To All Americans: I need you to help me with a 50₵ stamp, envelope two pieces of paper and ink from your printer.
It is time we changed the political dialog in America and bring the focus on the people rather than the rich and corporations. We need to introduce Members of the U. S. House and Senate and the media to the possibility of democratizing the economy. At a time when wages are stagnant and even lower than they were four decades ago, at a time when income inequality is growing, and even while employment is at a high along with the markets, we need to move away from a trickle-down economic system that is failing the masses. Please send my letter to your Members of Congres or anyone you can think of who might be able to start a dialog. We need to get the word out about how to finance a basic universal income. The way is to democratize money. Send my letter with a cover letter from you. The Congressional email system will not take this missive, too many hyphens, and links. So, it has to be a snail mail letter. https://www.congress.gov/members to find the addresses of your representatives and senators.
P. O. B0x 831
Castle Rock, WA 98611
September 3, 2018
I ask you to consider a small but significant change in how we create money in America. We currently base our money supply on debt. Behind all the new dollars the Federal Reserve issues, are promissory notes they purchased with those newly created dollars. Basing the money supply on debt instruments means dollars enter the economy at the top of the economic pyramid and some trickle down to the average citizen—trickle-down economics. Basing the money supply on debt instruments means the supply is dependent upon the need for debt and results in a business cycle—expansion (growth or booms) and contractions (recessions and depressions). Basing the money supply solely on debt instruments means there is a growing income disparity in this country and an increase in the proportion of the pollution in poverty. Basing the money supply solely on debt instruments means governments’ revenues are at a low when governments need more and at a high when government program needs are not so pressing.
I propose we change the basis for creating new money from debt instruments to monetizing citizens. As an example, pay each adult citizen $20,000/year, tax exempt (as it would constitute a poll tax) in monthly or biweekly installments. Pay the governments an annual flat sum for each citizen in their jurisdiction, in lieu of taxes—say, Federal $2000, and states $1,000.
As a side issue, basic income proposals have been under serious discussion for the past few decades. There have been some experiments with basic incomes. However, the problem with basic incomes has been how to pay for or fund them. Monetizing citizens, a change in what we base our money supply upon, is a way to pay for basic incomes. Monetizing citizens seems like the next step toward achieving equality in the United States.
The details will impact most domestic policy and political issues. I have outlined some possible policy implications in a book, https://www.amazon.com/Democratize-Money-Monetize-Citizens-Proposal-ebook/dp/B0756RQRPG/ref=sr_1_cc_1?s=aps&ie=UTF8&qid=1535834900&sr=1-1-catcorr&keywords=Democratize+Money%3A+Monetize+Citizens , and a series of blogs, https://democratizemoney.wordpress.com/2016/02/20/about-democratizemoneywordpress-com/ . Note the blog is free and the eBook is 99 cents (free if you have a kindle reading subscription). I will be happy to answer questions abouthe t mechanics of such a change, inflation, poverty programs and other policy areas the change will impact.
Respectfully, T. Edward Westen, Ph.D.
(Professor Emeritus, Central Michigan University)