Kucinich Slams the Fed and Fractional Reserve Banking!

anaconda

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This was in my email inbox yesterday. This is the first Democrat I've heard of slamming the Federal Reserve system...Check out item #16 below:

KUCINICH'S MAIN STREET RECOVERY PLAN

Dear Friend,

While Wall Street and the Bush Administration try to blackmail Congress into a $700 billion bailout for corporations that have shown zero concern about the plight of the American people through the last decade, I have been working on a comprehensive alternative. Today, I am releasing a plan for economic recovery that will provide not only economic stimulus, but also fairness for everyday people on every "Main Street" in America. The plan is detailed below, and it will also be available on the campaign website www.kucinich.us.

Of course, this is a plan that has not only economic implications, but also moral and spiritual implications as well. The social, economic, and political divisions in our nation must be healed. We can make a new beginning, seizing this moment of crisis and transforming it into a moment of rebirth for our nation. I hope you will take the time to read it, consider it, and share it with your friends. I welcome your comments and your support.

More tomorrow.

Thank you,


Dennis
www.Kucinich.us
216-252-9000 877-933-6647

Kucinich’s Main Street Recovery Plan

1. Health Care for All: Insurance companies make money not providing health care. As the co-author of HR 676, a universal, single-payer, not-for-profit health care system, Medicare for All, I understand millions of Americans want health care that is accessible and affordable.

Medicare for All will help businesses large and small, create jobs as well as save the jobs of thousands of people including those of doctors, nurses and other healthcare workers who are currently leaving medicine because it is run by the insurance companies. $1 in every 3 dollars of the $2.4 trillion spent annually in America for health care goes to the insurance companies. If we take that money ($800 billion in unproductive wasteful spending) and put it directly into care, we will have enough money to cover everyone. We are already paying for Medicare for all, but not receiving it. HR 676 changes that!

2. Prescription Drug Benefit for Seniors: HR 6800 is the MEDS Act, which provides a fully paid prescription drug benefit, under Medicare, for all seniors. I wrote this bill to help alleviate the economic pressure that comes from the high cost of prescription drugs. We can pay for it by letting the government negotiate drug prices with the pharmaceutical companies as well as by permitting re-importation.

3. Stop the Oil Companies’ Price Gouging: As you know, I was the first one to step up to challenge of the corrupt price gouging and market speculation of the oil companies by proposing a windfall profits tax, on oil and natural gas companies, with revenues put into tax credits for the purchase of fuel-efficient American-made cars. However, it may be that nationalization is the only way to put an end to the oil companies' sharp practices.

4. Protecting the American Homestead: As Chairman of the Domestic Policy Oversight Subcommittee, I am working to protect your basic right to have a roof over your head, whether as an owner or renter. I have investigated and helped to expose the manipulation of mortgage markets, and I am crafting a new federal policy so that neighborhoods with the highest number of foreclosures get the most help.

5. Jobs for All: Congressman LaTourette and I have co-authored the bi-partisan New Deal-type jobs program, HR 3400, "Rebuilding America's Infrastructure." It will create millions of good-paying new jobs rebuilding our roads, bridges, water systems and sewer systems.

6. American Manufacturing Policy: I am drafting the American Manufacturing Policy Act, which for the first time, will state that the maintenance of U.S. steel, automotive, and aerospace industries are vital to our national economic security and must be maintained through integrated public-private cooperation, new trade policies, and investment.

7. Works Green Administration: I am also drafting plans for a green New Deal jobs program, in which the government creates millions of jobs by incentivizing the design, engineering, manufacturing, distribution and maintenance of millions of wind and solar micro-technologies for millions of homes and businesses, dramatically lowering energy costs and reducing our dependence on oil.

8. Fair Trade: The U.S. has lost millions of good-paying jobs, and more jobs have been out-sourced. As you know, I have helped to lead the way in opposition to trade giveaways. I strongly urge repeal of NAFTA. We must include workers' rights, human rights and environmental quality principles in all trade pacts. We must also protect the Great Lakes' water resources from the reach of multi-national corporations.

9. Education for All: I know families need help with the rising cost of day care. That is why I introduced HR 4060, a universal pre-kindergarten program to ensure that all children ages 3-5 have access to full-day, quality day care.

10. Protecting Pensions: I am working to change bankruptcy laws so pensioners' claims will be first, ahead of banks, and that corporate executives who misuse workers' pension funds are subject to criminal penalties. I want to fully fund the Pension Benefit Guarantee Board.

11. Social Security: From my first moments in Congress, I have exposed Wall Street's efforts to privatize Social Security and attacked it in the Democratic Caucus when it was being proposed. Can you imagine where seniors would be today if Social Security had been turned over to the stock market? Social Security is solid through 2032 without any changes.

12. Protect Bank Deposits: I will work to make sure the Federal Deposit Insurance Corporation (FDIC) has sufficient funds to provide for insurance of deposits up to $200,000 at all banks and savings and loans. This is an urgent matter since so many banks are said to be vulnerable.

13. Protect Investors: Bring back strong regulation to Wall Street. As Chairman of the Domestic Policy Subcommittee, I challenged the Wall Street hedge fund speculators as a threat to small investors. I intend to keep active watch over the machinations on Wall Street.

14. Strength through Peace: You'll remember when I led the effort against the ill-conceived Iraq war, which has now cost more than 4,100 US soldiers' lives, cost U.S. taxpayers between $3 trillion and $5 trillion, and resulted in the deaths of more than a million Iraqis. We must bring our troops home and end the war. We must engage in diplomacy. We must reduce the military budget, and we must stop outrageous cost overruns by the likes of Halliburton.

15. Safety in America: I am proud of my work for peace. In July 2001, I introduced a bill, which today is HR 808, that for the first time creates a comprehensive plan to deal with the issues of violence in American society, particularly domestic violence, spousal abuse, child abuse, gang violence, gun violence, racial violence, and violence against gays by establishing a Cabinet-level Department of Peace and Restorative Justice. This proposal has sparked a national movement and when implemented will save tax payers millions of dollars.

16. Monetary Policy: It is long past the time that we looked at the implications of our debt based monetary system, the privatization of money created by the 1913 Federal Reserve Act, the banks fractional reserve system and our debt-based economic system. Unless we have dramatic reform of monetary policy, the entire economic system will continue to accelerate wealth upwards. I am currently working on drafting legislation for an 'American Monetary Act' to address these and other issues in order to protect the economic wellbeing of America.
 
This could all be accomplished by this wonderful mechanism known as the free market, with the exception of ending fractional-reserve banking, that needs to be done a lot quicker than the market would produce, since the economy can go down the toilet with fractional-reserve banking.
 
The_Orlonater said:
God, what a socialist.

I don't see anyone else in Congress taking on the monetary system other than RP, except for now Kucinich. It's not a "socialist" agenda to want to stop the Fed from stealing the money and wealth from the middle class. It's just simply a crime stopping agenda.

I am pleased that an anti-Fed voice has cropped up on the "other side of the aisle."

Might help it to catch on as a non-partisan issue.
 
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I don't see anyone else in Congress taking on the monetary system other than RP, except for now Kucinich. It's not a "socialist" agenda to want to stop the Fed from stealing the money and wealth from the middle class. It's just simply a crime stopping agenda.

I am pleased that an anti-Fed voice has cropped up on the "other side of the aisle."

Might help it to catch on as a non-partisan issue.

His 16-point plan is pretty socialist. BTW, why do we need an FDIC if the banks have full reserves? Unless if there is some sort of natural calamity or a bank robbery, the bank accounts should be fine, right?
 
yuck yuck yuck.

He may be a good friend of Ron Paul, but his policies suck. Nearly all those things we cannot afford, and are violation of private property rights, not to mention it'd heavily increase our tax-burdens and make industry way more inefficient.

I'd be willing to be he would support a Congressionally issued currency, and would not trust that the market would determine the currency accurately....sadly, this would likely lead to massive hyper-inflation across the board and would more easily allow Congress to bail out everyone (bad bad bad).

I think he means well, but a lot of his policies would magnify the problems x10.
 
nate895 said:
His 16-point plan is pretty socialist. BTW, why do we need an FDIC if the banks have full reserves? Unless if there is some sort of natural calamity or a bank robbery, the bank accounts should be fine, right?

Agreed, nate895. I was only talking about item #16. Anti-Fed talk is non-existent in Congress except for RP. I thought it was really amazing for a Dem to sound off on it.
 
Agreed, nate895. I was only talking about item #16. Anti-Fed talk is non-existent in Congress except for RP. I thought it was really amazing for a Dem to sound off on it.

Well, we need to work together on the issues we can, but to go out and support Kookcinich isn't a good idea, just don't challenge for his seat or anything like that, we wouldn't win anyway.
 
Fox McCloud's Avatar Fox McCloud said:
He may be a good friend of Ron Paul, but his policies suck. Nearly all those things we cannot afford, and are violation of private property rights, not to mention it'd heavily increase our tax-burdens and make industry way more inefficient.

I cut-and-pasted the whole email more for continuity. I was really only stressing item #16, his rather surprising anti-Fed rhetoric.
 
I don't see anyone else in Congress taking on the monetary system other than RP, except for now Kucinich. It's not a "socialist" agenda to want to stop the Fed from stealing the money and wealth from the middle class. It's just simply a crime stopping agenda.

I am pleased that an anti-Fed voice has cropped up on the "other side of the aisle."

Might help it to catch on as a non-partisan issue.

Oh no, I meant on other issues. Sorry for the confusion. I just coulnd't help ,but notice.

Go Kucinich for slamming the Fed!
 
Sometimes he really impresses me, sometimes he makes me scratch my head and say "What the hell was this guy thinking?"

Its like sometimes he's a Constitutionalist, other times he's a Socialist.
 
Sometimes he really impresses me, sometimes he makes me scratch my head and say "What the hell was this guy thinking?"

Its like sometimes he's a Constitutionalist, other times he's a Socialist.

That seems to be the case with liberals, and, well, most people. Defend and cite the Constitution when it benefits you, ignore it when it doesn't.
 
Dennis Kucinich...my favorite benevolent socialist! If I had to live under socialism, I want Dennis at the helm.
 
Dennis Kucinich...my favorite benevolent socialist! If I had to live under socialism, I want Dennis at the helm.

HAHA +1

I hate 99% of his policies, but atleast he's honest and not afraid to question the status quo. Its really nice to hear someone else in congress speaking the truth about the FED.
 
heh i still reject a lot of that stuff out of principle. however, i agree with infrastructure improvements. if the government is going to waste tax dollars at least get a good asset out of it.

also, i don't know that we couldn't afford some of that stuff if the international bankers weren't slurping up all that interest from us. obviously we couldn't right now.
 
When I took "what candidate is best" test early in the
year I got him and Ron Paul as my choices.
Unfortunately neither will get and "promotions".
I wonder how well they would do getting onto the Senate.
Or becoming a governer.
 
It is socialist but I'd go for it before the other plan..

lol dennis..
 
returning monetary policy back under Congress' control needs to be the very first step in restoring liberty. We need all the support in Congress we can get, socialist or not.
Let's face it, a Congress controlled money supply IS SOCIALIST.
 
returning monetary policy back under Congress' control needs to be the very first step in restoring liberty. We need all the support in Congress we can get, socialist or not.
Let's face it, a Congress controlled money supply IS SOCIALIST.

only if it's paper ;)

If it's gold/silver/copper, then it's ok, as Congress has the ability to coin money.

Congress+Paper = worse than the Federal Reserve IMHO.
 
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