On December 17, 2010, Dennis Kucinich introduced a radical bill in the House, "The National Emergency Employment Defense Act of 2010" (the NEED Act). The bill would allow Congress to create and regulate money, taking this power away from the private central bank. It calls for the creation of money by private financial institutions as interest-bearing debt to cease once and for all. The government would issue debt-free money to pay for infrastructure projects and to pay down the debt.
This is a fascinating bill just from the standpoint that monetary policy should be the primary concern of government at this moment. The fact that private banks are in control of our money supply is a tremendous robbery perpetrated on a daily basis against the American people. However, the question I have regarding this bill is whether Congress can be trusted with something as important as our money supply. I don't think they can do worse than the Federal Reserve which only serves the interests of the bankers. However, Congress is indebted to a variety of interests and we have to wonder if they can handle the responsibility of money creation that is solely in the interests of the American people.