Today I roll out my PMS – People’s Money System. Forget the drum rolls and forget the fanfare because once PMS infects your soul, you will be a different person.
Before I get into the specifics, I think you should visit this page because the author not only lays out what is already in the mill on foreclosure lawsuits but also presents a solution to the problem. I thought you should know I am not the only solution oriented town crier on the boulevard.
When I reread my last week’s post, I noticed I left out an important piece of information. I say important because of its source and because it is germane to PMS. The Federal Reserve Bank of New York publishes a pamphlet titled, “I Bet You Thought” which contains the following revelation:
“Money doesn’t have to be intrinsically valuable, be issued by a government, or be in any special form.”
The phrase, “be issued by a government” implies, in our case, Washington, D.C. If you are in the least bit familiar with the Constitution you know we the people granted Congress the authority to make our money. We never gave them the authority to delegate that power to a foreign entity or any entity for that matter.
That means, if I am correct, we can revoke their money creating power when we believe our best interest is not being served. But, you have heard these arguments before and not paid much attention for various reasons.
However, as you read this post your economic situation may have been altered and may be even radically changed for the worst. You now want a way out of your predicament and are willing to readdress the fact that you are the government. The folks in D.C. are called representatives because they are just that and nothing more.
Now it is time to revoke their misused power and start issuing our own currency. I hope you read the CAFR material as CAFR assets are what will back PMS. Theoretically, we will never deplete this collateral because the agencies fiscally operate under an annual budget and the CAFR is fed through the budget year after year after year.
We will also use for collateral the bonds every government office holder is supposed to have in place before he/she takes office. This one is a bit tricky as almost every level of government in existence today has formed risk management pools with one or more levels of government in one or more counties within their state.
We will get around this sleight of hand by simply using the bond’s legislatively determined face amount as the true amount of collateral. Attaching this collateral and transforming it into PMS will be easy as every office holder has committed at least offense while serving.
This offense can be as minor as violating the open meeting laws. If we use Mike Nifong as an example of the most egregious type, the 3 people he wronged can use his entire amount as collateral behind their PMS certificates.
In fact, these will be very strong certificates because not only will his bond amount be attached but so will his paycheck, retirement account, bank account and any other asset he may own. My thoughts say even his medical policy can be attached.
Since I know you are intelligent, I’ll move on with my PMS as you can figure out how to utilize our representative’s collateral as PMS. You attach it and make it yours by filing a UCC-1 (or maybe another type of document) against that or those public figure(s) who have committed transgression(s) against you.
You not only file against their bond but their paycheck, retirement account, home, car and everything else they own. Remember they are public figures. Violation of their fiduciary duty as delineated in their oath of office to their principals (you and me) makes everything they own subject to attachment.
Note: For those wanting a short course on principal/agent relationship, please read that particular section in the California Codes. CA does a great job of laying it out for an easy read.
Let’s look at your paycheck and convert it into PMS. This deposit is a deposit of credit and not of cash. It is done electronically therefore no one ever sees any cash. Some people never use cash as they operate under a full credit, non-cash, type system.
They write checks use their credit or debit cards and if any cash falls into their hands it is residual as a result of a transaction in which they got cash back. Yes, I know, everyone else writes a check in order to obtain cash.
That’s wonderful because nothing will change under PMS. You can write a check so you have some PMS in your pocket just like you do now. Or, you can be on a complete PMS free system and write checks to pay bills and buy goods, food and trinkets.
Your balance at the bank won’t change. If your company deposits $3000 a month, it will still deposit $3000 a month. The only difference is the $3000 will be PMS units and not FRN units.
The PMS units will be backed by real assets. The PMS will have real value and not contrived value.
How do we convert your FRNs into PMS units? Easy, we simply translate your present deposits in all of your accounts into PMS units on a one for one basis. If you have $2,000,000 in your account, it will be $2,000,000 PMS. One for one.
What will be the office that does the bookkeeping to be sure only real PMS units are circulating? Another easy answer. Your present banking/financial institution with the present Federal Reserve functioning only as the national bookkeeper.
Who will print the PMS certificates? The same printer who prints the FRNs.
What will it look like? Pictures of dead presidents can adorn PMS certificates since we seem to like that style of bill. The PMS will also have numerical denominations so we will know what amount we are receiving.
Will it be accepted? Are you kidding, of course it won’t be but it is a great system that will re-introduce true value into the nation’s monetary system.
Maybe the real benefit is it will not only reduce the Federal Reserve to bookkeeper (its only role in my opinion) but make it the guardian of the people’s assets. This behemoth of an agency has enjoyed a free ride for too long and now should be harnessed to execute the type of manual labor it truly was designed to perform.
Are there some holes in my proposal? A few but none that can’t be worked out by some talented finance/economic oriented minds populating our universities and think tanks. Heck, I hope some BP members step up and run with it.