155 



Whet is required is to bypass the Fed mechanism. We 

 have to go back to the Constitution, which mandates that 

 the government issue money directly, placing it with the 

 banking system only as a depository instrument. The U.S. 

 Treasury should issue notes placed for lending at 

 low-interest rates to designated economic 

 activities — infrastucture projects, needed heavy industry, 

 agriculture and essential services. The basic interest 

 rate to entities in government-mandated activities should 

 be in the range of 2%, which would mean that the interest 

 rate to private vendors on key projects (rail, vehicle 

 assembly, construction) might be in the range of 4%. 



To restore the economy, this form of currency 

 issuance must be on the scale of about half trillion 

 dollars yearly, which would generate activity 

 involving 8 million new jobs. 



3) ECONOMIC MEASURES t What is required are the 

 following: 



♦Infrastructure: Massive construction of modern 

 water, energy, transport, and related physical instructure 

 projects. Among the technologies needed are magnetically 

 levitated trains and other rapid rail systems; 

 nuclear-power based energy supplies, water purification 

 and garbage disposal. 



The long overdue continental project — "The North 

 American Water and Power Alliance" (Nawapa) should 

 be started immediately — diverting water now going to 

 the Arctic, southward to the high plains and Great 

 Lakes watersheds . 



♦Health: Massive reconstruction of the hospital 

 grid as originally conceived in the Hill-Burton Act, 

 with special facilities for AIDS, TB and all contagious 

 diseases . 



♦Agriculture production mobilization: Declare a 

 moratorium on family farm foreclosures, reorganize and 

 re-schedule debt based on re-enacting parity pricing for 

 farm commodities. Provide low interest production credits 

 for farmers and independent processors. Investigate, 

 prosecute and break up the cartel of companies now 

 dominating trade in food, chemicals, seeds and other 

 essentials. 



♦Science and space drive. Back a Kennedy-era national 

 science education drive with both basic research and 

 general education geared to research and development of 

 advanced forms of nuclear energy — fusion, and all its 

 applications — biomedical, agricultural, industrial, and 

 especially space exploration. 



♦Foreign policy. End the GATT, NAFTA, U.S. -Canada and 

 all other forms of foreign policy based on subverting 

 domestic and foreign economic activity by free trade 

 swindles . 



