Change to Just Money – a public tool

Our new money supply will be created and owned by the nation – by “We the People.” It will be a part of our commonwealth. As citizens we will use our dollars just as we do now. Some people will end up wealthy. Some will choose to live modestly. Public asset money doesn’t mean that everything is nationalized. It means we will have a level playing field. Anyone can still work hard, think smart, build a big business, and make a fortune. Only the money itself will be nationalized, what some money reformers call sovereign money.11

Current banker money is based on what we owe; it is debt-credit money. In our return to Constitutional money, our money belongs to the public and is created by our government as something we own together – an asset. Our money supply becomes a powerful tool that we use for the general welfare as well as for private gain. Sharing ownership of a tool does not mean that we will all be equal in the use we make of it. It means that no individual or private institution has the special privilege and profits of creating our money supply and the considerable power over the rest of us that the power of money creation bestows.

We’re calling it Just Money, because it is money that is fair and privileges no one. It is also just money, not debt carrying interest.

Just Money works similar to the way that coins are created today. With coins the government decides how many coins to create, pays the cost of production from the operating fund, then sells the coins to the banks and the public at their face value. The difference between the cost of production and the face value goes into the operating fund as income and becomes an asset of We the People.

All our money – coin, bill, and digital – will go into our operating fund upon creation. Bills cost little to produce, and the cost of creating digital money in accounts is near zero, so nearly the full face value of the new money created after we reform the system will go into the operating fund. Just Money can be entered as income and an asset on our government accounts. Congress can create and spend, lend, give, or invest money directly into the economy for the public good and We the People, through our elected representatives, define the public good – at federal, state, and local levels.

money growing on trees

US Constitution with American flag

We the people create the money supply: It’s Constitutional

The Constitution, Article 1, Section 8 establishes the right of Congress “to coin Money, regulate the Value thereof…” Up until now with a few exceptions (Colonial currency experiments, Continentals to win the War of Independence, and Greenbacks to win the Civil War), Congress has handed this power to the private banking sector, turning finance into a sector of the economy that takes an oversized share of all profits. In our new Just Money system, we honor the Constitutional mandate for a Congressionally created money supply. The banking sector will be a profitable service to business and society. It will no longer rule us.

There is a long history of advocacy for a publicly-issued money. In the following, President Lincoln was referring to private bank-created, interest-bearing debt money.

No duty is more imperative for the government than the duty it owes the people to furnish them with a sound and uniform currency, and of regulating the circulating medium of exchange so that labor will be protected from a vicious currency, and commerce will be facilitated by cheap and safe exchanges.

From an Abstract of Lincoln’s Monetary Policy, Prepared by Gerald Grattan McGeer, Mayor of Vancouver B.C. and monetary reform advocate, referencing a Lincoln speech on the Sub-Treasury, December 26, 1839.

US Capitol

The key requirements of reform

  1. Require Congress to exercise its Constitutional power to be the sole creator of all U.S. money, issued debt-free, and to establish a transparent public steady-value money agency to determine the amount of new money the Treasury will disperse under the authority of Congress.
  2. End the privilege of commercial banks to create and issue what we use as money. No individual or private institution has the special privilege and profits of creating our money supply.
  3. Transfer ownership of the 12 Federal Reserve Banks, and all remaining operations of the Federal Reserve System, to the U.S. Treasury, making it a real federal agency.
Monetary reform can’t fix everything, but it can make most things fixable.
Joe Bongiovanni, money historian and reform activist

business plan


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