You can copy the letter below and send it to your elected representatives at:

http://www.congress.org - you must take individual action for us all to be heard

The American banking system looks very much like a “Pyramid Scheme” once you fully understand how they structure the various levels of lending from bank to bank, no wonder the “house of cards” will fall.

Take action, call and write your congressional representatives repeatedly, do not let up, your America is at risk (I am not an alarmist, but I am a concerned citizen).

- - -

True action to solve our banking crisis

I support and respectfully request that my elected representatives immediately begin the process to pass legislation known as the “Monetary Reform Act” as endorsed by the late Milton Friedman.

This proposed law would require banks to increase their reserves on deposits from the current 10%, to 100%, over a one-year period. This would abolish fractional reserve banking (i.e., money creation by private banks) which depends upon fractional (i.e., partial) reserve lending. To provide the funds for this reserve increase, the US Treasury Department would be authorized to issue new United States Notes (and/or US Note accounts) sufficient in quantity to pay off the entire national debt (and replace all Federal Reserve Notes).

The funds required to pay off the national debt are always closely equivalent to the amount of money the banks have created by engaging in fractional lending because the Fed creates 10% of the money the government needs to finance deficit spending (and uses that newly created money to buy US bonds on the open market), then the banks create the other 90% as loans (as is explained on our FAQ page). Thus the national debt closely tracks the combined total of US Treasury debt held by the Fed (10%) and the amount of money created by private banks (90%).

Because this two-part action (increasing bank reserves to 100% and paying off the entire national debt) adds no net increase to the money supply (the two actions cancel each other in net effect on the money supply), it would cause neither inflation nor deflation, but would result in monetary stability and the end of the boom-bust pattern of US economic activity caused by our current, inherently unstable system.

Thus our entire national debt would be extinguished – thereby dramatically reducing or entirely eliminating the US budget deficit and the need for taxes to pay the $400+ billion interest per year on the national debt - and our economic system would be stabilized, while ending the terrible injustice of private banks being allowed to create over 90% of our money as loans on which they charge us interest. Wealth would cease to be concentrated in fewer and fewer hands as a result of private bank money creation. Thereafter, apart from a regular 3% annual increase (roughly matching population growth), only Congress would have the power to authorize changes in the US money supply - for public use -not private banks increasing only private bankers’ wealth.

You may read the whole proposal here:

http://www.themoneymasters.com/mra.htm

Sincerely,

Your Name

.

- - - end of letter - - -

.

Thanks in advance for taking action today.

Mark Hendricks

.

.

.

.

-