Economic Crisis/Alternatives

Contents:

Statements

Articles/Letters

Creating Democracy Workshop

Media Coverage

Talks/Testimony

Create Real Democracy Blog

Books/Reports/Videos

Upcoming Events/Activities

Links

STATEMENTS

10/9/08 - Town Hall Meeting on Economic Crisis - Opening statement by Joe Mosyjowski

Summary: American Recovery and Reinvestment (pdf)

ARTICLES/LETTERS

3/1/12 Banking Political Influence; How the Fractional Reserve System Increases Political Power of the Financial Sector by Greg Coleridge

8/22/11 - To the Editor
Cleveland Plain Dealer

A federal infrastructure bank as supported by Senator Brown is desperately needed. US Representative Dennis Kucinich answers the question raised in the Plain Dealer article by Senator Brown and County Executive Ed Fitzgerald about how to fund an infrastructure bank in his proposed legislation from last year. The National Emergency Employment [NEED] Act of 2010 would create tens of thousands of jobs repairing and building needed infrastructure funded in the same way Abraham Lincoln funded the Civil War — by issuing and circulating US debt-free money. Rather than issuing more debt-based Treasury bonds, notes or bills (which enrich bankers and foreign nations via interest payments), the US government should simply do what the Constitution empowers it do — coin its own debt-free money. As Thomas Edison said, “If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good...” Inflation is not a problem when money is spent creating useful goods and services compared to funding wars and financial speculation. The NEED Act is needed now more than ever.
 
Coleridge is Director of the Economic & Political Justice program of the Northeast Ohio American Friends Service Committee

1/28/11 - How Can Obama Invest in the Economy, Create Jobs, and Not Raise the Debt? Use Government Issued Debt Free Money by Stephen Zarlenga and Greg Coleridge

12/21/10 - Create Jobs and Improve the Economy through Public Control of Our Money System by Stephen Zarlenga and Greg Coleridge

Quantitative easing is poor fiscal policy
Published: Wednesday, November 17, 2010, 4:02 AM
Plain Dealer, Cleveland
http://blog.cleveland.com/letters/2010/11/quantitative_easing_is_poor_fi.html

What is the Federal Reserve really up to? It's creating money out of thin air -- fictitious money, for which interest must be paid. The Fed purchased $1.7 trillion last year in U.S. bonds. Last week, it began pumping another $600 billion into the economy ("A brief explanation of Fed's 'quantitative easing' program," Business, Nov. 5).

The money is created literally from key strokes on a computer. It's flawed money, since it's created as loans. It's unstable money, since only $1 in hard currency has to be on hand for every $8 to $30 created by the Fed -- thanks to what's called the "fractional reserve system."

This isn't new. Banks have been creating money out of nothing as loans for a long time -- and lending many more times what they actually possess.

Shouldn't that be illegal? Doesn't this cause inflation? Wouldn't it be better for the government to create the money it needs for infrastructure -- building roads, schools, hospitals, sanitation and water systems?

There would be no interest repayment. There would be no debt. And history shows there would be no inflation.

Lois Romanoff, Cleveland
Romanoff is a member of the board of the Economic, Justice and Empowerment Committee of the American Friends Service Committee

10/3/08 - Open Letter to Ohio Delegation of the US House of Representatives on the Wall Street Bailout

CREATING DEMOCRACY WORKSHOP

An introductory, participatory workshop on how to change laws and assert citizen authority and power. Sponsored by the American Friends Service Committee. Cost of the workshop is $10.00 per person. Download pdf brochure. If you group is interested in hosting a workshop, e-mail gcoleridge@afsc.org

MEDIA COVERAGE

11-23-11 - Now expand the money supply Akron Beacon Journal by Greg Coleridge

11-18-11 - Supercommittee should focus on monetary reform to eliminate national debt The Plain Dealer, by Greg Coleridge

11-10-11 - The country is broken because the system is fixed by Greg Coleridge, OpEdNews.com

10-7-11 - Voices: Six Wall Street protesters by Daniel Nasaw BBC News, Cleveland

10-7-11 - Can the 'occupation' spread to middle America? by Daniel Nasaw BBC News, Cleveland

7-23-11 - Forum on public jobs legislation - The Reporter

7-22-11 - Forum on jobs bill - Akron Beacon Journal

5-3-11 - Reducing U.S. Debt and Creating Jobs Through Public Control of Our Money System
by Stephen Zarlenga Coauthored by Greg Coleridge, Huffington Post

10-27-10 - OFF THE CUFF: Greg Coleridge, director, Northeast American Friends Service Committee, by Lila Leatherman,The Oberlin Review

12-4-09 - "Should we make our own money? Taking charge of our community with local currency: CH-UH local currencyexploratory meeting" by Greg Coleridge -Heights Observer

11/2009 - "Taking charge of our community with local currency" by Greg Coleridge - Heights Observer

10/10/09 - "Real reform includes limits" by Greg Coleridge - Plain Dealer, Cleveland

7/16/09 - "Seminar: Economic Security Possible Through Monetary System Changes" Public News Service-OH

5/11/09 - "Our ailing infrastructure" by Greg Coleridge - Akron Beacon Journal Op-Ed article

5/11/09 - "Ohio Group: Bank Stress Tests Show Need for Ignored Banking Law" Mary Kuhlman, Public News Service - OH Download PDF of article here

3/11/09 - "Maybe he just likes it: Sherriff passes on chance to show compassion to Clevelanders who need it most" - Cleveland Scene, Volume 15, Issue 94

3/3/09 - "Democratize the banks" by Greg Coleridge - Akron Beacon Journal, Voice Of The People

2/26/09 - "Akron committee hears from citizens’ group about priorities" West Side Leader By Stephanie Kist
Printable PDF

2/23/09 - "Summit sheriff declines to halt foreclosure evictions" By Katie Byard Beacon Journal staff writer Akron Beacon Journal Printable PDF

10/7/08 - "Ohio Group: Bank Stress Tests Show Need for Ignored Banking Law" - Mary Kuhlman, Public News Service - OH

TALKS/TESTIMONY

2/24/11 - TESTIMONY AT PEOPLES BUDGET HEARING, Cleveland, Ohio
Greg Coleridge, Director, Northeast Ohio American Friends Service Committee

The Rigor of Research and Fundamental Monetary Change
Greg Coleridge, Director, Northeast Ohio American Friends Service Committee
American Monetary Institution Conference, October 1. 2010, Chicago, Illinois

Watch On You Tube

CREATE REAL DEMOCRACY BLOG

Visit the "Create Real Democracy" blog!

BOOKS/REPORTS/VIDEOS

Who Controls Our Money? Your Debt and the National Debt
A 2-page clear explanation of how our monetary system has been privatized/corporatized and what we can do to gain public control (as intended by Article 1, Section 8 of the US Constitution) over it.

American Monetary Institute Powerpoint Presentation

Monetary Primer

The Global Economic Crisis: Causes and Cures
Prepared for “From Global Economic Crisis to Glocal Economic Alternatives” workshop
US Social Forum, June 25, Detroit

Local Economic Self Determination

----------------------------------------

(June 2010 version)

View and Download "This is What Democracy [In Ohio] Looks Like" (pdf)

----------------------------------------

6/2/09- Public Hearing on the Federal Budget at Akron-Summit County Public Library

Download Video Here

Companion notes:

THE PEOPLE’S PRIORITIES
How Federal Economic Stimulus Money Should be Spent to Help

---------------------------------------

UPCOMING EVENTS/ACTIVITIES

Thursday, July 28, 2011

You’re Invited to a Free Public Forum
JOBS NOW
6:00 PM
Tri-County Labor Council
720 Wolf Ledges Pkwy, Akron

We are facing a JOBS EMERGENCY in Akron, Summit County, Ohio and across our country. People are unemployed and underemployed. People aren’t earning enough to pay their mortgages and buy enough to keep the economy going. Unemployment in Ohio, as of May, has increased to 8.6%. That doesn’t include people who’ve stopped looking for work and those working part time who want to work full time. Added together, Ohio’s unemployment rate is 16%. This exceeds the rate of 9 of the 12 years during the Great Depression (1929-1940).

A bill has been introduced in the Ohio House (HB 271) that would create public jobs putting unemployed people to work in Summit County and throughout Ohio fixing our communities and helping people. Funding would come from Ohio surplus funds.

All Summit County Ohio House and Senators have been invited to hear from the public about the bill. In addition, Ohio Representative Mike Foley from Cleveland, one of sponsors of the bill, will speak.

A description of the bill is at http://www.legislature.state.oh.us/bills.cfm?ID=129_HB_271

ATTEND! ASK A QUESTION! MAKE YOUR PRESENCE FELT!

Sponsored by Tri-County Labor Council, AFSCME Local 1360, National Action Network, Northeast Ohio American Friends Service Committee, United Citizens Coalition, Akron African United Front

More information: John Wagner (330-253-2111), George Johnson (330-762-7351), Bobbi Simpson (330-475-9670), Greg Coleridge (330-928-2301), Willie Smith (330-434-5058), John Fuller (330-867-5122)

-----------------------------------------------------

JOBS DISASTER IN THE UNITED STATES
By the Numbers

Percentage increase per year of jobs in private/corporate sector from late 1980’s to late 1990’s: 2
Percentage increase per year of jobs in private/corporate sector since: declining
Percentage increase per year of jobs in private/corporate sector in 2009: 0

Employment by private companies in March 2010: less than 110 million
Average annual percent growth of economy (GDP) during last ten years: 1.9
Average annual percent growth of economy (GDP) during Great Depression: 1.3
Annual percent growth of economy (GDP) needed to add large numbers of jobs in private/corporate sector: 3 to 4 or more

At the start of 2011, number of unemployed persons per job opening: more than 4

As of March, 2011, percentage of 16-19 year olds unemployed: nearly 25
As of March, 2011, percentage rate of unemployment among blacks: 15.5
As of March, 2011, percentage rate of unemployment among those with less than a high school education: 13.7

Number of people who had reached the maximum 99 weeks of receiving unemployment as of March, 2011: 2 million

As of March, 2011, officially defined as unemployed: 13.5 million
As of March, 2011, persons not in the labor force but a wanting a job: 6.5 million
As of March, 2011, persons working part time but desiring full-time work: 8.4 million
Total: 28.4 million

Figures from The Jobs Disaster in the United States, Fred Magdoff, Monthly Review, June 2011

Download Flyer Here

LINKS