81-minute radio interview: Carl Herman on $1,000,000 per US household monetary reform benefits rather than 20 Americans own more than bottom 50%, .1% own more than 90%, 1% more wealthy than 99%

81-minute interview with Byron Dale and Greg Soderberg of WealthMoney.org (the three of us have combined over 90 years of research on this topic):

here

Data, discussion:

The top three benefits each of monetary reform and public banking total ~$1,000,000 for the average American household, and would be received nearly instantly. Fed Chair Janet Yellen publicly acknowledges monetary reform as described below, but continues a history of criminal fraud in her lawful fiduciary responsibility to truthfully provide what you’re about to read. The data below include evidence of a .01% oligarchy criminally looting tens of trillions of our dollars.

Monetary reform is the creation of debt-free money by government for the direct payment of public goods and services. Creating money as a positive number is an obvious move from our existing Robber Baron-era system of only creating debt owed to privately-owned banks (a negative number) as what we use for money. Our Orwellian “non-monetary supply” of adding negative numbers forever causes today’s tragic-comic increasing and unpayable total debt. You learned these mechanics of positive and negative numbers in middle school, and already have the education and life experience to conclude with Emperor’s New Clothes absolute certainty that accelerating total debt is the opposite of having money. As a National Board Certified and Advanced Placement Macroeconomics teacher, I affirm this is also exactly what is taught to all economics students.

The public benefits of reversing this creature of Robber Barons are game-changing and near-instant. We the People must demand these, as .01% oligarchs have no safe way to do so without admission of literal criminal fraud by claiming that debt is its opposite of money.

The top 3 game-changing benefits of monetary reform:

  1. We pay the national debt in proportion to removing private banks’ ability to create what we use for money as debt in order to prevent inflation. We retire national debt forever.
  2. We fully fund infrastructure that returns more economic output than investment cost for triple upgrades: the best infrastructure we can imagine, up to full-employment, and lower overall costs.
  3. We stop the ongoing Robber Barons who McKinsey’s Chief Economist documents having ~$30 TRILLION in tax havens, and the Fed finding the US top seven banks creating shell companies to hide $10 trillion. This amount is about 30 times needed to end all global poverty, which has killed more people since 1995 than all wars and violence in all human history.

Public banking creates at-cost and in-house credit to pay for public goods and services without the expense and for-profit interest of selling debt-securities. North Dakota has a public bank for at-cost credit that results in it being the only state with annual increasing surpluses rather than deficits.

Top 3 game-changing benefits of public banking:

  1. a state-owned bank could abundantly fund all state programs and eliminate all taxes with just a 5% mortgage and credit card.
  2. a state-owned bank could create in-house and at-cost credit to fund infrastructure. This cuts nominal costs in half because, as you know, selling debt securities typically doubles the cost. For example, where I live we’re still dismantling the old Bay Bridge in NoCal from the upgrade that cost $6 billion, but the debt-service costs will add another $6 billion when it’s all paid.
  3. CAFRs (Comprehensive Annual Financial Reports) stash “rainy day” funds no longer required with a credit line from a public bank. In addition, the so-called “retirement funds” currently deliver net returns of just a few percent on good years, and negative returns on bad years (herehere). California’s ~14,000 various government entities’ CAFRs have a sampled-data total estimate of $8 trillion in surplus taxpayer assets ($650,000 non-disclosed assets per household, among California’s ~12.5 million households).

$1,000,000 of benefits per US household:

  • California’s CAFR data of ~$650,000 of assets per household is evidence of huge cash assets of similar magnitude in every state.
  • Paying the US national debt of ~$18 trillion saves ~$180,000 per household.
  • Ending state taxes in California to pay a budget of ~$170 billion saves each household ~$15,000, with similar savings in every state.
  • ~$30,000 per household savings annually: the American public would no longer pay over $400 billion every year for national debt interest payments (because almost 30% of the debt is intra-governmental transfers, this is a savings of ~$300 billion/year). If lending is run at a non-profit rate or at nominal interest returned to the American public (for infrastructure, schools, fire and police protection, etc.) rather than profiting the banks, the savings to the US public is conservatively $2 trillion (1). If the US Federal government increased the money supply by 3% a year to keep up with population increase and economic growth, we could spend an additional $500 billion yearly into public programs, or refund it as a public dividend (2). This savings would allow us to simplify or eliminate the income tax (3). The estimated savings of eliminating the income tax with all its complexity, loopholes, and evasion is $250 billion/year (4). The total benefits for monetary reform are conservatively over three trillion dollars every year to the American public. Three trillion is $3,000,000,000,000. This saves the ~100 million US households an average of $30,000 every year. Another way to calculate the savings is to figure those amounts per $50,000 annual household income (for example, if your household earns $100,000/year, you save ~$60,000 every year with these reforms). This savings represents a 60% raise for every US household’s income.
  • Related, if the ~$30 trillion hidden in tax havens by the .01% have $10-$15 trillion from Americans, and we count the Federal Reserve report that the US top seven banks have over $10 trillion stored, then the average US household could clawback ~$200,000 to ~$250,000.

Famous Americans already on record for these reforms:

Please understand that I represent likely hundreds of thousands of professionals making factual claims with objective evidence anyone with a high school-level of education can verify.

The Emperor’s New Clothes obvious pathway out of these mechanics of our “debt system” is to start creating debt-free money (a positive number) for the direct payment of public goods and services, and create public credit for at-cost loans (a negative number). I have three academic papers to walk any reader through these facts; an assignment for high school economics students, one for Advanced Placement Macroeconomics students, and a paper for the Claremont Colleges’ recent academic conference:

Teaching critical thinking to high school students: Economics research/presentation

Debt-damned economics: either learn monetary reform, or kiss your assets goodbye

Seizing an alternative: Bankster looting: fundamental fraud that “debt” is “money”

Let’s examine just some of the facts of the current US economy that demonstrates its criminal status:

For Americans still zombiefied to “believe” in America, please embrace the reality that 40% of US children live at least one year of their lives in under-measured poverty, while oligarchs most responsible literally laugh in grandiose glee of the poverty they euphemise as “income inequality.” Please absorb this 1-minute reality check:

More game-changing economic data that confirm what we receive for economic leadership is literal criminal fraud:

15-minute video of obvious solutions: Mark Anielski and Ellen Brown’s powerful 15-minute response to an interview at the Seizing an Alternative conference (and here, with videos here) with former World Bank economist Herman Daly and co-author John B. Cobb of For the Common Good (video should start at 1:04:43):

Endnotes:

1) Of $60 trillion total debt, a conservative current interest cost of 5% is $3 trillion every year. Two trillion dollars of savings if the profits are transferred to the American public rather than to the banking industry is probably low. St. Louis Federal Reserve Bank: https://research.stlouisfed.org/fred2/series/TCMDO

2) The US GDP is ~$17 trillion. Three percent growth is moderately conservative.

3) Of the US Federal government’s ~$4 trillion annual budget, about $1.7 trillion is received from income tax.

4) Tax Foundation. Hodge, S, Moody, J, Warcholik, W. The Rising Cost of Complying with the Federal Income Tax. Jan. 10, 2006: http://www.taxfoundation.org/research/show/1281.html

**

Note: I make all factual assertions as a National Board Certified Teacher of US Government, Economics, and History, with all economics factual claims receiving zero refutation since I began writing in 2008 among Advanced Placement Macroeconomics teachers on our discussion board, public audiences of these articles, and international conferences. I invite readers to empower their civic voices with the strongest comprehensive facts most important to building a brighter future. I challenge professionals, academics, and citizens to add their voices for the benefit of all Earth’s inhabitants.

**

Carl Herman is a National Board Certified Teacher of US Government, Economics, and History; also credentialed in Mathematics. He worked with both US political parties over 18 years and two UN Summits with the citizen’s lobby, RESULTS, for US domestic and foreign policy to end poverty. He can be reached at Carl_Herman@post.harvard.edu

Note: Examiner.com has blocked public access to my articles on their site (and from other whistleblowers), so some links in my previous work are blocked. If you’d like to search for those articles other sites may have republished, use words from the article title within the blocked link. Or, go to http://archive.org/web/, paste the expired link into the box, click “Browse history,” then click onto the screenshots of that page for each time it was screen-shot and uploaded to webarchive. I’ll update as “hobby time” allows; including my earliest work from 2009 to 2011 (blocked author pages: herehere).

**

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  • Jul 30, 2016 – Collapsing U.S. GDP Growth Belies Rosey Forecasts

    https://youtu.be/aG1Bx_5SSAk

  • OttoMaddox

    Yeah, let’s have lots of free shit for everybody!!!

    • Carl_Herman

      Liar, OttoMaddox. You will remain at the kiddie table to rant without anyone listening other than pity for your willing slavery to a system you refuse to factually address.

      Choose what you speak for with care: Life will give you what you earn from thoughts, words, and actions.

      • OttoMaddox

        Liar? You’re the one who suggested helicopter money. Get a grip man.

        • Carl_Herman

          Yup. You’re a liar (or bullshitter, take your choice) to take a monetary policy with beginning American documentation of Ben Franklin’s findings that the government of Pennsylvania operated without need for taxes with public banking and direct payment of infrastructure that YOU describe as “free shit for everybody!!!” then as “helicopter money. Get a grip man.”

          That’s a lie, Otto.

          Choose wisely: you’re free to remain in the system we have if you care to work for its persistence. If you’d like to upgrade, you have to earn it with thoughts, words and actions.

          Your call.

          • OttoMaddox

            You can’t prove it’s a lie and everyone wants free shit. Everyone. Try to be coherent next time.

  • Lynn Walker

    The problem I have with these suggestions is that they only solve one aspect of the corruption of our money system but they still represent a massive form of fraud. What exactly do I mean?

    The first problem with our money system is that a select group of persons, the owners of banks, are given the legal right to counterfeit money, which is a serious crime for anyone else. Through this device these bankers are literally able to gain ownership of everything else. They are getting near to complete ownership now. And of course this is all based on fraud, they risk nothing of their own, placing none of their own wealth into play when they loan money for profit. Counterfeiting money is obviously fraud even if you bribe government officials to legalize it for you.

    The suggestion of nationalizing the banks takes care of this issue. We would no longer have a group of criminals, masquerading as financiers, driven by greed to the point of wickedness, calling all of the shots in our world. The benefits from this would be immeasurable, even for the bankers, as no man ruled by greed is capable of finding happiness or salvation.

    However, when you talk about allowing governments to create money you haven’t solved all of the problems that are associated with counterfeiting money, and that is what would still be occurring. The problem with allowing any entity to create new money through loans is that this creates inflation and it decreases the value of the money that everyone already holds. With each loan made, your savings and income lose value. Unless everyone is granted loans of equal value at the same time this creation of money through loans is a form of theft against all existing money holders. That doesn’t sit right with me at all, so no thank you, I’m not interested in nationalizing the banks.

    For a money system to be fair the money must be tied to something of tangible value, for which the money can be exchanged upon request. The money supply increases as the supply of the item of tangible value, which backs the currency, increases. Loans can only be made by the exchange of existing money, and as God has declared in many scriptures and other notable intellects from the past have confirmed, interest is not to be charged on loans. Allowing interest to be collected on loans inaugurates the entire wicked scenario we find ourselves in today.

    In fact, it is only because the Catholic Church defied God and corrupted the teachings on this matter that usury exists in the modern world. I would similarly assert that more than a grab for resources, the War on Terror is primarily motivated by the Global Criminal Bank Syndicate’s efforts to remove the Islamic barrier to usury. The Muslim leaders appear to have more faithfulness to God and more integrity as a people than the leaders of the Christian Churches. The Jewish people apparently never listened to God’s instructions on the matter, hence His disregard for the concept of a “Chosen People” and abandonment of them to their own demise. Christians will soon follow them down the rat hole into hell.

    I am eager to hear from those persons who are engaged in a solution that does not include the creation of money through loans, because this is in fact the greatest fraud that can be committed against a people. Yes, we certainly do not want a debt-based money because that creates the mechanism for one group of people to rule over all others, not by virtue of strength, intelligence or virtue, but by slight of hand fraud. However we should not be fooled into believing that these suggested reforms, that still include the creation of new money out of thin air by some entity, even if it’s the government are honest. These plans still represent a form of theft by one group of citizens, those who borrow the most, from the rest of the population. Compare it to the idea of bailing out the banks but not the homeowners. It’s not fair. Similarly, bailing out the homeowners is not fair to non-homeowners who receive no corresponding benefit, and actually have to contribute to pay for the bailouts of the homeowners. This would be the effect of nationalizing the banks. Borrowers would benefit, non-borrowers would be cheated out of some of the value of their money.

    Folks, the plain fact is that banking is an evil institution no matter who runs it. It can’t be done fairly. Please shut down these attempts to reform our money system in such a way that we simply move the fraud from one entity to another. Private ownership of banks is not the problem. Banks are the problem. They should not exist. Period. Listen to God, He’s never wrong.

  • Southernfink

    There’s one little thing that I don’t quite understand, how will this effect the exchange rates?

    • Carl_Herman

      The effect is in perceived value and purchasing power. The petrol-dollar of today is backed by ~$19 trillion in debt that makes the dollar seem valuable as an investment. The reality is .01% oligarchs receiving funding and returning pretty pieces of debt securities backed by our taxes to pay the interest. A breakthrough in truth ends this Ponzi scheme, with a period of unpredictable effects on perceived and real purchasing powers of particular currencies.

      A related series of breakthroughs in truth for suppressed technologies will also help.

      All that said, we need to take truth step-by-step forward, as the current system of neocolonialism annually kills millions, harms billions, and loots trillions.

      • Southernfink

        Ellen Browns recent article on Jill Stein was interesting.

        Just like US congress found the ”money” to bail out the banks, new credit can be created to benefit ”people”.

        Helicopter money?

        • Carl_Herman

          Hi Sf: the two tools we can employ easily are debt-free money to directly pay for infrastructure (so-called helicopter), and credit from a public bank that is repaid over time. So: positive numbers into the monetary supply and negative numbers can be used to best manage the total supply (inflation/deflation).

          If we had truthful consideration of money, we could solve all the current economic problems relatively quickly, then focus on how to relate best with the real economy of limitations only with resources and labor. Technology unleashed would give us unprecedented human freedom, with tech suppressed now by the .01% masters who want us only as work animals for them.

  • Carl_Herman

    A comment from Lynn Walker that somehow isn’t posting here:

    The problem I have with these suggestions is that they only solve one aspect of the corruption of our money system but they still represent a massive form of fraud. What exactly do I mean?

    The first problem with our money system is that a select group of persons, the owners of banks, are given the legal right to counterfeit money, which is a serious crime for anyone else. Through this device these bankers are literally able to gain ownership of everything else. They are getting near to complete ownership now. And of course this is all based on fraud, they risk nothing of their own, placing none of their own wealth into play when they loan money for profit. Counterfeiting money is obviously fraud even if you bribe government officials to legalize it for you.

    The suggestion of nationalizing the banks takes care of this issue. We would no longer have a group of criminals, masquerading as financiers, driven by greed to the point of wickedness, calling all of the shots in our world. The benefits from this would be immeasurable, even for the bankers, as no man ruled by greed is capable of finding happiness or salvation.

    However, when you talk about allowing governments to create money you haven’t solved all of the problems that are associated with counterfeiting money, and that is what would still be occurring. The problem with allowing any entity to create new money through loans is that this creates inflation and it decreases the value of the money that everyone already holds. With each loan made, your savings and income lose value. Unless everyone is granted loans of equal value at the same time this creation of money through loans is a form of theft against all existing money holders. That doesn’t sit right with me at all, so no thank you, I’m not interested in nationalizing the banks.

    For a money system to be fair the money must be tied to something of tangible value, for which the money can be exchanged upon request. The money supply increases as the supply of the item of tangible value, which backs the currency, increases. Loans can only be made by the exchange of existing money, and as God has declared in many scriptures and other notable intellects from the past have confirmed, interest is not to be charged on loans. Allowing interest to be collected on loans inaugurates the entire wicked scenario we find ourselves in today.

    In fact, it is only because the Catholic Church defied God and corrupted the teachings on this matter that usury exists in the modern world. I would similarly assert that more than a grab for resources, the War on Terror is primarily motivated by the Global Criminal Bank Syndicate’s efforts to remove the Islamic barrier to usury. The Muslim leaders appear to have more faithfulness to God and more integrity as a people than the leaders of the Christian Churches. The Jewish people apparently never listened to God’s instructions on the matter, hence His disregard for the concept of a “Chosen People” and abandonment of them to their own demise. Christians will soon follow them down the rat hole into hell.

    I am eager to hear from those persons who are engaged in a solution that does not include the creation of money through loans, because this is in fact the greatest fraud that can be committed against a people. Yes, we certainly do not want a debt-based money because that creates the mechanism for one group of people to rule over all others, not by virtue of strength, intelligence or virtue, but by slight of hand fraud. However we should not be fooled into believing that these suggested reforms, that still include the creation of new money out of thin air by some entity, even if it’s the government are honest. These plans still represent a form of theft by one group of citizens, those who borrow the most, from the rest of the population. Compare it to the idea of bailing out the banks but not the homeowners. It’s not fair. Similarly, bailing out the homeowners is not fair to non-homeowners who receive no corresponding benefit, and actually have to contribute to pay for the bailouts of the homeowners. This would be the effect of nationalizing the banks. Borrowers would benefit, non-borrowers would be cheated out of some of the value of their money.

    Folks, the plain fact is that banking is an evil institution no matter who runs it. It can’t be done fairly. Please shut down these attempts to reform our money system in such a way that we simply move the fraud from one entity to another. Private ownership of banks is not the problem. Banks are the problem. They should not exist. Period. Listen to God, He’s never wrong.

    • Carl_Herman

      Lynn: it’s unimaginable in today’s environment that we could have transparent data regarding money supply, and that said, it’s certainly possible and required for a competent monetary system.

      Money is a symbol of wealth, and shouldn’t be tied exclusively to any commodity like gold or silver because that adds a dangerous and unnecessary variable into an equation of managing money supply, with risks of manipulating whatever commodities tied to money that will affect money’s value.

      Managing money supply will be discovered if we ever have an honest system through trial and error, with tools to create debt-free money (remember – all with completely transparent data for academic, public, and political clarity) as a positive number, and with credit/debt as a negative number that must be repaid with taxes (a tool to reduce the supply of money in the system).

      Economics can be redirected into an honest system if, and only if, enough people in the profession and public can apply basic education to stop being used as work animals, arrest the current .01% criminals, and move forward with honest data on the table to learn how to best operate a monetary system.

    • Denisejheck1

      <<o. ★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★::::::!fn407m:….,….