What President Trump Can Do With The American System 2.0 - Flipbook - Page 10
denounced this, but, in reality, a 10 percent tari昀昀
would merely return us to the already very low
tari昀昀 rate of 1960. Promethean Action endorses
the 10 percent tari昀昀, but also suggests that key
areas of American industry and technology will
require higher rates of protection.
It is also vitally important to recognize that
tari昀昀s alone will not solve our problems. Without public credit and national banking, no indepth economic recovery is possible. Additionally, the roadblocks that have been erected
within the United States to prohibit productive
economic investment—many of them an outgrowth of radical environmentalism—must be
fully removed.
Public Credit Today
freeing them from the speculative 昀椀nancial
merry-go-round and returning them to their
traditional productive role.
We need to escape from the mental trap of
funding critical projects out of the federal government’s general fund and, then, complaining
about “budget de昀椀cits.” Instead, we should relearn Hamilton’s approach to public credit. It is
possible that new credit facilities could be established, tailored to speci昀椀c projects or areas
of needed investment. For example, something
like a Baseload Energy Bank could be established to 昀椀nance energy projects at discounted
rates, with bonds purchased by the American
people. We need to start thinking in this way.
We need to return to the system of sovereign
national banking. Look at how Abraham Lincoln utilized Greenbacks to industrialize and
develop the nation during the Civil War, including funding half of the Transcontinental Railroad. Study how President Franklin Roosevelt
used the Reconstruction Finance Corporation as
a vehicle to use public credit to construct vitally
needed and useful projects during the Great
Depression.
But, above all, to ensure that any of these
American System policies are successful, we
have to understand the underlying principles.
Under the American System, public credit can
be thought of as borrowing from the future increases in productivity which are the unique
products of human creativity and human enterprise. In the concluding section of this pamphlet, we unveil new insights into the li琀琀le-understood secrets underlying mankind’s unique
capabilities. But 昀椀rst, let’s see how we can revive
and expand these policies today as the American System 2.0.
Today, we su昀昀er under a banking and 昀椀nancial system that is dominated by the obsession
with usurious monetarist thinking and the pursuit of short-term monetary pro昀椀ts. Li琀琀le, if any,
thought is expended by our 昀椀nancial elites on
the urgent necessity to build up a vibrant productive economy. Many of our current catastrophic 昀椀nancial practices can be traced back
to the so-called 昀椀nancial deregulation of the
1990s, including, but not limited to, the repeal
of the Glass-Steagall Act of 1933 and the passage
of the insane Gramm–Leach–Bliley Act in 1999,
which dismantled the very 昀椀rewall that stood
between speculative investment banking and
commercial banks. The role of the Federal Reserve, particularly since the 2008-2009 昀椀nancial
crisis, has also greatly exacerbated the transformation of our banking and 昀椀nancial system
into a giant shell of pure 昀椀nancial speculation.
Alexander Hamilton must be howling from his
grave, having to witness what fools have done
to our Constitutional system
of productive public credit.
We need to reimpose GlassSteagall banking provisions
The American System 2.0
and take all other necessary
measures to build an iron wall
A growing coalition of Americans
separating useful productive
is fighting for economic growth
investment from pure 昀椀nanthrough a revival of the American
cial speculation. We need to
System of Economics.
rebuild our system of private
banks throughout the nation,
Join our campaign for
page 8
Prom.ac/AmSys2
What President Trump Can Do With the American System 2.0
