On Wednesday 21st September Congressman Dennis Kucinich took a crucial and heroic step to resolve US growing financial crisis and achieve a just and sustainable money system by introducing the National Emergency Employment Defense Act of 2011, abbreviated NEED.
While the bill focuses on unemployment crisis, the remedy proposed contains all of the essential monetary measures being proposed by the American Monetary Institute in the American Monetary Act.
This bill would place the money system under constitutional checks and balances.
From his announcement:
“Today, nearly 25 million Americans are either unemployed or cannot find a job on which they can live and support their families. FDR’s response to such circumstances was the New Deal. Today, we need similarly bold solutions,” said Kucinich. “We need a solution that will revive our economy in a sustainable way that will put millions of American back to work.”
“There should be work for those who are able to work. Government must become the employer of last resort. The private sector is not providing the jobs. When the private sector fails to provide the jobs, the government has a moral responsibility and a practical responsibility to step forward to put the country back to work.
“The ability to coin money is an inherent power under Article I, Section 8 of the United States Constitution. The NEED Act would control inflation because it will enable the government to invest in America by creating infrastructure, which is real wealth. Inflation is caused when new money is created without the creation of new wealth,”
The proposal would also establish fiscal integrity, reassert Congressional sovereignty and regain control of monetary policy from private banks.
Read the NEED Act here.