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Seamless, Overnight, Non-Disruptive NEED Act Transition Process

Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

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Page 1: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Seamless, Overnight, Non-Disruptive NEED Act

Transition Process

Page 2: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder • Minimum change - not radical, not scary • Non-disruptive - not radical, not scary • Seamless change - not radical, not scary

• Easy to implement - not onerous, not scary

Page 3: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder

• Legislation, with minimum necessary structural reforms of the monetary system

(kept as simple as possible)

• Each part is already in use, or has been tried before and shown to work

(nothing new has to be invented)

• The principles, procedures, technology and infrastructure to do it are already in place

(put together ready to go instantly)

Page 4: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder

We’ve Already Got What the Constitution says

“[ The Congress shall have Power… ] To coin Money, regulate the Value thereof, and

of foreign Coin, and fix the Standard of Weights and Measures;”

(Article I; Section 8; Clause 5)

Note: coin means to create or originate.

Page 5: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder

We’ve Already Got What the Treasury says

“Seigniorage adds to the government’s cash balance, but unlike the payment of taxes or other receipts, it

does not involve a transfer of financial assets from the public. Instead, it arises from the exercise of the government’s sovereign power to create money.”

(US Mint: 2012 Annual Report, page 36)

Page 6: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder

We’ve Already Got What the Federal Accounting

Standards Advisory Board says

Page 7: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

We’ve Already Got It What the Federal Accounting

Standards Advisory Board says

Page 8: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

What It Means

“Seigniorage... results from the sovereign power of the Government to directly create money and, although not an

inflow of resources from the public, does increase the Government’s net position in the same manner

as an inflow of resources.”

(Federal Accounting Standards Advisory Board, June 30, 2012: Statement of Federal Financial Accounting Standards 7: Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary

and Financial Accounting, page 89)

(i.e., money created as a net asset [equity], not debt)

Page 9: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

What It Means on a balance sheet

Page 10: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

What It Means on a balance sheet

Page 11: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

What It Means

“Money is therefore properly treated as government equity rather than government debt, which is exactly how treasury coin is

currently treated under U.S. accounting conventions.”

Kumhof and Benes (2012), p. 6

“government-issued money, which represents equity in the commonwealth rather than debt,

the central liquid asset of the economy”

Kumhof and Benes (2012), p. 6

Page 12: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder 3 key elements

• Put Fed in Treasury, add Monetary Authority

(make monetary policy truly accountable to all of us) • Stop banks creating what we use for money

(simple, non-disruptive accounting change) • Create new money for the general welfare

(e.g., rebuild our infrastructure = good jobs)

Page 13: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reminder 3 key words

• Equity

(asset that remains) • Bailment

(safekeeping) • Fiduciary

(entrusting to keep safe, or to invest on your behalf)

Page 14: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at banks

Page 15: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at banks

Page 16: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at banks

Page 17: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at banks

Page 18: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

We’ve Already Got It What the Federal Financial Institutions

Examination Council says

Page 19: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at banks

Page 20: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Previous borrowing of banks

Page 21: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Unwinding previous borrowing of banks

Page 22: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at banks

Page 23: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Seamless Transition process Loan repayments pass through banks to Government:

Page 24: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at Fed

Page 25: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at Fed

Page 26: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at Fed

Page 27: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

“Genius” instant conversion at Fed

Page 28: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

SOMA no longer needed

(current) SOMA asset value = $4.2T

Page 29: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Payback for the people

Tax-free Citizen’s Dividend of $10,000 enables people to get out of high-interest usurious debt: e.g. consumer debt of $3.2T

Page 30: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Instant drop in inequality

Tax-free Citizen’s Dividend of $10,000 per person

Page 31: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Payback for the students

outstanding student debt is now $1.2T

Page 32: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Instant rise in income flows

Proceeds from the sale of the SOMA assets ($4.2T) and other Fed surplus assets could be used to give a tax-free one-off citizens dividend → sufficient to wipe consumer debt $3.2T and student debt $1.2T

= ~$10,000 each for every man, woman, and child

As debt is paid off, money is passed through to the Revolving Fund and is then available to be recycled

Page 33: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reformed Reconstituted Fed

Page 34: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will banks make payments?

Page 35: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will banks make payments?

Page 36: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will banks make loans?

Bank Lending

Page 37: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Like all other financial intermediaries!

Page 38: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will banks make loans?

Page 39: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will banks make loans?

Page 40: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will banks make extra loans?

Page 41: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Seamless Transition

Components of federal government budget: = Revenue (taxes, etc.) + Seigniorage (new money) + Borrowing (if needed) Additions to money supply: = Disbursed Seigniorage (permanent, if not taxed) + (Net) Lending from Revolving Fund (temporary)

Page 42: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Seamless Transition

Treasury balances cash flows in and out:

+ inflows to Treasury Funds (General and Revolving):

• Revenue from taxes, charges, etc. • Seigniorage from money origination

• Payments from depository institutions (SOMA sales, etc.) • Repayments from local government, depository institutions

− outflows from Treasury Funds (General and Revolving):

• Expenditure/grants on programs, appropriations, etc. • Buy back Fed bank stock, etc.

• Paying off U.S. Government debt as it comes due • Lending to state/local government, depository institutions

Page 43: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

We’ve Already Got It Hundreds of Programs, Thousands of Channels Spending and Lending distribution channels:

Page 44: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

To Full employment

• Create new money for the general welfare

NEED Act creates a sustainable genuine full employment economy by:

1. Direct investment in infrastructure, education and other programs under Title V will create millions of direct, indirect and induced jobs, as employers will have the confidence to ramp-up their capabilities in the knowledge that these programs will be permanent, ongoing rolling programs (not a temporary stimulus, which merely deploys unused existing capacity rather than developing additional capacity).

Page 45: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V

• Direct funding for infrastructure, per capita basis (Sec. 501)

Page 46: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century Sustainable Infrastructure

ASCE 2009 Report Card

Page 47: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century Sustainable Infrastructure

ASCE 2009 Report Card Funding need = $2.2T over 5 years = $440B/year Shortfall = $1.2T over 5 years = $240B/year

Page 48: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century Sustainable Infrastructure

Jobs generated and sustained with federal government infrastructure investment

Page 49: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century Sustainable Infrastructure

ASCE 2013 Report Card

Pro-rata $3.6T vs $2.2T:

Over 10 million (11.8 million) Good Jobs generated and sustained with ongoing federal government infrastructure investment programs

Page 50: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V

• Direct funding for infrastructure, per capita basis (Sec. 501)

• Direct funding for education, pre-K through tertiary (Sec. 505)

Page 51: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

$175B federal government distribution to improve public education, pre-K through post-secondary

Page 52: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

$175B federal government distribution to improve public education, pre-K through post-secondary $43.75B from grants to state governments for

education investment to provide 25% match to federal government investment

Total investment = $218.75 per year (plus rises)

Page 53: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

Education

Page 54: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

Education

Page 55: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

Education

Page 56: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

Education

Page 57: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

21st Century First Class Education

Education

Page 58: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V

• Direct funding for infrastructure, per capita basis (Sec. 501)

• Direct funding for education, pre-K through tertiary (Sec. 505)

• 25% of annual seigniorage granted to States (Sec. 504)

Page 59: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Direct grants to the States

25% of $540B = $135B in grants to States (per capita, cost level-adjusted basis)

➝ $57.5B for infrastructure investment to provide 25% match to federal government investment

➝ $43.75B for education investment to provide 25% match to federal government investment

➝ $33.75B invested equally ($11.25B each) in state government health care, pensions, and unfunded federal mandates

Page 60: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

To Full employment

• Create new money for the general welfare

NEED Act creates a sustainable genuine full employment economy by:

1. Direct investment in infrastructure, education and other programs under Title V will create millions of direct, indirect and induced jobs, as employers will have the confidence to ramp-up their capabilities in the knowledge that these programs will be permanent, ongoing rolling programs (not a temporary stimulus, which merely deploys unused existing capacity rather than developing additional capacity).

Page 61: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

To Full employment

• Create new money for the general welfare

NEED Act creates a sustainable genuine full employment economy by:

1. Direct investment in infrastructure, education and other programs under Title V will create millions of direct, indirect and induced jobs, as employers will have the confidence to ramp-up their capabilities in the knowledge that these programs will be permanent, ongoing rolling programs (not a temporary stimulus, which merely deploys unused existing capacity rather than developing additional capacity).

2. Eliminating or greatly reducing federal, state and local government debt and interest charges from their respective budgets will enable significant reductions in federal, state and local taxes by comparable amounts, thereby greatly increasing the disposable income of consumers and producers alike and creating additional general demand and millions of additional jobs.

Page 62: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V

• Direct funding for infrastructure, per capita basis (Sec. 501)

• Direct funding for education, pre-K through tertiary (Sec. 505)

• 25% of annual seigniorage granted to States (Sec. 504)

• Interest-free lending facility to local government (including school and fire districts), per capita basis (Sec. 510)

Page 63: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reduced taxes on workers

Federal personal income tax savings = average disposable income increase of ~$320B

➝ increased spending generates jobs $180B (average over 10 years) funds available from redeemed U.S. Treasury securities, reinvested in private sector

➝ increased investment finances jobs

Page 64: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V

• Direct funding for infrastructure, per capita basis (Sec. 501)

• Direct funding for education, pre-K through tertiary (Sec. 505)

• 25% of annual seigniorage granted to States (Sec. 504)

• Interest-free lending facility to local government (including school and fire districts), per capita basis (Sec. 510)

• Initial dividend to citizens, effects studied (Sec. 507)

Page 65: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Reduced taxes on workers

State government financing costs are reduced with federal grant measures

➝ less financing of muni bonds = more financing for private sector investments, jobs

Local government financing costs are reduced with 0% interest lending facility from revolving fund

➝ less financing of muni bonds = more financing for private sector investments, jobs

State and local government tax savings from no interest costs = increased disposable income

➝ increased spending generates jobs

Page 66: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V

• Direct funding for infrastructure, per capita basis (Sec. 501)

• Direct funding for education, pre-K through tertiary (Sec. 505)

• 25% of annual seigniorage granted to States (Sec. 504)

• Interest-free lending facility to local government (including school and fire districts), per capita basis (Sec. 510)

• Initial dividend to citizens, effects studied (Sec. 507)

• Social Security assured, any shortfalls funded (Sec. 506)

Page 67: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Key features of NEED Act Title V cont.

• Subject to Congress enactment(s), funding available for universal health care (Sec. 508)

• Subject to Congress enactment(s), funding available to resolve mortgage crisis (Sec. 509)

• Study to enhance roles of FDIC (Sec. 504)

• Interest rate ceilings: total max. 100% of principal, except on mortgages; rate max. 8% p.a., including all fees (Sec. 502)

Page 68: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Create new money for the general welfare

NEED Act creates a sustainable genuine full employment economy by:

1. Direct investment in infrastructure, education and other programs under Title V will create millions of direct, indirect and induced jobs, as employers will have the confidence to ramp-up their capabilities in the knowledge that these programs will be permanent, ongoing rolling programs (not a temporary stimulus, which merely deploys unused existing capacity rather than developing additional capacity).

2. Eliminating or greatly reducing federal, state and local government debt and interest charges from their respective budgets will enable significant reductions in federal, state and local taxes by comparable amounts, thereby greatly increasing the disposable income of consumers and producers alike and creating additional general demand and millions of additional jobs.

Page 69: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Create new money for the general welfare

NEED Act creates a sustainable genuine full employment economy by:

1. Direct investment in infrastructure, education and other programs under Title V will create millions of direct, indirect and induced jobs, as employers will have the confidence to ramp-up their capabilities in the knowledge that these programs will be permanent, ongoing rolling programs (not a temporary stimulus, which merely deploys unused existing capacity rather than developing additional capacity).

2. Eliminating or greatly reducing federal, state and local government debt and interest charges from their respective budgets will enable significant reductions in federal, state and local taxes by comparable amounts, thereby greatly increasing the disposable income of consumers and producers alike and creating additional general demand and millions of additional jobs.

3. The effect of promoting balanced trade with the rest of the world will boost domestic manufacturing for both export growth and import substitution, and will boost the development of sustainable domestic energy sources and uses for both energy independence and energy conservation research and initiatives (e.g., building retro-fits), creating millions more jobs.

Page 70: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Boost High-Tech and R&D

$427B

Page 71: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Before “Genius” instant conversion

Page 72: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

After “Genius” instant conversion

Page 73: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Boost High-Tech and R&D

Balanced trade = $440B investments in oil import substitution (development of alternative energy sources for sustainable energy independence) Non-oil-related trade deficit component = $120B diverted from U.S. Treasury securities to corporate securities and venture capital investments in competitive-edge high-tech manufacturing

Page 74: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Create new money for the general welfare

NEED Act creates a sustainable genuine full employment economy by:

1. Direct investment in infrastructure, education and other programs under Title V will create millions of direct, indirect and induced jobs, as employers will have the confidence to ramp-up their capabilities in the knowledge that these programs will be permanent, ongoing rolling programs (not a temporary stimulus, which merely deploys unused existing capacity rather than developing additional capacity).

2. Eliminating or greatly reducing federal, state and local government debt and interest charges from their respective budgets will enable significant reductions in federal, state and local taxes by comparable amounts, thereby greatly increasing the disposable income of consumers and producers alike and creating additional general demand and millions of additional jobs.

3. The effect of promoting balanced trade with the rest of the world will boost domestic manufacturing for both export growth and import substitution, and will boost the development of sustainable domestic energy sources and uses for both energy independence and energy conservation research and initiatives (e.g., building retro-fits), creating millions more jobs.

Page 75: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• with 2013 ASCE Reports, over 50 million jobs

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Full employment

• new ASCE Report in 2017, revise job numbers

Page 77: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

People-Friendly Cities

Page 78: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Transit Cities

Page 79: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Detroit: over 100,000 jobs, $4.7+ Billion

Page 80: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Michigan: over 1.6 million jobs, $68+ Billion

Page 81: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Chicago: over 400,000 jobs, $18+ Billion

Page 82: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• Illinois: over 2 million jobs, $89+ Billion

Page 83: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• New York: over 3 million jobs, $137+ Billion

Page 84: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Full employment

• California: over 6 million jobs, $270+ Billion

Page 85: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

How will the financial markets fare?

• Great boost for investment in private sector, as government debt is largely phased out • Safe and stable monetary system provides safe and stable foundation for financial markets • Banks will not be able to manipulate markets • Banks will be on level playing field with all other financial institutions in the financial markets

Page 86: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

What it does

• Ends the unemployment crisis creating demand for millions of good jobs

• Ends the debt crisis pays off the national debt as it comes due

• Ends the fiscal crisis at Federal, State and local levels

• Ends the financial crisis stabilizes economic demand and banking

• Makes the U.S. dollar a stable currency which maintains purchasing power over time

Page 87: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Why

Because we want a beautiful, sustainable and enriching world

Page 88: Seamless, Overnight, Non-Disruptive NEED Act Transition ......wipe consumer debt $3.2T and student debt $1.2T = ~$10,000 each for every . man, woman, and child ... Treasury balances

Why

for the kids


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