Deflation, Environmental Stress, Poverty -- Let's Talk

["John Gelles" <indexed-savings@xxxxxxxxxxxxx>]

On the Federal Reserve's Board of Governors' site at
http://www.federalreserve.gov/feedback.cfm
I left the following note:



Deflation, environmental stress, poverty -- these concerns,
as implied by Governor Bernanke's speech in November --
published on this Federal Reserve website at:
http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm
suggest that the need for "digital gold", spent (or lent) into
circulation by government, to buy things necessary for national
and individual security (that traditional taxation and federal debt
cannot afford), appears to be reaching a critical level.

        It appears to be reaching a level that would justify
        TALKING digital gold over in public -- even at the
        risk of exciting some minimal concern for inflation.

Digital gold, if it bought priority needs, (not otherwise
affordable with debt-based money), would enhance home-
land defense and the solvency of the fifty States, and it would
also create jobs and higher living standards for as long as
money remained attractive to people whose labor we cannot
do without.

While it is true that  TALK  of this nature exists in the
universe of talk on political-economy, it needs more of
the discipline and power imparted by Governor Bernanke's
speech.

Our President has initiated, in my view, the most sensible
response to global problems imaginable.  Chairman Greenspan
is extremely supportive, in my view, of the President's response.

        Popular media, however, have kept the American people
        in a "fear of deficits and federal spending"  mode largely
        championed by Ross Perot more than a decade ago -- a
        mode for fixing the American economy WITHOUT paying
        for a first class job.  Perot wanted to "get under the hood"
        without money enough to keep the hood from coming down
        on his head.

Governor Bernanke has observed the fact that it is not always
possible to go shopping at the mall, with the result that profits
and taxes derived from such shopping will pay for all the
national and individual security needs of the American people.

Should we not  TALK  of federal responsibility for:

    -  solvency of our States (not currently achievable
        TOGETHER  WITH   appropriate simultaneous
        economic growth),

    -  likely to be effective homeland defense,

    -  an appropriate response to a war against us being
        waged by foreign enemies, and

    -  a decent regard for the realities of global competition.

We do not wish to repeat the period from 1914 to 1989.

I hope you can keep me informed of Board Members' response
to the global course our nation is on with an eye to recognizing
the need for a money that can currently pay our bills aimed to
win simultaneously peace and human rights in this new century.

    Signed:  John Gelles