CfAR Proposed Bill
Derivatives
Congressional
Derivatives Debt
Recovery Act
A US House and US Senate Bill to rid the United States of speculative derivatives debt by several means.
Whereas the global derivatives debt approximates to ten times the size of the world GDP or approximately $1000 trillion.
Whereas nearly all of this derivatives debt is speculative and of US origin.
Whereas a variety of laws, including Article 8 of the Uniform Commercial Code, have been altered to the acute disadvantage of the vast majority of Americans who acquired items, including cars and homes, on credit, and who acquired stocks or bonds or both, and who deposited funds in banks.
Whereas the aforementioned, vast majority were, without their knowledge, given “security entitlement” in place of ownership of collateral or stock or bonds or deposits or some combination thereof.
Whereas “security entitlement” ensures ownership of said collateral or stocks or bonds or deposits only after the “protected class” have first access to said collateral or stocks or bonds or deposits.
Whereas the vast majority of Americans are not in the “protected class.”
Whereas said collateral, stocks, bonds and deposits have been transferred to a global “pool” from which the “protected class” have first access.
Be it enacted that Congress authorize (and the President sign into law) the following measures. The Secretary of the Treasury is to negotiate a fair resolution of the global derivatives debt with all foreign parties that are affected by the debt, such that the following seven conditions are met. (1) A global derivatives-trade transaction tax (a very small percentage of the value of the trade) is to be exacted. (2) Any and all banks that may declare bankruptcy are to be nationalized, the respective taxpayers are to take control of the banks, the banks are henceforth forbidden to trade in speculative derivatives and the global derivatives-trade transaction fee is to defer some or all of the cost of nationalizing the bank in question. (3) There shall be a moratorium on taking out new speculative derivatives. (The consolidation of preexisting derivatives is not considered a breach of this moratorium.) (4) A debt jubilee is to be carefully implemented. (5) The debt jubilee is to be implemented over 20 years, and is to reverse the standing between the “protected class” and those at the very bottom of the “security entitlement” totem pole. Hence, the vast majority of Americans, among others, are to have their respective property rights restored in full. (6) It is understood that most of those above the lowest level of the present “security entitlement” totem pole are at risk of owning no collateral. (7) To buffer the loss that will be suffered by most of those above the lowest level of the “security entitlement” totem pole, the Secretary of the Treasury is to negotiate a carefully calibrated, gradual emission of debt-free money by the Treasury Department and its counterpart in foreign countries. These emissions are to amount to a fraction of $900 trillion and to be given to those above the lowest level of the “security entitlement” totem pole. Furthermore, these emissions are not to exceed levels that provoke anything greater than mild inflation (3%).
The Secretary of the Treasury has no more than 6 months to negotiate a global derivatives debt resolution with his counterparts abroad. In the meantime, he or she is to implement at once, vis-à-vis US citizens, actions 1, 2 and 3 of the aforementioned 7 actions. A scaled down debt jubilee (actions 4, 5, 6 and 7) is to go into effect, vis-a-vis US citizens, as well.
If the Secretary of the Treasury has failed to negotiate a resolution along the lines of actions 1 to 7, above, with his or her counterparts aboard, after 6 months, then the United States will go it alone, implementing actions 1 to 7, above.
To better understand the origin of this proposed Bill, see the following sources. “The Great Taking.” CLICK HERE. The 62-page CfAR Report, Primed For Resurgence: The Rediscovery of Early America’s Anti-Globalism. And IfAR’s A Plan For America’s Resurgence, especially Part Two, “Specific Steps to Accelerate Economic Growth as Never Before.”
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