1. Pass legislation to safeguard all home owners against foreclosure and eviction on the grounds that human rights take precedence over all other concerns.
1. Introduce a “new” US dollar as a strictly national currency, not tied to any exchange rate mechanism other than to the “old” US dollar, with limitations.
1. Issue it from the Treasury, ignoring the Fed and existing banks, which can fend for themselves with the currency they have rendered worthless. Issue the new currency through state and local banks all under the direction of the US Treasury in the form of long-term interest free loans.
1. Issue loans to individuals and institutions producing essential goods and services (food, medicine, energy, etc) as a priority to stave of any humanitarian crisis. Where needed allow repayment in the forms of goods and services under federal and state programs for food, energy and medical aid.
1. Extend loans to individuals and institutions investing in green technology and to existing enterprises which are seeking to modernize and shift to the production of essential commodities.
1. Use the currency to invest directly into large scale infrastructure projects across the country on a scale sufficient to begin job creation on a level that will visibly turn around and then increase employment figures.
1. Make the new currency legal tender for the payment of debts and mortgages held in old currency at an exchange rate that realistically reflects fair value. This will force a transition and shift in property value without creating negative equity. Say for arguments sake one new to ten old. Private banks will clamour for new currency as it is the only one worth anything.
1. Legislate to ensure private banks in possession of new currency are barred from lending it under a fractional reserve system and cap interest rates on it’s lending to the public.
1. In proportion to an increase in domestic production, allow foreign holders of old dollar reserves to exchange them for new at the fixed rates of exchange and in limited quantities to guard against a resurrection of the US dollar becoming an instrument of international finance. Limit the amount of currency allowed to exist outside the US, ensuring the national economy can match the value existing with production capacity.

Last edited on Tue Feb 24th, 2009 10:59 am by Joe Kelley