A CITck FOR ANY AMOUNT, AT ANY TIME, AT ANY PLACE AND ISSUE SUCH CITck TO PURCHASE ANY PRODUCT NO MATTER HOW "EXPENSIVE" SUCH PRODUCT IS OR WHO IS SELLING SUCH PRODUCT, WHETHER A PERSON, A GOVERNMENT OR A CORPORATION.
ONCE A CITIZEN CHECK (CITck) HAS BEEN EXCHANGED FOR A PRODUCT, IT BECOMES PART OF THE PERMANENT MONEY SUPPLY AND IS THEREAFTER KNOWN AS A CITIZEN DOLLAR (CIT$).
Money has properly, and ethically, been created out of thin air as a tally of human effort (embodied in products and services) that can ALSO be used as a medium of exchange.
Again, the CITck is always made out, "Pay to the Order of: We the People". CITcks are never made out to the Seller, as was formerly done with Federal Reserve System checks.
Gross Domestic Tally:
Unlike the Gross Domestic Product (GDP) -- or the Gross National Product (GNP) before it -- the Gross Domestic Tally (GDT) actually means and records something of importance to Society.
The new money issued -- in the form of CITcks -- certifies the entrance, amount and qualification of new products entering the economy. This is a much more accurate tally of all products created than the laughable, so-called Gross Domestic Product which not only tallies products, but SERVICES and even products that have been destroyed and are thus non-existent.
The GDT is also much more accurate than GDP tallies done by an out-of-touch government in a distant place. The actual CIT$ created are also a much more accurate reflection of products in circulation than the estimates generated by the Federal Reserve Open Market Committee that can only rely on inaccurate GDP figures generated by the out-of-touch government in a distant place.
Also, GDT figures aren't motivated by a banking elite in secret session that stands to profit by collecting interest off of each newly-created Federal Reserve Note monetized from debt, or created as account money through Fractional Reserve Banking or by inflating the GDP figures to "justify" inflating the money supply by the two methods just mentioned.
A money supply created directly by CITIZENS -- rather than GOVERNMENT OFFICIALS or BANK ELITES -- will be done on a DISTRIBUTED, local level rather than a CENTRALIZED, distant level. Again, the money supply will more accurately represent, and attest to, the actual PRODUCT supply. The money supply will be created by a DISTRIBUTED network of intelligence rather than a CENTRAL bank of vested interests that can only estimate the tally of products in the economy at any given time.
Thus, no more Boom and Bust cycles in a CITIZEN-ISSUE economy.
The universal TALLY of PRODUCTS and MONEY in circulation, as represented by each CIT$ in circulation, will be, and CAN be maintained, at an exact 1:1 ratio.
Thus, rising prices due to monetary inflation will be mathematically impossible.
Recession and depression, due to monetary "elasticity," will also be mathematically impossible.
Prices will ONLY be affected by the law of supply and demand of tangible resources and human services -- NOT BY CAPITAL SCARCITY: an artificial construct of the state and banking monopoly.
Difference between Products and Services:
Again, CITcks created by Citizens and issued ONLY for PRODUCTS, then become CIT$ which can THEN be issued for SERVICES or PRODUCTS.
CITcks cannot be issued directly for SERVICES.
CITcks can only be issued to purchase tangible PRODUCTS as a tally and evidence of such product's existence and the tangible evidence that such product entered into the economy as authorized AND warranted by the Citizen in a fiduciary relationship engaged in a contractual transaction (as above described).
SERVICES, in this System, are deemed INTANGIBLE, and this is why they cannot be represented by newly created TANGIBLE money (and why it's laughable that services are included in the so-called Gross National PRODUCT put out by an insane government.
If CITcks were allowed for the purchase of SERVICES, it would open the door to fraud and collusion, because unethical citizens might inappropriately issue (excessive) checks to each other for services that cannot be verified or that were not performed or that were performed in conspiracy or collusion. A service attested as "done," thus MAY or may NOT actually exist. A product produced as a lump of MATTER, can easily be verified as "done" or existing by simply witnessing its objective existence.
So again (and I will repeat these concepts over and over to make certain they sink in), all SERVICES must be paid for with CIT$, which are based upon already existing CITcks previously issued for PRODUCTS, negotiated in an ARM'S-LENGTH TRANSACTION. The arm's-length negotiation is what creates legitimate, free-market value, as well as the quid pro quo (this for that) of the transaction.
JUST BECAUSE CITcks DON'T PASS THROUGH A BANK OR GOVERNMENT-MIDDLEMAN MAKES THE TRANSACTION BETWEEN A SELLER AND BUYER NO LESS VALID, NEGOTIATED, CONTRACTUAL OR BINDING.
Barter systems pre-date all government- and bank-sponsored monetary systems. Then gold and silver became money because such was more easily transacted. This is where we get the idea of a "medium of exchange." For security reasons, people stored their gold and silver in locked warehouses where "goldsmiths" issued them an itemized RECEIPT for the gold in storage. Eventually people traded their RECEIPTS instead of picking up the clumsy and heavy gold at the warehouse. At some point, goldsmiths realized that only about 10% of the people ever came back for their gold at any given time, so they only kept 10% on hand and lent out the other 90%, thus collecting interest on an asset they didn't own. This unethical practice evolved into the present-day practice known as Fractional Reserve Banking.
The gold receipts later became institutionalized as paper money, the currency we have today, and the goldsmiths, now known as "bankers," still keep only about 10% of the money on hand and unethically lend out the rest at interest. There is much more to this story, but this is not the scope of this paper. See the documentary entitled, MONEY AS DEBT, free on the Net, for the details on the Fractional Reserve System.
This unethical Fractional Reserve banking system of UNJUST ENRICHMENT is impossible with CIT$ because the proposed monetary system is, in essence, a barter system evidenced by tallies, each tally serving as RECEIPT similar to the goldsmith's receipts, except these receipts are not subject to fraud by a class of bankers or businessmen.
Because each CIT$ only comes into existence as an arms-length transaction by millions of citizens throughout the economy -- AND because such CIT$ is a direct representation of the actual tangible assets in present-time demand -- all aspects of the transaction are transparent, ethical and brutally accurate.
Fraud and Inflation Prevention:
Again, NEW products are paid for by CITcks only. These CITcks then become CIT$ upon endorsement -- new money in circulation that can now purchase SERVICES or the USED products already in service in the Society.
SERVICES must be paid for with CIT$ because this prevents fraud and creates demand for new products. It prevents fraud because a tangible CITck must exist as a contracted tally for all tangible products that enter the economy. Either a product exists or it doesn't. This prevents people from simply writing checks to each other for services that don't exist, thus artificially inflating the money supply. Additionally, new CITcks in existence create demand for more services because they signify AND authenticate the end of the production cycle, a cycle predominantly caused by services. Services result in products; products don't result in services. Services CAUSE products; products don't CAUSE services.
Above all, this System removes the motivation for fraud and, in fact most crime, as 99% of all crime is related to money. If any Citizen can create money at will to purchase any product, why would a Citizen wish to engage in the crime of fraud, or in any crime related to money for that matter? Why would a Citizen rob another Citizen for money or food when they can issue CITcks? Why would a Citizen create excess currency by failing to energetically and accurately perform their fiduciary duty as a Citizen to negotiate all transactions at fair market value? If Citizens did fail to energetically and accurately negotiate their transactions, they would not only be failing to provide the effort of evaluation in consideration for the products received (as above described), they would be reducing their own purchasing power and killing the golden goose that is enriching them and Society. The very money THEY fraudulently create would go into circulation and eventually be used to buy products and services from THEM, so why would they be motivated to create anything other than an accurately-tallied money supply? So how are services valued?
Valuation of Services:
The more PRODUCTS that are created and paid for with CITcks, the more CIT$ will enter the money supply to purchase additional services and thus maintain full employment. Zero unemployment means ever more products will be produced, thus the cycle of expansion will repeat indefinitely.
If people start charging more for their services (possibly because TIME becomes the one scarce resource in this system as every human only has about 700,000 hours of life-TIME), the newly-created demand for more CIT$ to buy services will be fulfilled because Citizens will simply write out more CITcks for more products, ultimately creating more CIT$ that can be used to pay the higher prices for the higher services.
The System is thus equilibrium-seeking because, again, ANY PERSON CAN WRITE A CITck FOR ANY AMOUNT, AT ANY TIME, AT ANY PLACE AND ISSUE SUCH CITIZEN CHECK (CITck) TO PURCHASE ANY PRODUCT NO MATTER HOW "EXPENSIVE" SUCH PRODUCT IS OR WHO IS SELLING IT. ONCE THAT CITck HAS BEEN EXCHANGED FOR A PRODUCT IT BECOMES PART OF THE PERMANENT MONEY SUPPLY AND IS THEREAFTER KNOWN AS A CITIZEN DOLLAR (CIT$).
By now I hear what you're probably thinking: "Gee, Jaeger has really gone off the deep end this time. Anyone creating any amount of money at any time?! That's insane! Everyone will run down to their Mercedes company and issue a CITck for an 80,000 Federal Reserve Note-car at once. The Mercedes company will have to turn over these "expensive" cars for a "CHECK" written by some STRANGER! A CHECK that's not issued or verified by any BANK or GOVERNMENT! A piece of PAPER that's not redeemable in gold, silver, bonds or even beads! A paper "CHECK" that's not even backed by the 'full atomic-bomb force and credit of the United States Government,' yet this piece of paper -- this CITck -- is supposed to be accepted as "REAL" money and I'm supposed to turn over a REAL, 80,000 Federal Reserve Note-Mercedes for it?! Preposterous!"
Yep, that's exactly what the Mercedes company is supposed to do: turn over a REAL, 80,000 Federal Reserve Note-Mercedes -- and it does so, gladly. Here's why. The Mercedes company, having an inventory of only 20 expensive cars on the lot, will, of course, run out of PRODUCT almost immediately because the demand for Mercedes cars will probably FAR exceed the supply. You, me, and 18 of our friends, will probably demand them and create MONEY OUT OF THIN AIR to buy them at a cost of 80,000 CITcks each. But the Mercedes company won't raise the price on these to make more money -- they don't need to because, like everyone in this system, they can create CITcks anytime they need or want more -- they will instead produce MORE Mercedes (because that's what they LIKE to do, as discussed below in more detail).
After all 20 of us drive away in our new Mercedes, the Mercedes company will be left with an empty showroom, but it will have a pile of CITcks converted to CIT$16,000,000. The Mercedes company, now flush cash, will have plenty of money to hire the SERVICES of say 1,000 more Citizens to make a batch of say 20 more Mercedes. In short order, the 20 new Mercedes will be available as 20 new PRODUCTS in the economy and -- as long as Citizens like and want Mercedes over other cars -- this brand will out-sell every time. Quality merchandise will be snapped up by yet more Citizens writing out more CITcks creating yet more cash for the Society. This cycle will continue as the following happens:
Since everyone wants a Mercedes -- rather than a Ford, Chevy or Toyota -- CIT$ will stop being created from the sale of these products and they will stop flowing into the SERVICES that produce these PRODUCTS. This societal waste will thus cease. Inferior, and/or out-of-demand, products will cease to be produced and all of the human energy and natural resources that were being wasted on their production will be reallocated to the production of higher-demand, ever-more superior Mercedes-type cars.
As long as people a) have the CITcks to buy these more expensive cars and b) want them, they will continue to buy them because they can afford and DEMAND them with their CITcks. This will continue until the market is saturated with this particular car and/or no one wants them any longer or some other competing car comes along that's even higher quality, and/or more desirable.
Since new money creates new demand, CITIZENS as CREATORS of new money (CITcks), will demand only the better, more expensive cars. This demand is what will eventually cause an increasingly-mechanized, increasingly nanofacturing-destined civilization to gear up to produce ever higher quality products. Only the best and most desirable products are where the resources of the free-market Civilization will be allocated and these new Citizen allocations will MAKE it happen -- all without "PERMISSION" from any government or bank. Demand created by money in the form of CITcks will cause higher quality products to be supplied. Higher quality, in-demand products will be less subject to (planned) obsolescence and waste. An increase in quality products, because of waste and planned obsolescence are reduced, will cause the innovation and production of new, and undreamt of products, in the Civilization. A Society driven by a debt-based, profit-motive economy can, and never would, accomplish this.
A by-product of this New System is products will need less advertising. Today's profit-driven, debt-infested system guarantees that most products will be shoddy, over-priced and/or unwanted, thus they need to be rammed down everyone's throats with incessant and obnoxious advertising at every turn. So bad is the advertising noise-level in today's' desperate system, people are purposely AVOIDING the purchase of products that scream the loudest in order to register a protest.
Stuck in a J.O.B:
Since any Citizen can ultimately create money out of thin air (CITcks) for the purchase ANY product -- including FOOD, CLOTHING, SHELTER, ENERGY and/or TRANSPORTATION -- no Citizen will ever be forced to work in a J.O.B. that they don't LOVE just because they "must make money" to buy: FOOD, CLOTHING, SHELTER, ENERGY and/or TRANSPORTATION.
This is also true of the Citizens that work at the above-discussed Mercedes company, and why I stated that they will make more cars rather than raise their prices on fewer cars.
When people are not locked into a J.O.B. -- just to "make ends meet" or "put food on the table" or "eke out an existence" or "bring home the bacon" -- but are free to LEAVE any undesirable job they want because they have the money-creation ability any time they want, they will work ONLY in jobs they ENJOY. They will work ONLY for employers that are NOT slave drivers and who manufacture ethical products of QUALITY. This system will thus remove predatory and discriminating employers from the equation.
Well-fed, happy and clothed people that work in jobs that they enjoy -- not motivated by the otherwise meaningless "make-money" incentive -- produce products of greater QUALITY, QUANTITY and VIABILITY.
Thus, we will witness a MASS MIGRATION of Citizens from J.O.B.S. they hate to jobs they love because anyone under this System can "AFFORD" to NOT work wherever they don't want to work. And, as it happens, many of these 1,000 new workers the Mercedes company has just hired were Citizens who were being forced to work on inferior Fords, Chevys and Toyotas because they could never get employment with the Mercedes company as -- prior to the initiation of this new Monetary System -- it seemed Mercedes was never hiring! Mercedes was never hiring because there were never enough people out there that could "afford" to BUY an 80,000 Federal Reserve Note-Mercedes. But now that's all changed. Even the Citizens that were working at Mercedes that HATED making cars (for some reason or another) -- have now left Mercedes and happily working in THEIR "dream jobs" elsewhere.
No longer -- as in the past Fed-infested, debt-infested "civilization" -- do Citizens have to work a J.O.B. they hate. No longer do they have to go begging and groveling to employers, banks, governments or the wealthy for salaries, wages or fees. No longer do they need an "okay" from some sovereign money master to EXIST! No longer do they need to go through parasitic, force-based entities in order to have their products "certified" by a central banking monopoly that creates government-sanctioned scarcity just so it can issue more DEBT-backed "money" and extort interest payments from Citizens who must submit to slave employment. All this usury and insanity ends with CITIZEN-ISSUED MONEY, money backed by the human effort and productivity of individual, regular Citizens and used as an HONEST medium of exchange.
In this new Monetary System, the middlemen are gone, like Yucatan dinosaurs in the wrong place at the wrong time. The parasitic bank and government middlemen -- and their millions tax collectors, bureaucrats, agents, brokers, lawyers, accountants and apologists of this system -- are GONE WITH THE WIND. These money-whores will no longer force themselves into the middle of every human transaction when, in a self-governing nation, such as the one the U.S. purports to be, they have no inalienable right to do such.
We the People ARE the government. We the People ARE the government-sanctioned banks. We the People thus choose to issue our own currency with no intervention by any outside, elite or specialized, worm-eating group.
And most of all, such CITIZEN CURRENCY (CITcks and CIT$) will NOT have anything to do with DEBT -- but everything to do with PRODUCTIVITY, ACCOUNTABILITY and TRANSPERANCY.
This new Monetary System will be simple. Not complex.
Again, in a system of Citizen-issued money, people will migrate to the work they actually want to do. They will no longer be motivated to do work they have no interest, desire or ability to do. They will no longer be forced to live in a dysfunctional, crime-ridden world created as a by-product of government- and bank-created scarcity and slavery. Such workers will create abundance because they will enjoy their work.
Technicalities of Small Transactions:
I discussed a larger transaction -- the 80,000 Federal Reserve Note-Mercedes -- because this is the first thing people will probably yap about when attempting to tear this system to shreds. But what about those day-to-day small transactions, how will they fare?
You go to Trader Joes, Inc. and buy a bunch of food. The cashier rings you up at $47.35. You write out a CITck for 47.35 and hand it to the cashier. You walk away with your healthy groceries. At the end of the business day, Trader Joe's bookkeeper adds up the day's sales. Total receipts come to 206 CITcks valued at an average of $40 each or a total revenue of 8,240 CITIZEN DOLLARS (also written CIT$8,240). Since it's payday, Trader Joe's management can now disburse these CITcks to its employees in payment of their services. These CITcks, having passed through the "PRODUCT FILTER" by purchasing PRODUCTS and been properly tallied, have now become CITIZEN DOLLARS (CIT$). These CIT$ can be used to pay for SERVICES Trader's Joes employees have been providing to manage and run the store.
The "problem" is the sums owed to the Trader Joe employees as wages and salaries don't perfectly match the amounts on the CITcks. It's a total hodgepodge. Trader Joe's management, and its employees, can solve this "problem" in one of two ways. In the FIRST WAY, the CITcks can simply be paid out in approximate amounts to the employees. Since the average CITck is convertible to CIT$40, all employees will be paid accurately plus or minus CIT$40. But, since the employees at Trader Joes are working there because they LOVE to work at Trader Joes; WANT to work at Trader Joe's; and because NONE of them are starving or wanting for material possessions (due to their abilities to create CITcks out of thin air), they really don't give a flying rat if their pay check is plus or minus CIT$40. They aren't money grubbers like in the past "civilization." The day of the money grubbers is GONE, like farts in the breeze.
We now live in a civilization where the greedy MONEY-GRUBBING mentality is dying out, a new Civilization where scarcity and economic slavery are being replaced by ABUNDANCE and FREEDOM.
The SECOND WAY Trader Joe's management, and its employees, can solve this "problem" is as follows:
Trader Joe's management may opt to convert all 206 of its CITcks into something more "professional," something prettier or more standardized. In such event -- and totally at their volition -- Trader Joe's bookkeeper can take the 206 CITcks tallying 8,240 CIT$ to a company that resembles a bank -- BUT IS NOT A BANK as we know rape and pillage, debt-purveying Fed banks of the past to be. This company -- we'll call it a "CHANGE AGENT" -- takes the 206 CITcks tallying 8,240 CIT$ and converts them into uniform, beautifully-printed paper currency, available in the following denominations: 1s - 5s - 10s - 20s - 50s - 100s - 500s - 1,000s - 5,000s - 10,000s - 20,000s - 50,000s - 100,000s - 500,000s - 1,000,000s - 5,000,000s . . . and on up as high as Trader Joe's management, or anyone else, wants.
Fractional sums could be phased out in this System to facilitate the conversion of CITcks to printed CIT$.
The newly printed currency is no more or no less CITIZEN DOLLARS (CIT$) than the original CITcks that were created and endorsed by the Citizens. And, unlike the old Federal Reserve System that feared printing denominations higher than $100 because of crime and drug deals -- these fears are gone, because there ARE no more criminals or drug dealers under the new Monetary System.
There is however, one very important thing that the CHANGE AGENT must do AFTER it converts the CITcks into "official" CIT$: it must CANCEL all 206 of the original CITcks. If both were to simultaneously circulate, they would inflate the money supply with respect to the products certified into existence by the Citizens. This monetary inflation would eventually skew prices -- exactly like we have today. This skew of prices is what is laughing called the "Business Cycle" to hide the fact that this is a system artifact of the booms and busts caused by the Federal Reserve System. As the Fed's money supply goes up and down, businesses go up and down. As businesses crash, the banking class confiscates their assets on the cheap. The Business Cycle is thus purposely caused by manipulation of the money supply by the Open Market Operations and other instruments of torture used by the Federal Reserve System. All this is institutionalized and made to look "normal" by criminal apologists of the Federal Reserve System so Citizens will never question the bogus authority of governments and elite banking cartels to have a monopoly on the issue-authority of money.
Thus, after the 206 CITcks are CHANGED into more "professional" looking CIT$, and the underlying CITcks are canceled -- THE UNDERLYING ORIGINAL CITcks ARE PLACED INTO THE PUBLIC DOMAIN SO ALL CITIZENS CAN REVIEW THEM AT ANY TIME TO MAKE CERTAIN THERE IS NO UNACCOUNTED FOR MONEY CREATED OUT OF FRAUD.
The new CIT$ can now be spent on SERVICES that will create new PRODUCTS for the civilization. Here come some more Mercedes! Or here come some more Citizens wanting to work at Trader Joes. Free and prosperous Citizens just LOVE creating great cars and selling food that's actually healthy for other free and prosperous people.
So the next day, or week, Trader Joe's management pays all its employees with the nice, newly-minted CIT$. Trader Joes, Inc. -- deriving its corporate issue-authority through the personal issue-authority of its treasurer as a Citizen -- then writes out CITcks to their PRODUCT suppliers to replace the food inventory that was sold the previous day.
Governments and Taxes:
Originally I had hoped that governments and corporations could be excluded from having issue-authority for this New Monetary System, but it looks like that would be impossible due to their entrenchment at this time. Thus, both the U.S. Government and it's creations, corporations, must be granted issue-authority by We the People.
Governments are SERVICE organizations. Governments do not produce PRODUCTS. Governments provide management services for the resources of We the People as well as the service of standardization and defense. Taxes are therefore always payable in CIT$.
If Citizens aren't producing products, thus creating CIT$, then their government doesn't get paid for its services. If citizens are producing product, then there are plenty of CIT$ to pay taxes.
Governments, like Citizens when buying products to facilitate their operations, must only issue CITcks and when paying for the services of their employees and officers, must use only CIT$. The reason Governments issue CITcks (and not something like GOVcks) because all a government is, is a group of elected, citizen-authorized Citizens. Thus the Government's issue-authority is derived ONLY from the Citizen's issue-authority. Thus they must issue CITcks and CIT$.
A Word on Products:
All products in an economy fall into one of two categories, valuable final products ("Valuable Final Products" or "VFPs" ) and sub-products ("Sub-Products"). A Sub-Product is a product that goes into the manufacture of a Valuable Final Product. Sub-Products can be made of natural resources, energy and/or other Sub-Products. Inventory bought at wholesale for the purpose of selling it at retail is a Sub-Product until it becomes the FINAL product that is purchased by the customer because it has "value." At such time it becomes a Valuable Final Product or VFP.
VFPs are sold at retail to consumers for CITcks. Sub-products are sold business to business for CITcks.
To create a VFP, energy from the physical universe, such as sunlight, heat, wind, fission, fusion, electrons ("Energy") is combined with natural resources, such as forests, iron ore, petroleum, land ("Natural Resources") as well as Human and Machine Services along with Sub-Products. Human Services include both-brain power and physical effort. Machines Services include both artificial intelligence (AI) and physical effort performed by tools.
Thus, Human Services and Machine Services are used to bring together Energy and Natural Resources in order to make the Sub-Products that add up to a Valuable Final Product that can be exchanged with Society in consideration for CITcks. In this System, the Citizen truly authorizes and tallies the efforts and resources of civilization, and for assuming this awesome duty and responsibility, earns the right to issue money as well as provide the derivative rights to do same for the Government, and its off-spring, the corporation.
Corporations, Equity, Royalties & Gifts:
Corporations are both SERVICE and PRODUCT organizations. They make products and they provide services. Corporations produce Valuable Final Products and the Sub-Products that go into the manufacture of the VFPs.
Corporations also hire the SERVICES of Citizens to create VFPs and Sub-products to deliver same to the retail consumer market or to other corporations or to government.
Corporations must be able to issue CITcks and thus create CIT$, but a corporation -- being a creation of the state -- derives its issue-authority ONLY from the Government's issue-authority, which derives its issue authority ONLY from each INDIVIDUAL Citizen's issue-authority.
Equity investments in corporate stock ownership, like loans (discussed in detail below), must be made in CIT$ and dividends must be paid in CIT$. Since stock is only the RIGHT to draw on what may become a real PRODUCT in the future (i.e., the cashflow or sale of USED assets of a corporation), stock can be bought and sold only in CIT$. If, however, the NEW inventory of a corporation is ever liquidated in dissolution, that inventory, being made of real products, must be paid for with CITcks to evidence its debut into the Society.
Since ownership is another way of saying exclusive "use rights" in perpetuity, perpetuity rights are paid with CIT$, non-perpetuity royalties are paid with CITcks and gifts are made only in CIT$.
Loans & Interest:
In addition to products and services, loans and interest must be defined and properly integrated into the New Monetary System. In brief, here are the considerations.
A loan of money ("Principle") is based upon the fact that such money has been created through human effort and such money is available for lending because it is money that was NOT used for consumption but was SAVED and then loaned ("Real Loan") in consideration for a rental fee known as interest ("Real Interest"). This kind of Real Loan, sharply distinguished from the bogus kind of loan the Federal Reserve System makes by monetizing debt and through Fractional Reserve ("Bogus Loan") -- is based upon real tangible assets (VFPs and Sub-Products).
Thus, a Real Loan is the embodiment of a VFP made from both real products and real services, it is thus issueable in only by CIT$. Thus only CITIZEN DOLLARS (CIT$) can be lent. CITIZEN CHECKS (CITcks) cannot be lent (i.e., a Citizen cannot write out a CITck as loan principle).
Accordingly Real Interest payments on Real Loans can only be paid with only with CIT$. The reason for this is because Real Interest on Real Loans is no different than a rental fee paid in exchange for being able to use or borrow a product. Real Loans are thus as tangible as real products that have been rented out.
The loan of a product or money is NOT the creation of a NEW product entering the economy and thus it can only be considered a tool that provides a SERVICE to that Citizen and economy and therefore must be paid for only by a CIT$. Thus loans are lent and repaid in CIT$ and Real Interest on Real Loans is also paid for in CIT$.
Bogus Loans can, and should be, repaid and serviced in CITcks. Since the loan principle was created out of thin air and backed by nothing, it's only fitting that such loan be repaid and serviced with CITcks.
Why This System May Work:
The core of the proposed New Monetary System is the FILTERING of CITcks into CIT$ by PRODUCTS (both VFPs and Sub-Products). By passing CITcks through the filter of production and thus creating CIT$, the Citizen is moving money from an INTANGIBLE universe to a TANGIBLE universe. See Diagram when available.
This bears repeating in different words:
THE CITck of the INTANGIBLE UNIVERSE BECOMES A CIT$ of the TANGIBLE UNIVERSE BECAUSE IT PASSES THROUGH THE FILTER OF ACTUAL HUMAN PRODUCTION.
This may be the only reason this New System may have merit.
Criminals and the Insane:
The World will become a place where crime no longer exists because the fundamental REASON for crime -- scarcity and slavery -- no longer exist. The profit-motive will no longer exist to be used by sick, psychopathic MEAT-HEADS IN SUITS to "get ahead" and "make money." Such inferior scum will be laughed at, like people with small dicks are laughed at by people with big dicks.
Even Bankers and Government officials will no longer be motivated to monopolize, dominate or control in order to HAVE their sweaty little material possessions. For they, as Citizens, will be part of the same System, and, as difficult as it may be to imagine, even THEY will rehabilitate and prosper beyond their current levels. They too will be able to enjoy the same wealth and happiness created by productivity, not by "surfing the system," paper manipulation, money games, white-collar crime and middle-manning almost every private transaction. Things are only scarce because these people in the debt-based banking systems and force-based governments have KEPT us bound to this one, tiny planet. Once the productive power and genius of these people and the 6 billion brains in the world are unleashed with an unlimited amount of Citizen money demand, there is no limit and the Singularity will be inevitable.
Only the mentally ill, insane and the 1% psychopaths in the population (that now have discoverable genetic defects) will desire or continue to attempt monopolizing, dominating and/or controlling the civilization and its Citizens through money and debt.
Our Sub-Class I Civilization will grow so quickly, so exponentially, even the undesirable J.O.B.S. in Society will soon be replaced by automated Machines Services. There will be garbage collectors, no longer desiring to pick up garbage, that will be found to be suppressed geniuses in mechanical design, for instance. Such people will migrate from their hateful garbage collection J.O.B. to jobs they enjoy because everyone will be in a position to do what they really want to do. Rather than doing the J.O.B. they must submit to as an economic slave of the current Federal Reserve's debt- and credit-infested system, they are truly free to excel in their chosen field.
So how do we transition from the current slave-system, where "money" is backed by debt and scarcity and failure are built-in to the so-called Business Cycle to this New Monetary System where money is backed by human products and abundance is guaranteed? Easier than one would think. Let's review what takes place in the current system and compare it with the New System:
1. Buyer writes check to Seller;
2. Seller deposits check into their bank;
3. Seller's bank uses check to authorize a transfer of "money" from Buyer's bank to Seller's bank.
4. Seller now has Buyer's "money" in their bank.
5. Seller can now be a Buyer with Seller's "money."
1. Buyer writes check to Seller;
2. Seller can now be a Buyer with Seller's check.
The New System breaks down to this: Citizens write CITcks, but no one deposits them into banks. And, as you can see, the mechanics of the New System are exactly the same as the old system except they are twice as easy because there is half as much behind-the-scenes administration ("System Overhead"). System Overhead is in place to make sure the self-appointed money masters of the Federal Reserve, debt-system can keep records on everyone so they are in a position to have their lap-dog government(s) keep everyone in line and under their fascist control.
The aware student will at once see that, if 50% of the System Overhead is made obsolete, this energy will be available for more productive uses in the nation and/or civilization. This factor alone makes the risks of trying this New Monetary System worthwhile.
So, the way we transition to a PRODUCT-backed Monetary System is Citizens take a little more responsibility for local administration ("Local Overhead"). The Local Overhead will be that everyone will have to write out two checks every time they purchase a product, as follows:
Since people are probably going to be UNCOMFORTABLE with the New Money System initially, the first check they write to pay for their products at a Trader Joes, will be 95% FRNs (Federal Reserve Notes) and 5% CITcks. This adds up to 100% whereby 5% of the new money supply will be created by the Seller in the act of accepting CITcks and by the Buyer in the act of tallying and authenticating the Seller's products. The Seller deposits only the first check in the banking system as "normal" but uses the CITcks, now become CIT$, with a small circle of family and friends who see merit in this the New Monetary System. Of course few will accept CIT$ at first, and there will be no CHANGE AGENTS available at first to create nice official looking CIT$, but by doing this, at even this level, everyone who participates will immediately have increased his or her wealth by 5%.
As people become MORE COMFORTABLE with the New Money System, the first check they write to pay for their products at a Trader Joes, will be 90% FRNs and 10% CITcks. This adds up to 100% whereby 10% of the new money supply will be created by the Seller in the act of accepting the CITck and by the Buyer in the act of tallying and authenticating the Seller's products. The Seller deposits only the first check in the banking system but uses the CITck, now become CIT$, with a growing circle of family and friends who see merit in this the New Monetary System. Of course many will not accept CIT$ at first, but as CHANGE AGENTS become available to create nice official looking CIT$, more will follow. Even this level, everyone who participates will immediately increase his or her wealth by 10%.
As people become EVEN MORE COMFORTABLE with the New Monetary System, the first check they write to pay for their products at a Trader Joes, will be 75% FRNs (Federal Reserve Notes) and 25% CITcks. This adds up to 100% whereby 25% of the new money supply will be created by the Seller in the act of accepting CITcks. The Seller deposits only the first check in the banking system but uses the CIT$, with a widening circle of family, friends and business associates. As more and more accept CIT$, more CHANGE AGENTS become available. At this level, everyone who participates will immediately have increased their wealth by 25%. As people become as EXTREMELY COMFORTABLE with the New Monetary System, the first check they write will be 50% FRNs and 50% CITcks. This adds up to 100% whereby 50% of the new money is now CITcks. As always, the Seller deposits only the FRN-based check in the banking system but uses the CIT$, with a wide range of family, friends and business associates. Most will now accept CIT$ because CHANGE AGENTS routinely create nice official looking CIT$. At this level, everyone who participates will immediately have increased their wealth by 50%.
When people NO LONGER QUESTION the New Monetary System, the first and only check they write to pay for their products at a Trader Joes, will be 100% CITcks and 0% FRNs. Federal Reserve Notes will have been phased out without firing a shot. Everyone will now accept both CITcks and CIT$ and there will be CHANGE AGENTS all over available to create nice official looking CIT$. By participating in this new System everyone will start experiencing exponential wealth because there is now little or no wasted productivity caused by the former Federal Reserve System and its debt-backed currency. At this point 100% of the new money will be created by Citizens at little or no risk and every entity, even the U.S. Government will love and accept CIT$. Those that don't participate in the Bose-Einsteinian economic expansion network will be left in the dust.
This mathematical example, and my metaphors, are probably flawed and/or overly simplified/complicated, but I hope they serve as an illustration of the a future I can see possibly happening by transitioning from the current criminal, monetary system that creates unjust enrichment for the few, to an ethical, citizen-based monetary system that creates general welfare for all.
Again, everyone who participates in the New Monetary System will immediately increase his or her wealth indefinitely. The entire country, and planetary civilization will follow suite. People will sit around and joke about how stupid they were to accept "money" backed by DEBT so that an elite few could rape and pillage the energy of human production. They will have much leisure time to contemplate these things as they sun themselves on space-faring ocean liners headed to the stars.
Greed and Total Freedom:
Greed, the desire or action of taking more than ones fare share of a limited resource, product or service is understandable. Greed is the natural impulse of humans to look out into the infinite universe and desire more. Ironically, the Universe is so immense, it goes far beyond the comprehension of ALL humans, thus any "greedy" desire a human could possibly have is really nothing at all compared to what the Universe is capable of delivering. So it's natural for humans to feel this. The place where greed becomes a problem is when such greed operates on the more LIMITED universe of a planet that has not yet learned how to properly allocate its resources and economies such that exponential growth is possible. Greed under these circumstances causes wealth disparity and results poverty and the poor conditions experienced by far too many.
Most give lip service to the ideal of Freedom, yet when confronted with actual real Freedom they have their bluff called. The New Monetary System proposed here allows all people the opportunity to have unlimited financial wealth so they can create unlimited survival potentials, hence unlimited Freedom. Many people will balk at such Freedom, even though they endlessly use the cry of Freedom to ensnare and enslave others in their economic schemes that promote debt-slavery, profit-motive scarcity and world domination through the use of force.
This variety of mentality is expected to most viciously attack this Monetary System, not because of unworkability, but because such people have become accustomed to domination. Such domination has the potential to cease with this System and the current plutocracy will not like it. Unfortunately for them, they will have to get used to it. They will have to learn to live with financial EQUALITY, not the wealth STRAFIFICATION they force on others with their governments and debt-based banking systems. 299 million Americans are fed up with "THEIR" system. 6 Billion people on Earth won't tolerate their greed and domination much longer.
This is how we will become a full Class I Civilization, have a successful Singularity, and then move onto full Class II and III Civilizations with many branches of Humanity diversified throughout the Galaxy.
What the World Could Be:
In a world of truly self-governing, free and powerful people, We the People are the sovereign issue-authority of money. Not GOVERNMENTS. Not BANKS. Not ELITES. Not the WEALTHY. Not other ENTITIES.
In a world of truly self-governing, free and powerful people, We the People are the sovereign issue-authority of money and all other entities derive their authority to issue money from INDIVIDUALS -- the units of Human production.
We the People issue money backed by the only thing that really has any ORIGINAL value (that we know of) in the Universe: human effort, human creation, human productivity. All other forms of money and value are DERIVATIVE.
Gold is "valuable" in part because it took human effort to extract it from the ground and thus it is able to tally human effort against the effort required for the production of other products and services in Society. As such, the Gold Standard has served as the most reliable system for thousands of years. Nevertheless, the Gold Standard, as reliable as it is, may have some drawbacks. For one, today, it actually doesn't necessarily take human effort to mine gold, as machines do the digging and these machines are often very expensive and owned by large corporations. Thus the "human effort" used to tally comparisons with other products is skewed.
Secondly, even though the mining of gold is actually a CITIZEN-ISSUE system for injecting money into the economy (as is the New Monetary System described here) it retains a similar problem as a government- or private bank-issue system. That problem is: those who get first-call on the new gold-money are able to experience a greater purchasing power than those who get to used the money later on. This problem will always persist with any system of issue whereby the issue-authority isn't DISTRIBUTED uniformly through out the Society. The New System hereby proposed, remedies this problem by a) decentralizing the issue of money and b) removing all issue-authority monopolies and c) allowing CIT$ to compete with Federal Reserve Notes in a totally unregulated free market.
The tally of product creation does not have to be accomplished with gold, silver or wooden sticks when it can more accurately be done on paper (or eventually with electronic CIT Debit Cards) . Paper affords the possibility to accurately list the products that have come into existence in receipt form, store, verify and transfer such information. This is a far more viable system than a lone miners in the wilderness, gold digging corporations, committees of bankers in a secret rooms, or by some tyrant who threatens to use hydrogen bombs if not obeyed. Money created, on-demand, by each and every able-bodied man and woman, and certified by their signature on a CITck as being an accurate tally of the actual products they needed -- not hypothetically needed, but actually PURCHASED out of NEED has true value.
Welcome to DECENTRALIZED, CITIZEN-ISSUED CURRENCY, a product tally system that can also be used as a medium of exchange and an economic tool to help Humankind survive on a wilderness planet and eventually expand its technology, knowledge and civilization (not its government, money supply or problems) exponentially to the stars.
Once all of the parasitic middlemen that support and rely on a debt-based, fascist money system are gone, ALL of that energy can, and will, be re-allocated to the production of only the finest and highest quality, needed and wanted products, which the ingenuity of the human species is able to create. EVERYONE will soon be driving the finest cars, living in the finest-construction homes, eating the healthiest foods, enjoying the leisure time to self-improve and explore the Universe. Production on all products that are cheap and made just for the PROFIT-MOTIVE or STOCKHOLDER VALUE will stop in realization of the crimes against humanity they are.
Instead of there being say 100 cars out there whereby 80 of them are crappy, cheap, made-for-profit cars by people that hate their J.O.B.S., there will be, at first, maybe 20 super nice, Mercedes-like cars competing for market-share, a market-share that's well supported because everyone can afford such fine cars. Then the quantity will increase to a saturation point whereby all Citizens are satisfied and no longer addicted to material possessions. The Human civilization will have grown up and discarded its childish, selfish, matter-crazed ways.
The World will become a place where everyone can afford whatever they want and everyone can work producing the products they love to produce. The DOING will become more important than the HAVING.
(1) I also refer you to the following: a book called The Creature from Jekyll Island, a book called Money as Debt, a book called Pieces of Eight, a documentary film called MONEY AS DEBT, a documentary film called ZEITGEIST Addendum and ZEITGEIST 3 and a documentary film I made called FIAT EMPIRE, such available at http://www.FiatEmpire.com.
Originated: 03 January 2009
Revised: 10 January 2009
Revised and Augmented: 15 January 2009
Revised and Augmented: 16 January 2009
Posted on the MIND-X: 17 January 2009, 8:48p
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