The solution to the problem of privately created debt being used for money is publicly created money that instead of a debt is a public asset on the books. Public money then can be spent into the economy for the needs of people and planet debt free. This solution in the Green Party Platform, as was researched and developed by the American Monetary Institute, are the critical components of monetary reform proposals world-around. Further, it was made into a bill for the U.S. Congress and introduced by Dennis Kucinich in 2010 & 2011, known as the NEED ACT (or HR2990 of the 112th Congress). The 3 essential parts of monetary reform which must be implemented simultaneously are:
- Nationalize the Federal Reserve System, by the government buying all shares of the 12 Federal Reserve Banks, from the private member commercial banks. This makes the 12 Federal Reserve Banks part of our government, precisely what most of us mistakenly believe it is now.
- End bank creation of money. Banks will only lend money that already exists, exactly what most people mistakenly believe happens now.
- The federal government creates and spends money into the economy. This is the new US Money, issued without inflation or deflation for the needs of the nation and its people. Again, what many mistakenly think is now happening.
All 3 of these reforms must be done together or the Money Power will be regained by the private banks. For instance:
- The Bank of England was nationalized in 1946 (Part a). But because bank creation of money was not stopped (no Part b), private banks now still create 97% of the UK's money. The Bank of Canada was nationalized in 1938, but the same mistake was made.
- President Jackson revoked the Second Bank of the U.S.'s charter, effectively ending most bank-created money at the time (Part b). Misunderstanding the true nature of money, President Van Buren (who followed Jackson) failed to create and spend debt-free money into existence (no Part c), causing the depression of 1837.
- Debt-free Greenbacks (Part c) were created under Lincoln to fight the Civil War and save the nation. Because bank creation of money (no Part b) was not decisively stopped, the bankers methodically got the upper hand and quashed the Greenbacks.