Stuart Weeks* and I have been working for about 30 years on the implementation of the Concord Resolution.
What is the Concord Resolution?
The Concord Resolution recommends that public works be funded with public money by accessing national credit - our common wealth - through our local banking institutions. Public money is money obtained directly from the Federal Reserve System in accordance with Concordian Monetary Policy.
What is Concordian Monetary Policy?
With a nod from the Fed, Concordian Monetary Policy suggests that money be created and distributed by the Federal Reserve System as loans issued:
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1. Only for the creation of real wealth such as tables and chairs, and services;
2. To individual entrepreneurs, co-operatives, corporations with Employee Stock Ownership Plans (ESOPs) and/or Consumer Stock Ownership Plans (CSOPs) in their constitutions, and governments with taxing power;
3. At cost.
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What Can Be Achieved?
By making public works projects more financially feasible for our cities, towns, and states, if implemented, the Concord Resolution is expected to produce these results:
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* Restore the integrity of our social and physical infrastructure;
* Favor adoption of innovating technologies;
* Ameliorate conditions that are plunging our country into a Third World status;
* Improve physical and intellectual prerequisites of economic growth;
* Equalize growth opportunities across the nation;
* Provide the foundation for solid future financial growth;
* Create jobs;
* Reduce anxiety about the physical conditions of public infrastructure;
* Allow for the exercise of our right of access to national credit.
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Would you like to have your city, town, or state be the first to implement the Concord Resolution?
NOTE ONE: Concordian monetary policy includes also the recommendation to systematically and progressively reduce the amount of public and private debt every seven years - thus recapturing the economic and moral wisdom of the Mosaic Laws of the Jubilee.
NOTE TWO: An important conversation is being pursued on the
Friends of the American Revolution platform. There, it is recognized that loans at cost (interest-free) were once issued for the creation of real wealth (not financial wealth); it is further maintained that Colonial Scrip was also "spent into circulation" by the Colonial Authorities - and that no booms and no busts ever occurred. A note of caution must be added to the conversation about "spending money" into circulation. That was possible because the Colonists were eminently moral people. Leaders of today, not so much. A long conversation must be cut short, by pointing out that Hitler also spent money into circulation. Apart from this important note of caution, yes, Concordian monetary policy is a modern resurrection of the Scrip System conceived by Benjamin Franklin, practiced by the American Colonists, and endowed to the American people in Article 1, Section 8 of the United States Constitution.
NOTE THREE: When the next financial crisis occurs, no need to open up the wallet of taxpayers and bank depositors. Do what the best economic theory prescribes: let the market rule: Let the behemoths of international finance fall. (Only a few people-highly expert people, highly employable people-will lose their jobs.)
If, as Concordian monetary policy recommends, national credit is immediately made available to Main Street, the next financial panic will become a blessing. It will purge the financial markets of some of the worst malpractices that have been committed during the last few centuries. The national economy will finally be placed on a stable and equitable basis.
Of course the shareholders of the behemoths will lose wealth. That is the risk that capitalists take. If they act rationally, their portfolio is diversified; hence, they will be left with plenty of wealth to enjoy. And to enjoy it with the assurance that their remaining wealth is now real wealth.
* Stuart Weeks is the founder of the Center for American Studies at Concord.
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ABOUT THE AUTHOR
Carmine Gorga is a former Fulbright scholar and the recipient of a Council of Europe Scholarship for his dissertation on "The Political Thought of Louis D. Brandeis." With a book titled The Economic Process and a series of papers, Dr. Gorga has transformed the linear world of economics into a relational discipline in which everything is related to everything else, This characteristic of Concordian economics has been recognized by JEL in December 2017 (p. 1642). He was assisted for 27 years by Professor Franco Modigliani, a Nobel laureate in economics at MIT. For a full understanding of Concordian economics, Gorga has gradually realized that we need to go beyond Individualism and Collectivism, toward Somism (men and women in the social context)—see www.somistinstitute.org—and then we need to pass from Rationalism to Relationalism: see www.relationalism.org. See also Wikipedia and Google Scholar.
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