Would $2,000 in monthly government guaranteed universal basic income help you and your family?
The United States Federal Reserve website at https://www.federalreserve.gov/faqs/is-the-federal-reserve-act-going-to-expire.htm, states the following information:
“The Federal Reserve Act of 1913--which established the Federal Reserve as the central bank of the United States--originally chartered the Federal Reserve Banks for 20 years. But in the McFadden Act of 1927, the Congress rechartered the Federal Reserve Banks into perpetuity, and so there is currently no “expiration date” or repeal date for the Federal Reserve.”
The Federal Reserve Bank is the central bank of the United States. The Federal Reserve Bank's funding does not come from United States taxpayers through a congressional budgetary process. The Federal Reserve's funding is explained on the Federal Reserve website at https://www.federalreserve.gov/faqs/about_12799.htm, which states the following information:
"The Federal Reserve does not receive funding through the congressional budgetary process. The Fed's income comes primarily from the interest on government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the Federal Reserve System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions. After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury."
This makes the Federal Reserve Bank the perfect vehicle to fund $2,000 in monthly government guaranteed universal basic income for all United States citizens...due to the ability of the Federal Reserve Bank to issue Federal Reserve notes, as it creates money through buying securities to increase the money supply. For those who may cry inflation concerning increasing the money supply to cover $2,000 in government guaranteed universal basic income for all United States Citizens. Concerning the money supply and its ties to GDP growth and inflation, the United States Federal Reserve website at https://www.federalreserve.gov/faqs/money_12845.htm, states the following information:
“Over recent decades, however, the relationships between various measures of the money supply and variables such as GDP growth and inflation in the United States have been quite unstable. As a result, the importance of the money supply as a guide for the conduct of monetary policy in the United States has diminished over time. The Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System, still regularly reviews money supply data in conducting monetary policy, but money supply figures are just part of a wide array of financial and economic data that policymakers review.”
In other words, the instability of the relationship between the money supply and economic variables such as GDP growth and inflation, has led to the diminishment of the importance of the money supply as a guide for the conduct of monetary policy in the United States. Although there is instability in the relationship between the money supply and economic variables such as GDP growth and inflation, which diminished the importance of the money supply as a monetary policy guide in the United States...the $2,000 in monthly government guaranteed universal basic income will be indexed to inflation as a safeguard for everyone who receives it.
The Federal Reserve website at https://www.federalreserve.gov/faqs/currency_12600.htm states the following information:
"The Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100 notes. The largest denomination Federal Reserve note ever issued for public circulation was the $10,000 note.
On July 14, 1969, the Federal Reserve and the Department of the Treasury announced that banknotes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued due to lack of use. Although they were issued until 1969, they were last printed in 1945."
The U.S. Treasury's Bureau of Engraving and Printing (BEP) handles the printing of the money that is going to be circulated. The U.S. Treasury's Bureau of Engraving and Printing (BEP) website at https://www.moneyfactory.gov/about.html, states the following information:
"As its primary function, the BEP prints billions of dollars - referred to as Federal Reserve notes - each year for delivery to the Federal Reserve System. The Federal Reserve operates as the nation's central bank and serves to ensure that adequate amounts of currency and coin are in circulation. The BEP does not produce coins - all U.S. coinage is minted by the United States Mint. The BEP also advises other federal agencies on document security matters. In addition, the BEP processes claims for the redemption of mutilated currency. The BEP's research and development efforts focus on the continued use of automation in the production process and counterfeit deterrent technologies for use in security documents, especially United States currency."
Concerning the gold standard in the United States, the Franklin Roosevelt administration...and ultimately, the Richard Nixon administration, ended the gold standard in the United States. These actions made it possible for government guaranteed universal basic income in the United States, without cost to the American taxpayer to cover the monthly disbursements. Back in the day, US dollars had to be backed by gold, which covered the value of the US dollars in circulation...otherwise the US dollars would be intrinsically worthless. The Richard Nixon administration followed ending the gold standard with ending the Bretton Woods fixed exchange rate system, which was based on the gold standard...and replacing it with a floating exchange rate system, which allowed exchange rates to float against a devalued United States dollar. These systemic moves were made by the Richard Nixon administration because of a surplus of US dollars that were in circulation, which devalued the United States dollar... as there was not enough gold to cover the value of those surplus US dollars in circulation. The Nixon Administration's systemic changes allowed people to spend those surplus US dollars, although there was no gold backing those surplus US dollars...which proved unequivocally that US dollars could be spent by people although there was no gold backing those US dollars...as the Nixon administration's ending of the gold standard made US dollars intrinsically worthless, but people still spent US dollars, as they had purchasing power without any gold backing them. This resulted in “fiat money,” which is money that is made to be legal tender by the government, even though it has no gold backing it. These events opened the door for the possibility of a monthly government guaranteed universal basic income in the United States, without cost to the American taxpayer to cover the monthly disbursements. The Federal Reserve Act can be amended to allow Federal Reserve notes to be printed and circulated, to cover $2,000 in monthly government guaranteed universal basic income for every United States Citizen at least eighteen years of age. This can be done without touching the collateral based system that exists today. This information and more is covered in detail in the bill, which will enlighten readers on this important topic.
NOTE: President Richard Nixon pushed for a basic income, until he was deceived by his aide Martin Anderson. Check out Nixon's story in the following CNN Money video entitled: "The crazy, true story of Nixon and the basic income." Youtube video courtesy of CNN Money.
President Obama speaking about a universal basic income. Facebook video courtesy of NowThis Money
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