ARCHIVAL Solving the Financial Crisis by Monetary Reform
This program was first produced in May 2009 – then and now it is a celebration of the work of an extraordinary man, Stephen Zarlenga, author of the book The Lost Science of Money and founder of the American Monetary Institute. Stephen Zarlenga died on April 25, 2017.
In 2009 the consequences of the financial crisis of 2007/08 with mortgage fraud and predatory lending had become obvious, both in the misery they caused to ordinary people and in the scale of the financial bailout that the banks and the bankers received.
Many called for better regulation – but a few visionaries asked for fundamental change of the monetary system. Zarlenga was a leading voice among them.
Working with Congressman Dennis Kucinich, Zarlenga helped develop legislative language for a major reform of the Federal Reserve system. That included plans to remove the privilege of banks to create money and transfer that power to democratically controllable institutions.
Dennis Kucinich and John Conyers introduced HR 2990, the N.E.E.D. Act of 2011, that stands for National Emergency Employment Defense. The proposed legislation was not acted upon. However HR 2990 is available to be re-introduced by anyone in Congress at any time.