The Green New Deal
Summary of the Green New Deal
The Green New Deal is a four part program for moving America quickly out of crisis into a secure, sustainable future. Inspired by the New Deal programs that helped us out of the Great Depression of the 1930s, the Green New Deal will provide similar relief and create an economy that makes our communities sustainable, healthy and just.
THE FOUR PILLARS OF THE GREEN NEW DEAL
I – THE ECONOMIC BILL OF RIGHTS
Our country cannot truly move forward until the roots of inequality are pulled up, and the seeds of a new, healthier economy are planted. Thus, the Green New Deal begins with an Economic Bill of Rights that ensures all citizens:
1. The right to employment through a Full Employment Program that will create 25 million jobs by implementing a nationally funded, but locally controlled direct employment initiative replacing unemployment offices with local employment offices offering public sector jobs which are “stored” in job banks in order to take up any slack in private sector employment.
Local communities will use a process of broad stakeholder input and democratic decisionmaking to fairly implement these programs.
Pay-to-play prohibitions will ensure that campaign contributions or lobbying favors do not impact decision-making.
We will end unemployment in America once and for all by guaranteeing a job at a living wage for every American willing and able to work.
2. Worker’s rights including the right to a living wage, to a safe workplace, to fair trade, and to organize a union at work without fear of firing or reprisal.
3. The right to quality health care which will be achieved through a single-payer Medicare-for-All program.
4. The right to a tuition-free, quality, federally funded, local controlled public education system from pre-school through college.
5. The right to decent affordable housing, including an immediate halt to all foreclosures and evictions. We will:
create a federal bank with local branches to take over homes with distressed mortgages and either restructure the mortgages to affordable levels, or if the occupants cannot afford a mortgage, rent homes to the occupants;
expand rental and home ownership assistance;
create ample public housing; and,
offer capital grants to non-profit developers of affordable housing until all people can obtain decent housing at no more than 25% of their income.
6. The right to accessible and affordable utilities – heat, electricity, phone, internet, and public transportation – through democratically run, publicly owned utilities that operate at cost, not for profit.
7. The right to fair taxation that’s distributed in proportion to ability to pay. In addition, corporate tax subsidies will be made transparent by detailing them in public budgets where they can be scrutinized, not hidden as tax breaks.
II – A GREEN TRANSITION
The second priority of the Green New Deal is a Green Transition Program that will convert the old, gray economy into a new, sustainable economy that is environmentally sound, economically viable and socially responsible. We will:
1. Invest in green business by providing grants and low-interest loans to grow green businesses and cooperatives, with an emphasis on small, locally-based companies that keep the wealth created by local labor circulating in the community rather than being drained off to enrich absentee investors.
2. Prioritize green research by redirecting research funds from fossil fuels and other dead-end industries toward research in wind, solar and geothermal. We will invest in research in sustainable, nontoxic materials, closed-loop cycles that eliminate waste and pollution, as well as organic agriculture, permaculture, and sustainable forestry.
3. Provide green jobs by enacting the Full Employment Program which will directly provide 16 million jobs in sustainable energy and energy efficiency retrofitting, mass transit and “complete streets” that promote safe bike and pedestrian traffic, regional food systems based on sustainable organic agriculture, and clean manufacturing.
III – REAL FINANCIAL REFORM
The takeover of our economy by big banks and well-connected financiers has destabilized both our democracy and our economy. It’s time to take Wall Street out of the driver’s seat and to free the truly productive segments of working America to make this economy work for all of us. Real Financial Reform will:
1. Relieve the debt overhang holding back the economy by reducing homeowner and student debt burdens.
2. Democratize monetary policy to bring about public control of the money supply and credit creation. This means we’ll nationalize the private bank-dominated Federal Reserve Banks and place them under a Monetary Authority within the Treasury Department.
3. Break up the oversized banks that are “too big to fail.”
4. End taxpayer-funded bailouts for banks, insurers, and other financial companies. We’ll use the FDIC resolution process for failed banks to reopen them as public banks where possible after failed loans and underlying assets are auctioned off.
5. Regulate all financial derivatives and require them to be traded on open exchanges.
6. Restore the Glass-Steagall separation of depository commercial banks from speculative investment banks.
7. Establish a significant tax on bonuses for bailed out bankers.
8. Support the formation of federal, state, and municipal public-owned banks that function as non-profit utilities.
Under the Green New Deal we will start building a financial system that is open, honest, stable, and serves the real economy rather than the phony economy of high finance.
IV – A FUNCTIONING DEMOCRACY
We won’t get these vital reforms without a fourth and final set of reforms to give us a real, functioning democracy. Just as we are replacing the old economy with a new one, we need a new politics to restore the promise of American democracy. The New Green Deal will:
1. Revoke corporate personhood by amending our Constitution to make clear that corporations are not persons and money is not speech. Those rights belong to living, breathing human beings – not to business entities controlled by the wealthy.
2. Protect our right to vote by supporting Rep. Jesse Jackson, Jr.’s proposed “Right to Vote Amendment,” to clarify to the Supreme Court that yes, we do have a constitutional right to vote.
3. Enact the Voter Bill of Rights that will:
guarantee us a voter-marked paper ballot for all voting;
require that all votes are counted before election results are released;
replace partisan oversight of elections with non-partisan election commissions;
celebrate our democratic aspirations by making Election Day a national holiday;
bring simplified, safe same-day voter registration to the nation so that no qualified voter is barred from the polls;
do away with so-called “winner take all” elections in which the “winner” does not have the support of most of the voters, and replace that system with instant runoff voting and proportional representation, systems most advanced countries now use to good effect;
replace big money control of election campaigns with full public financing and free and equal access to the airwaves;
guarantee equal access to the ballot and to the debates to all qualified candidates;
abolish the Electoral College and implement direct election of the President;
restore the vote to ex-offenders who’ve paid their debt to society; and,
enact Statehood for the District of Columbia so that those Americans have representation in Congress and full rights to self rule like the rest of us.
4. Protect local democracy and democratic rights by commissioning a thorough review of federal preemption law and its impact on the practice of local democracy in the United States. This review will put at its center the “democracy question” – that is, what level of government is most open to democratic participation and most suited to protecting democratic rights.
5. Create a Corporation for Economic Democracy, a new federal corporation (like the Corporation for Public Broadcasting) to provide publicity, training, education, and direct financing for cooperative development and for democratic reforms to make government agencies, private associations, and business enterprises more participatory.
6. Strengthen media democracy by expanding federal support for locally-owned broadcast media and local print media.
7. Protect our personal liberty and freedoms by:
repealing the Patriot Act and those parts of the National Defense Authorization Act that violate our civil liberties;
prohibiting the Department of Homeland Security and the FBI from conspiring with local police forces to suppress our freedoms of assembly and of speech; and,
ending the war on immigrants – including the cruel, so-called “secure communities” program.
8. Rein in the military-industrial complex by
reducing military spending by 50% and closing U.S. military bases around the world;
restoring the National Guard as the centerpiece of our system of national defense; and,
creating a new round of nuclear disarmament initiatives.
Let us not rest until we have pulled our nation back from the brink, and until we have secured the peaceful, just, green future we all deserve.
ECONOMIC JUSTICE & SUSTAINABILITY
Green economics is rooted in ecological economics. Our economy should serve us and our planet. Our economy should reflect and respect the diverse, delicate ecosystems of our planet.
Our current economic system is gravely flawed. It is unjust and unsustainable because it is premised on endless economic growth and destruction of nature. Our market economy, by externalizing the environmental and social costs of greenhouse gas emissions, is creating the greatest market failure in history: climate change, and its devastating effects. Our government's top economic goal — increasing Gross Domestic Product — impels us to perpetually intensify our resource use and environmental destruction.
Green economic policy places value not just on material wealth, but on the things which truly make life worth living — our health, our relationships, our communities, our environment, and building peace and justice throughout our nation and the world. We aim to maximize our quality of life with a minimum of consumption. We aspire to less "stuff" but more happiness. We propose a shift away from materialism to help people live more meaningful lives as we save the planet from climate change and ever-larger mountains of waste. We need to acquire the ability to distinguish between need and greed.
We must also end the colossal waste of taxpayer funds for armaments and war, to reduce our nation's federal debt, and fund our environmental and social needs.
Greens intend to provide a green job to anyone who wants one. We support using the tax system to bring more equality to our nation. Rising income inequality makes us all poorer in myriad ways. More equal societies are happier, healthier, safer and greener.
Greens support strong local economies and regional trade. The best model of economic security is for a community and region to be largely self-sufficient in the production of its necessities. We support not the corporate control of "free trade" — which, through the machinations of the World Trade Organization places the enrichment of multinational corporations above the level of national laws — but "fair trade," which protects communities, labor, consumers and the environment. Local economic vibrancy and regional trade keep more money in the community and the region, rather than going to distant corporate headquarters. This is the most sensible model for economic security.
Greens will change the legal design of the corporation so that it does not maximize profits at the expense of the environment, human rights, public health, workers, or the communities in which it operates. We believe the giant multinational corporation is the world's most potent force for environmental and social destruction.
Unlike other political parties in the modern era, the Green Party views economics not as an end in itself but as a service to community development through the building and strengthening of community bonds that constitute the social fabric.
Greens are defenders of the commons—the vast trove of wealth owned by the people, the social and tangible assets we inherit from generations past. Most people living in this country yearn for a more vibrant and lively commons, such as a richer community life, more parks and protected wilderness, clean air and water, more silence, better access to information and knowledge, and a more nourishing culture. We must stop big business from undermining and stealing our common wealth, such as our public forests and minerals, the fruits of federal research, the public airwaves and the Internet.
A. Ecological Economics
To create an enduring society we must devise a system of production and commerce where every act is sustainable and restorable. We believe that all business has a social contract with society and the environment — in effect a fiduciary responsibility — and that the concepts of socially responsible business and shareholder democracy can be models for prospering, successful business.
We call for an economic system that is based on a combination of private businesses, decentralized democratic cooperatives, publicly owned enterprises, and alternative economic structures. Collectively, this system puts human and ecological needs alongside profits to measure success, and maintains accountability to communities.
Community-based economics constitutes an alternative to both corporate capitalism and state socialism. It values diversity and decentralization.
Recognition of limits is central to this system. The drive to accumulate power and wealth is a pernicious characteristic of a civilization headed in a pathological direction. Greens advocate that economic relations become more direct, more cooperative, and more egalitarian.
Humanizing economic relations is just one aspect of our broader objective: to shift toward a different way of life characterized by sustainability, regionalization, more harmonious balance between the natural ecosphere and the human-made technosphere, and revival of community life. Our perspective is antithetical to both Big Business and Big Government.
Greens support a major redesign of commerce. We endorse true-cost pricing. [See section E.1. True Cost Pricing] We support production methods that eliminate waste. In natural systems, everything is a meal for something else. Everything recycles, there is no waste. We need to mimic natural systems in the way we manufacture and produce things. Consumables need to be designed to be thrown into a compost heap and/or eaten. Durable goods would be designed in closed-loop systems, ultimately to be disassembled and reassembled. Toxics would be safeguarded, minimally produced, secured, and would ideally have markers identifying them in perpetuity with their makers.
The Green Party seeks to build an alternative economic system based on ecology and decentralization of power, an alternative that rejects both the capitalist system that maintains private ownership over almost all production as well as the state-socialist system that assumes control over industries without democratic, local decision making. We believe the old models of capitalism (private ownership of production) and state socialism (state ownership of production) are not ecologically sound, socially just, or democratic and that both contain built-in structures that advance injustices.
Instead we will build an economy based on large-scale green public works, municipalization, and workplace and community democracy. Some call this decentralized system 'ecological socialism,' 'communalism,' or the 'cooperative commonwealth,' but whatever the terminology, we believe it will help end labor exploitation, environmental exploitation, and racial, gender, and wealth inequality and bring about economic and social justice due to the positive effects of democratic decision making.
Production is best for people and planet when democratically owned and operated by those who do the work and those most affected by production decisions. This model of worker and community empowerment will ensure that decisions that greatly affect our lives are made in the interests of our communities, not at the whim of centralized power structures of state administrators or of capitalist CEOs and distant boards of directors. Small, democratically run enterprises, when embedded in and accountable to our communities, will make more ecologically sound decisions in materials sourcing, waste disposal, recycling, reuse, and more. Democratic, diverse ownership of production would decentralize power in the workplace, which would in turn decentralize economic power more broadly.
Greens view the economy as a part of the ecosystem, not as an isolated subset in which nothing but resources come in and products and waste go out. There is a fundamental conflict between economic growth and environmental protection. There is an absolute limit to economic growth based on laws of thermodynamics and principles of ecology. Long before that limit is reached, an optimum size of the economy is reached which maximizes human welfare in an holistic sense.
We support a Superfund for Workers program as envisioned by the Oil, Chemical and Atomic Workers Union in 1991. Such a program would guarantee full income and benefits for all workers displaced by ecological conversion until they find new jobs with comparable income and benefits.
The Green Party supports methods, such as the Index of Social Health Indicators, the Index of Sustainable Economic Welfare, and the Genuine Progress Indicator, that take into account statistics on housing, income, and nutrition.
3. Reparations for United States Afrodescendants (i.e., Black Americans, African Americans)
The development of the United States has been marked by conflict over questions of race. Our nation was formed only after Native Americans were displaced. The institution of slavery had as its underpinnings the belief in white supremacy, which we as Greens condemn. In slavery's aftermath, people of color have borne the brunt of violence and discrimination. The Green Party unequivocally condemns these evils, which continue to be a social problem of paramount significance.
The community of people of African ancestry whose family members were held in chattel slavery in what is now the United States of America have legitimate claims to reparations including monetary compensation for centuries of human rights violations, including the Transatlantic slave trade now recognized by the United Nations as a "crime against humanity." As our Nation has done in the past with respect to the Choctaw, the Lakota, the Lambuth, and more recently for Japanese Americans and the European Jewish community, reparations are now due to address the debt still owed to descendants of enslaved Africans.
We commit to full and complete reparations to the African American community of this nation for the past four hundred plus years of genocide, slavery, land-loss, destruction of original identity and the stark disparities which haunt the present evidenced in unemployment statistics, substandard and inadequate education, higher levels of mortality including infant and maternal mortality and the practice of mass incarceration. We recognize that reparations are a debt (not charity) that is owed by our own and other nations and by the corporate institutions chartered under our laws to a collective of people. We believe that the leadership on the question of what our nation owes to this process of right ought to come from the African American community, whose right to self-determination and autonomy to chart the path to healing we fully recognize.
We understand that until significant steps are taken to reverse the ongoing abuses; to end the criminalization of the Black and Brown communities, to eradicate poverty, to invest in education, health care and the restoration and protection of human rights, that it will be impossible to repair the continuing damage wrought by the ideology of white supremacy which permeates the governing institutions of our nation.
While consensus is still evolving on what would constitute full and complete reparations, we support the following initial steps:
We support the creation of a claim of action and a right to recover inherited wealth and other profits accumulated from the slave trade for the benefit of a reparations trust fund.
We will initiate the repeal of the slave clauses that survive today in the U.S. Constitution.
We will work to restore lands stolen through a variety of tactics including: violence, terrorism and the discriminatory access to operating capital that together has robbed black farmers and the broader community of their lands.
We support the release of all political prisoners held by the USA. It is time that the political frame-ups, the prosecutorial misconduct and the racist application of police power that pass for justice in our country be buried and those victimized by these abuses of state power be given their lives back.
We will support existing Historically Black Colleges and Universities, as well as new and existing Education and Development Funds.
We support efforts to overcome the effects of over 200 years of racial discrimination.
We call for an end to official support for any remaining symbols of slavery and specifically call for the removal of the Confederate battle flag from all government buildings.
We condemn the practice of racial profiling by law enforcement agencies, which are guilty of stopping motorists, harassing individuals, or using unwarranted violence against suspects with no other justification than race or ethnic background.
We favor strong measures to combat official racism in the forms of police brutality directed against people of color.
We support effective enforcement of the Voting Rights Act, including language access to voting.
We oppose discriminatory English-only pressure groups. We call for a national language policy that would encourage all citizens to be fluent in at least two languages. [See section K. Immigration / Emigration in this chapter]
We strongly support the vigorous enforcement of civil-rights laws, the aggressive prosecution of hate crimes, and the strengthening of legal services for the poor.
4. Indigenous Peoples
We have great respect for Native American cultures, especially their deference for community and the Earth.
We recognize both the sovereignty of Native American tribal governments and the Federal Government's trust obligation to Native American people. Native American nations are just that — nations — and should be treated in like fashion, with the special circumstance that they are located within the United States.
The federal government is obligated to deal in good faith with Native Americans; honor its treaty obligations; adequately fund programs for the betterment of tribal governments and their people; affirm the religious rights of Native Americans in ceremonies (American Indian Religious Freedom Act); provide funds for innovative economic development initiatives, education and public health programs; and respect land, water and mineral rights within the borders of reservations and traditional lands.
We support efforts to broadly reform the Bureau of Indian Affairs to make this vast agency more responsible and more responsive to tribal governments.
We support the just settlement of the claims of the thousands of Native American uranium miners who have suffered and died from radiation exposure. We condemn the stance of secrecy taken by the Atomic Energy Commission during this era and its subsequent claim of government immunity, taken knowingly and immorally at the expense of Native people. We support the complete clean-up of those mines and tailing piles, which are a profoundly destructive legacy of the Cold War.
Native American land and treaty rights often stand as the front line against government and multinational corporate attempts to plunder energy, mineral, timber, fish, and game resources; pollute water, air, and land in the service of the military; expand economically; and consume natural resources. We support legal, political, and grassroots efforts by, and on behalf of, Native Americans to protect their traditions, rights, livelihoods, and sacred spaces.
The Green Party supports the rights of indigenous peoples to their lands, their ways of life, and all other rights of free peoples. We support the Declaration on the Rights of Indigenous Peoples adopted by the UN General Assembly on September 13, 2007, and call for its provisions to be actively supported by our own government and by governments worldwide.
D. Foreign Policy
At the start of a new century, we stand poised between the geopolitical conflict of East versus West; a future marked by the aftermath of the catastrophic events of September 11, 2001; the dangers of global terrorism; the U.S.-led invasion of Afghanistan followed by the unprovoked invasion and occupation of Iraq; the escalation of conflict in the Middle East; and the continued research and development of nuclear weapons and the stockpiling of bio-chemical weapons.
In the area of trade, third- and fourth-world economies and resources are being ravaged and our own economy and job security undermined by global corporatization, which concentrates greater power in the hands of fewer interests who are unaccountable to the vast majority of the world's people.
As we overcome continued conflicts and violence, we realize the difficulties inherent in encouraging democracy and of advancing the cause of peace. We face a more complex set of challenges in how our nation defines its national security. Greens support sustainable development and social and economic justice across the globe. Reducing militarism and reliance on arms policies is the key to progress toward collective security.
1. Foreign Policy—Peace and Disarmament
As one of the initiators and primary authors of the United Nations Charter, the United States is obligated to conform to the stipulations of the U.S. Constitution, which identifies all such agreements as treaties that hold the authority of U.S. law. The U.S. government is pledged to abide by its principles and guidelines in the conduct of foreign relations and affairs.
We recognize our government's obligation to take disputes with other nations or foreign bodies to the U.N. Security Council and General Assembly forum for negotiation and resolution. The U.N. and international laws, treaties and conventions that the U.S. has signed are the framework that controls U.S. military actions abroad.
The U.S. must recognize the sovereignty of nation-states and their right of self-determination.
We recognize and support the right of the U.N. to intervene in a nation-state engaged in genocidal acts or in its persistent violation and denial of the human rights of an ethnic or religious group within its boundaries, and the right to protect the victims of such acts.
The U.S. is obligated to render military assistance or service under U.N. command to enforce U.N. Security Council resolutions.
The U.S. must recognize and abide by the authority of the U.N. General Assembly to act in a crisis situation by passing a resolution under the Uniting for Peace Procedure when the U.N. Security Council is stalemated by vetoes.
We seek the permanent repeal of the veto power enjoyed by the five permanent members of the U.N. Security Council.
We urge our government to sign the International Criminal Court agreement and respect the authority of that institution.
Our government does not have any moral or legal right, or any justification, to preemptively attack another nation. The only legitimate use of military force is to repel an actual attack on our nation. We demand that our government adhere to international law, including the Kellogg-Briand Pact, Nuremberg Charter and United Nations Charter, which prohibit any and all preemptive wars or first strikes with any and all weaponry, nuclear and non-nuclear.
We demand repeal – not amendment -- of the Authorization for Use of Military Force (AUMF) passed by Congress in response to the attacks of September 11, 2001, and oppose any other measure purporting to 'authorize' preemptive or illegal military action. In passing the AUMF, Congress abdicated its exclusive authority under the Constitution to declare war. It further violated the Constitution and betrayed its responsibility to the American people by delegating to the president – one person – virtually dictatorial power to commit acts of war whenever he or she chooses. The 'system of checks and balances' has been replaced by Congress just signing the 'checks' to pay for war. The AUMF has been used to justify U.S. military actions in Afghanistan, Djibouti, Eritrea, Ethiopia, Georgia, Iraq, Kenya, Libya, Pakistan, the Philippines, Somalia, Syria and Yemen. Numerous studies have shown that the 'War on Terror' has created an ever-increasing number of terrorists, destabilized the Middle East and beyond, and created massive death and destruction. It serves to maintain the US in a state of perpetual war.
Our government should establish a policy to abolish nuclear weapons. It should set the conditions and schedule for fulfilling that goal by taking the following steps:
Declare a no-first-strike policy.
Declare a no-pre-emptive strike policy.
Declare that the U.S. will never threaten or use a nuclear weapon, regardless of size, on a non-nuclear nation.
Sign the Comprehensive Test Ban Treaty (CTBT). Our pledge to end testing will open the way for non-nuclear states to sign the Non-Proliferation Treaty (NPT), which has been held up by our refusal to sign the CTBT. Honor the conditions set in the NPT for nuclear nations.
Reverse our withdrawal from the Anti-Ballistic Missile Treaty and honor its stipulations.
End the research, testing and stockpiling of all nuclear weapons of any size.
Dismantle all nuclear warheads from their missiles.
We urge our government to sign the Toronto treaty banning the production, stockpiling, use and sale of land mines, and assist other nations in unearthing and disabling land mines buried in their lands.
We urge our government to end all stockpiling of chemical and biological weapons and all research, use, and sale of such weapons; and sign the convention that will establish the decrease and inspection of all nations' stockpiles of such weapons, which the U.S. abandoned.
The U.S. must allow foreign teams to visit the U.S. for verification purposes at least annually.
Our defense budget has increased out of all proportion to any military threat to the United States, and to our domestic social, economic and environmental needs. The United States government must reduce our defense budget to half of its current size. The 2012 defense budget exceeded $700 billion, and that does not take into account military expenditures not placed under the defense budget.
The U.S. has over 700 foreign military bases. We urge our government to phase out all bases not specifically functioning under a U.N. resolution to keep peace and bring home our troops stationed abroad, except for the military assigned to protect a U.S. embassy. Many of these bases are small and can be closed immediately. We advocate further reductions in U.S. foreign military bases at a rate of closure of 1/4 to 1/5 of their numbers every year.
Close the Western Hemisphere Institute for Security Cooperation, formerly known as the School of the Americas, in Ft. Benning, Georgia.
The U.S. is the largest arms seller and dealer in the world. We urge our government to prohibit all arms sales to foreign nations and likewise prohibit grants to impoverished and undemocratic nations unless the money is targeted on domestic, non-military needs. In addition, grants to other nations may not be used to release their own funds for military purposes.
The U.S. must not be a conduit for defense contractors to market their products abroad and must shift our export market from arms to peaceful technology, industrial and agricultural products, and education.
The U.S. must prohibit all covert actions used to influence, de-stabilize or usurp the governments of other nations, and likewise prohibit the assassination of, or assistance in any form for the assassination of, foreign government officials.
We must build on the Earth Charter that came out of the 1992 U.N. environmental Earth Summit. New definitions of what constitutes real security between nations must be debated and adopted by the foreign policy community.
M: National Debt
Fairness for our children and grandchildren
Greens will reduce our national debt.
Our nation is in debt because our privatized Federal Reserve monetary system only creates and issues money as debt through loans. The government must constantly borrow more money due to the shortfall in tax revenue, thus steadily increasing the national debt.
Our national debt has grown by trillions of dollars to finance tax cuts for America’s wealthiest citizens, war, corporate welfare and bailouts of Wall Street and the automotive industry. The burden of the increasing annual interest payments on the debt falls disproportionately on working people and the small business community. It is not sustainable.
Reduce our national debt by increasing taxes on large corporations and polluters, eliminating loopholes for the super-rich and decreasing expenditures in some areas, especially for war, armaments and corporate welfare.
Pay off the national debt as it comes due when ‘Greening the Dollar’ is implemented.
N. Monetary Reform (Greening the Dollar)
A Green Public Money Future
The crisis in our financial system makes it imperative that we restructure our monetary system. The present system of privatized money issuance and control has resulted in the misdirection of our financial resources to speculation, toxic financial instruments, and loans that create huge profits and wealth for the corporate few, but inadequate income and jobs for the common people.
It is both possible and necessary for Congress to take back its exclusive Constitutional power to create our money (Article1 Section 8) without the creation of debt, and assume the responsibility to spend this money directly into circulation to fund public benefits outlined in the Federal Budget. Only with a Public Money System can the government direct our national wealth to the needs of the people through their local and state governments. A Public Money System will enable millions of good livelihoods, provide sufficient incomes, shrink the debt burden and begin to close the wealth gap. Public money has not been issued since Greenbacks, introduced by President Lincoln in 1862, and circulating as public money until 1971.
To reverse the private control of issuing our nation’s money; to reverse the immoral and undeserved concentration of national wealth and income resulting from that private control; to place control over money within a more equitable public system of governmental checks and balances; and to end the regular recurrence of severe and disruptive financial crises that mark the Booms and Busts cycles of capitalism – the Green Party proposes the following three Public Money solutions to be enacted together:
Nationalize the 12 Federal Reserve Banks and transfer administrative functions of the Federal Reserve Board of Governors to a Bureau of the U.S. Treasury. All money created under the nationalized Federal Reserve System will be treated as publicly issued money. The private creation of money will cease and with it the reckless practices that have led to recurring economic crises.
All new money will be issued as a debt-free, permanently circulating asset by the federal government. A new Public Monetary Authority will be established under the Department of Treasury to scientifically determine the amount of money that can be safely created for the national economy to avoid inflation or deflation. The Monetary Authority will be empowered with full autonomy and independence to avoid political influence. Although banks will continue as financial intermediaries, lending publicly-issued money at interest, and performing traditional banking functions they will no longer be allowed to create money, ending what is known as fractional reserve banking. Specific guidance for a progressive publicly-controlled Monetary Authority can be found in a bill already entered into the U.S. Congress: H.R. 2990 112th Congress: National Emergency Employment Defense Act of 2011 (NEED Act).
All new money will be spent into circulation by the U.S. Government as authorized by Congress for public purpose. This includes funding a 21st century infrastructure including education and health care. Per capita spending guidelines for new money will assure a fair distribution across the nation, creating good livelihoods, re-invigorating local economies and funding government at all levels. Newly-created money will also be distributed directly to state and local governments.
© 2023 Campaign to Elect Moshe Landman