Grow the economy with interest free federal credit for infrastructure and manufacturing
Paul Adams, J.D.
Those that wish to defeat globalism (slave labor and wages), improve the U.S. economy by creating 30-40 million living wage jobs, and return to a productive economy should strongly consider supporting the United Front Against Austerity (UFAA).
The United Front provides only proven policy solutions based on the traditional American System of Economics and is endorsed by author and Scholar, Webster Griffin Tarpley. It does not support either side of the international banksters’ Hegelian Dialectic false left vs. right divide and conquer scheme. Instead, the UFAA is a mass movement built on the most basic issues of economic survival.
The role of the UFAA is like that of Dr. Martin Luther King Jr.’s Montgomery Improvement Association, which guided the Montgomery bus boycott, a successful campaign that focused national attention on ending racial segregation in the South and providing Constitutional rights to all. “The time is always right to do what is right.”
Contrary to what many popular and pessimist economists say, the U.S. and world economies can return to booming economic growth within two or three months. Contrary to what the Malthusian global elites espouse, there can be plenty of food, clothing and shelter for everyone once we support skilled labor and the production of real goods rather than cancerous financial speculation.
Proven Policies to Save Lives and the Economy
Seize and Nationalize the Federal Reserve System
The obvious source of financing for the US economic recovery is to Nationalize the private Federal Reserve System
of usury. In the 2008 financial panic, the Federal Reserve made available approximately $27 trillion in credit to bail
out its bankrupt member zombie-banks
. Yes, only financial institutions were eligible for these loans as they foreclosed on millions of home owners (productive working people enslaved by mortgage debt). To get a 0% loan from the private Fed, you had to be a bank, a money market fund, a credit card company, or some other kind of non-productive financial service provider.
These policies have failed to create a recovery. It is now time for the private Fed to be nationalized so that it stops serving the banks, and begins serving the needs of the US economy as a whole. This would take the form of a Main Street Credit Facility and a Rebuild America’s Infrastructure Facility.
By law, the newly nationalized Federal Reserve must be forced to put out a tender offer to states and regional authorities stating the Fed’s willingness to buy an initial $1 trillion of state bonds with the proceeds devoted exclusively to rebuilding the infrastructure of the United States. These must be century bonds, with 100 year maturities and the coupon rate must be set at 0% (interest free). Once the first tranche of $1 trillion is expended, another tranche should be offered, until the point at which full employment is reached.
These state and authority bonds will make possible the long overdue rebuilding of the entire US Interstate Highway System, including its bridges; the national passenger, freight, and commuter rail using the technology of the 21st century; the national electricity production and transmission grid; canals, ports, sewage and water systems; telecommunications; public housing; schools, hospitals, libraries, public buildings, etc.
0% Federal Credit for Real Production
Once the private Fed is nationalized, the Main Street Credit Facility will offer 0% federal credit
to manufacturers, technology companies, farmers, and any and all companies active in manufacturing, construction, mining, scientific research, energy production, and other forms of tangible, physical, commodity production. Cheap credit for productive activity must be available all the way down to the local auto repair shop, dry cleaner, plumber, electrician, or restaurant, since all of these represent tangible physical production. Financial services will no longer be eligible to be subsidized by cheap federal credit.
Low or no interest federal lending to private enterprises must replace corrupt federal spending, which is nothing more than giveaways to the Elite and their cronies. The cost of capital can be radically lowered, and a competitive advantage of the United States in world markets can be secured. The overriding goal is the creation of at least 30 million new jobs quickly.
1% Wall Street Sales Tax
A 1% Wall Street Sales Tax
must be imposed to curb financial speculation from institutional investors while preserving public services and the social safety net.
The fiscal problems of the United States are largely due to the fact that Wall Street moneychangers pay no taxes. The total turnover in terms of buying and selling of securities, including stocks, bonds, and derivatives on US exchanges is surely in excess of five quadrillion dollars (5,000 trillion dollars). A 1% tax on this turnover, equally divided between the federal government and the states, largely solves the budget deficit at all levels of government. It also discourages the most dangerous forms of speculation, especially derivatives speculation, and helps to level the playing field between financial services – which are now in effect subsidized because they are not taxed – and the tangible, physical production of manufactured goods on which our economic survival depends.
Laborers (workers that produce real goods) need the Wall Street sales tax as a principal weapon to put the pro-austerity union-busting forces on the defensive. When the average person realizes that individuals pay sales tax on necessities like clothing and often even food, while Wall Street pays nothing on flash trading and high frequency trading, the result is a powerful indignation which can be the key to the large-scale political transformation we need.
Student Loan Amnesty
Students and young people are being crushed by a burden of $1 trillion in student loan debt
. This debt is illegitimate because it enslaves young adults with usury interest by falsely promising them a good paying job due to their education. Universities have been sued many times in recent years for providing their students with falsified job placement statistics. Student loan debt is now interfering with the normal progression of human life itself. This makes it less and less possible for young people to secure a home of their own, to get married, have children, and to pursue advanced degrees or professional training.
We demand an immediate comprehensive student loan freeze, meaning a total halt to all payments on interest and principal
for at least five years or for the duration of the world economic depression, whichever lasts longer. At the end of this time, the issue of his student loan debt can be re-examined, with a view to instituting a complete amnesty or cancellation. A provision of this type should have been instituted in the Bush-Obama TARP legislation, and should have been made a precondition for zombie bankster institutions drawing on the $27 trillion at 0% interest given away by private Fed. The student loan amnesty can therefore be considered as Wall Street’s apology to the younger generation.
Stop All Foreclosures
The only answer to this chaotic situation is an immediate and uniform federal law outlawing all foreclosures on primary residences
for five years or the duration of the depression, which ever lasts longer. The model should be the Frazier-Lemke Act of 1934, which prevented banks from foreclosing on homes and farms if the owner could get a payment plan agreed to by any court at any level. This is another requirement which should have been built into the TARP, and which also should have been attached to the cheap federal credit made available by the private Fed to financial institutions. As for the Collateralized Debt Obligations and Credit Default Swaps, there is a growing consensus that these extremely dangerous forms of derivatives need to be outlawed.
Medicare for All
About 50 million Americans currently have no health insurance
, and many of them have no access to medical care. All Americans must immediately be given access to the Medicare program. Those who can afford to pay can contribute $100 a month towards this coverage, which is comparable to the current fee. Those who are unemployed or destitute must be given free access, with no person turned away.
Obamacare is largely concerned with bailing out insurance companies bankrupted by their own derivative speculation through ensuring them a permanent cash flow. The most sinister feature of Obamacare is the 10 member rationing board (death panel) which decides which life-saving technologies can be used and who is to be excluded. Medicare for all will not have rationing boards as all human life is precious.
In order to guarantee that medical care will be available, the United States will need to train approximately 250,000 doctors and specialists over the next few years. We will also need to build about 1,000 modern hospitals to replace the ones shut down by privatizers and looters over the last quarter-century. This can be accomplished with by nationalizing the private Fed and providing 0% federal credit as discussed above.
Wall Street is responsible for this depression, not American working people. Unemployment benefits represent an economic right, and must not be reduced in the way that Obama and the puppet Republicans have been colluding to do. Those who have exhausted their unemployment benefits, including the so-called 99ers, must be given immediate assistance. Unemployment benefits
must be made open ended, for the duration of the current depression, which will end quickly when 0% federal credit becomes available for infrastructure and manufacturing.
10% National Usury Law
American working families are currently crushed by over $1 trillion of high interest consumer and credit card debt
. Before the tenure of Paul Adolf Volcker at the Federal Reserve during the Carter and Reagan administrations, most states had usury laws which limited interest payments to 10% per year. Those laws were phased out because of Volcker’s 21% prime rate. This has resulted in the current plague of high interest payday lenders who prey upon the most vulnerable working people. We urgently require a federal law to put a 10% ceiling on all interest rates
. If necessary, this can be implemented under the Defense Production Act and motivated by the current multiple national emergencies.
Minimum Wage and Living Wage
By reducing the amount of national income absorbed by high-interest speculation, resources will become available to begin raising the standard of living of the American people. The federal minimum wage, at its highest point in 1968, reached the equivalent of about $11 in today’s money. Accordingly, it is time to raise the federal minimum wage from the current $7.25 per hour to $11
, as a first step towards further increases in the near future.
Restore Food Stamp Benefits
The 50 million Americans
who currently survive on food stamps (SNAP) generally have no jobs, no unemployment benefits, no healthcare, and no welfare payments, and are entirely dependent on this program. With increases in food prices due to financial speculation, the food stamp benefits have been increasingly eroded.
The food stamp program must include a cost-of-living escalator to allow these payments to offset the effects of price inflation. In addition, the food stamp benefits must be increased to a level adequate for the well-being of recipients, as determined by the most modern nutritional science. The measures detailed so far represent the urgent defense of our greatest national resource, the qualified labor power of the US workforce. Beyond this, we must demand policies which can set in motion an economic recovery with the creation of at least 30 million new productive jobs.
No Cuts for the American People
The most basic anti-austerity demand which must be advanced everywhere is that there must be no cuts in wages, benefits, social services, public services the social safety net, and related payments to working people. There must be no layoffs, no firings, no downsizing, no outsourcing, and no off-shoring. There must be no tax increases or user fees for working people. None of these horrible things are necessary with 0% federal credit to revive the productive economy.
We must immediately roll back all post 9/11 policies on warrantless wiretapping, surveillance, drones, TSA naked body scanning and frisking, illegal checkpoints and other seeds of a domestic police state. Rather, we need to confront Wall Street
and rid the intelligence agencies and military of false flag operatives, and limiting the scope of the military-industrial complex to wage undeclared wars at home and abroad.
The war on terror is a fraud
designed to destabilize and fracture the Middle East
, preventing national development of these oil-rich regions, and cooperation with and between Russia, China and other great powers. The US military-industrial complex has not only committed genocide
for the benefit of Wall Street – it has put us on a path that ends in another world war.
Rather than bombing children with drones
, we must promote a world Marshall Plan of great projects of world infrastructure that will boost the quality of life and provide meaningful employment for everyone. We must abolish the private International Monetary Fund and create a new international bank publicly owned by the citizens of all nations to provide 0% credit for infrastructure and development of productive manufacturing and agriculture.
The United Front Against Austerity, a wide variety of individuals joining together with political and economic demands, is the greatest fear of the Council on Foreign Relations, Trilateral Commission, Bilderberg Group, private banking/usury system and all agents of darkness striving to enslave mankind. Those organizations of tyranny, bloodshed and inequity currently control the false left vs. right political Hegelian system. However, in the near future, their power will be a distant memory as billions of people join together to reclaim their individual and economic rights.
Paul Adams is your humble servant and a follower of Jesus Christ. “And have no fellowship with the unfruitful works of darkness but rather expose them.” Ephesians 5:11.
var linkwithin_site_id = 557381;