Government should issue money

To The Eagle:

In 1986 Jack Metcalf wrote a book titled, “The 200 Year Debate: Who Shall Issue The Nation’s Money?” He outlines the choices that throughout history, as now, have been 1) The government issues the nation’s money as a credit that is owed to no one and can circulate freely indefinitely; and 2) Banks issue the nation’s money as an interest bearing debt that can circulate until it is repaid and is then extinguished.

Choice 2 has been used almost exclusively throughout our nation’s history. We have a well documented proven loser with a 17 trillion dollar federal debt with hundreds of billions of dollars of interest charges annually.

The debate raging in Congress now is, 1) Shall we borrow even more? or 2) Shall we slash spending?

Congress has apparently forgotten the historic debate about who shall issue our money or even that the government could issue our nation’s money.

We must call our representatives and insist that the U.S. Government issue our money starting now.

Gilbert Vik, Puget Island