Historian Richard Striner believes the solution to our economic woes is for Congress to begin printing money for use in public works projects.
If the Federal Reserve can create new money, couldn’t Congress do the very same thing? The answer is yes, and here’s the precedent: the Legal Tender Act of 1862, in which the Republican-controlled Congress authorized creation of “United States Notes,” known as greenbacks, that were printed up and spent into use.
…The United States is not broke—and we should laugh at the delusion that we are. The potential for abundance is everywhere around us, but it stagnates for sheer lack of funding.
“Inflation!” you cry. But inflation is not a necessary consequence this policy. Along the way to explaining why, Mr. Striner gives a very thorough and useful explanation of how our economy and money supply work, something of which most US citizens sadly have little understanding.
The best way to launch such a system—to give it a low-risk test—would be to start small. Have Congress create just enough money to pay for some public necessities—say, a few billion dollars’ worth—and then see what happens. If inflation develops that can be traced to the small increase in the money supply, corrective action by the Fed could quickly counteract it.
Some of this could be given to the Library of Congress to fund that public repository for journals and correspondence.
(Source: geneveith.com)
