MONEY and BANKING -- DEMOCRACY For ECONOMICS ! Much has been said and written about the virtues of democracy. The United States CLAIMS to have it, and has been SELF-RIGHTEOUSLY trying to IMPOSE it on other countries such as Haiti, Cuba, Panama, Nicaragua, even Kuwait and Iraq. Other western countries also CLAIM to be democratic, and democratic reforms have been sweeping the communist world. But a TRUE democracy can NOT exist, in the United States nor anywhere else, unless and until the PRINCIPLES of demo- cracy are FULLY applied TO ECONOMICS, where they COUNT the most. Economic democracy for the United States has three main requirements, which should also be established in ALL other countries. First, ALL corporations must be REPLACED with COOPERA- TIVES. Simply change the federal and state corporation laws, so there is one vote per share HOLDER, rather than per share of stock. REPLACE the banks and savings and loan associa- tions with CREDIT UNIONS in the same way, so there is one vote per depositor and shareholder. Second, require the ELECTION, rather than appointment, of ALL financial, economic, and banking officials. For example, the person occupying the position now held by Alan Greenspan should be periodically and directly ELECTED on a national level. There could even be added a 4TH BRANCH of government, for "Banking and Finance". Third, establish a GUARANTEED MONTHLY INCOME, just enough for basic food, clothing, and shelter costs, given to each and EVERY person REGARDLESS of his or her wealth, wages, salary, or other earnings. CREATE the money for this OUT OF "THIN AIR" by simply having computers OFFICIALLY print out and mail monthly allowance checks. IF THERE'S A WILL, THERE'S A WAY. A fourth supplementary provision would be a 4-DAY (32- HOUR) WORKWEEK. This would distribute the available useful work more evenly, fairly, and DEMOCRATICALLY among everyone who wants it, and give most employees an extra day each week for themselves and their families. SIMPLY CHANGE THE FEDERAL AND STATE OVERTIME LAWS, FROM 40 TO 32. Reduce this by one hour every year down to a 14-hour work week, as automation expands, and inefficient, worthless, or harmful jobs, such as in cigarette factories, and the military, are phased out and eliminated. Such applications of DEMOCRACY to economics would eliminate or greatly reduce many of the problems now plaguing the People of the world--starvation, malnutrition, homeless- ness, poverty, poverty induced crime, unemployment, the need for the legalized EXTORTION and ARMED ROBBERY of alimony and "child support", even taxation, etc., ETC.. The present banking system in the United States ALREADY has a complex, perhaps misleading way, of creating money out of "thin air", involving the "Open Market Committee" of the PRIVATELY-OWNED "Federal" Reserve System, discounting proce- dures, loan procedures, interest rates, etc.. The problem with it is that the few powerful bankers DICTATE which people or enterprises receive this new money, and what it may be used for, and then demand that it all be paid back to them, PLUS interest, AS IF THIS NEW MONEY BELONGED TO THE BANKERS ALONE! And the paper "currency" that we now use is NOT even real currency, because it is not redeemable in gold or silver on demand. In other words, money is something which the bankers CREATE, OUT OF NOTHING, FOR THEMSELVES, TO ENSLAVE People. And the government is GUILTY of COMPLICITY in this ORGANISED CRIME. They CREATE money basically by LOANING IT OUT ! And "capitalism" is NOT free enterprise. It is CORPORATE SOCIALISM, which is the opposite side of the SAME coin as STATE socialism which we call "communism". They are two different kinds of SLAVERY, and two different kinds of ORGANISED CRIME. Consider the ABSURDITY of such a money system, especially in a country that is SUPPOSED TO BE "free and democratic" ! Consider also the ABSURDITY of forcing People to compete against each other for a chance to "EARN" the things they need and should receive regardless. Look what happens to the LOSERS of such competition and their families ! Even the "winners" are SLAVES, when they have to settle for work they don't really want, and are forced to submit to the WHIMS of their bosses. They are also SLAVES to the extent that they are UNDERPAID for their work. Newly created money should be PERMANENTLY and DEMOCRA- TICALLY distributed to ALL of the People, who are much better qualified than the bankers to spend it properly. It is high time to stop being HYPOCRITES about freedom and democracy , and start fully applying these two principles TO ECONOMICS where they COUNT the most. Robert E. McElwaine P.S.1: "Legal" or not, EXTORTION and ARMED ROBBERY, committed against Individual People or Families, are CRIMINAL OFFENSES, REGARDLESS of who does them or why, and REGARDLESS of what they are called. P.S.2: The writer of this article deserves to receive a Nobel Prize in Economics for publishing it ! ;-) P.S.3: PASS IT ON !