Twelve days ago, left-wing, liberal, progressive, Representative Dennis Kucinich (D-OH10), proposed the most sweeping changes in monetary policy in over seventy years by introducing H.R. 6550, the National Employment Emergency Defense (NEED) Act of 2010. Four days later, right-wing, Tea Party, conservative stock trader, Karl Denninger, posted a forceful endorsement of the bill.
Denninger wrote, “[this] bill would end the process of money issuance … as a debt instrument” and “would thus restore actual ‘lawful money’.”
The bill calls upon the Treasury to issue and spend United States Money into circulation with “a requirement that their operation be neither inflationary nor deflationary.”
Writes Denninger, “the precise mandate that is required – that United States Money maintain its purchasing power.”
Denninger calls upon Representative Ron Paul (R-TX14), Senator elect Rand Paul (R-KY) and other Tea Party members in Congress to join Mr. Kucinich in making sure that the bill is immediately reintroduced in the new Congress suggesting that their failure to do so would expose them as “frauds” who only claim to demand sound and lawful money.
“Dennis Kucinich: Delete the Fed” by Karl Denninger.