14th Annual AMI Monetary Reform Conference, 2018
Chicago, October 25-28, 2018
Professor Kaoru Yamaguchi has continued to refine his highly advanced modelling system to project how HR 2990 will achieve monetary reform. He concluded it will pay off the US national debt as it comes due; provide the funding for infrastructure, which solves the unemployment problem and does this without inflation!
Professor Yamaguchi used to head the System Dynamics Group of the Doshisha Business School at Doshisha University in Kyoto Japan. He presented his macroeconomic model on the to a plenary session of the System Dynamics International Conference in Seoul (2010), being attended by more than 300 researchers. It was so well received that on July 26th, the same International Conference asked him to speak on this matter again, at their meeting in Washington, DC.
Professor Yamaguchi is currently directing the Public Money Initiative movement in Japan, and preparing for a Crypto-token experiment called EPM (Electronic Public Money)-token to create 100% money electronically using blockchain technology. The two papers related to A PDF of Professor Yamaguchi’s papers for this year’s AMI conference is accessible here and here (and the slides of the presentation are available here: part 1, part 2, part 3).
Dr. Yamaguchi will appear at our conference via Skype from Turkey, with full facility for extended questions and answers. His webpage is available for viewing where you can read about his papers and books here.
Professor Nicolaus Tideman received his Ph.D. in Economics from the University of Chicago (where he studied under Milton Friedman among others), taught at Harvard (1968-73) and served as Senior Staff Economist at the President’s Council of Economic Advisers (1970-71) before moving to Virginia Tech in 1973. He has been Professor of Economics there since 1985. While his research has focused primarily on urban economics, public finance, voting rules and social justice, in 1975 he collaborated with Nobel Laureate James Buchanan in writing on “Gold, Money and the Law.”
Professor Tideman has participated in all of the AMI conferences. His topic this year is The case for money creation through tax-deferral loans. Professor Tideman characterizes the AMI program as ending the lending of deposits (agreed) providing a smooth transition to an alternative to bank lending for creating money (nice work!) and creating money by having the government spend it into circulation (problematic — there is a better alternative).
Sana Syed recently graduated with a Master's in Religious Leadership for Social Transformation at the Chicago Theological Seminary and holds a Bachelor's degree in Architecture. She is trained in Permaculture and Biodynamic Agriculture. Sana works at the Inner-City Muslim Action Network (IMAN), a community organization that fosters health, wellness and healing on Chicago's South Side, as a Strategic Development Associate. Sana loves to learn, work on community projects and wander around the globe. We are very fortunate to have Sana present There Is No Wealth But Life: Centering People, Communities & Ecosystems in Economic Thinking. In this discussion, we will briefly explore some ethico-pragmatic economic traditions and considerations in Islam. We will glean insights from a 19th century English thinker, John Ruskin, and his critique of modern political economy. Finally, we will close with some reflections on my work with a community organization attempting to resuscitate Chicago's blighted South Side neighborhoods from chronic disinvestment. The discussions attempts to highlight the possibilities of centering people, communities and their ecosystems within a larger, ideally decentralized economic framework.
Uli Kortsch is the Founder of both the newly formed Monetary Institute and Global Partners Investments (GPI). Currently most of his time is spent on the Institute whose mission is to drive monetary and fiscal strategies to better serve and protect humanity. In 2013 he was asked to organize a conference on this topic at the Federal Reserve Bank in Philadelphia, the proceeds of which are now published as a book. More recently he was asked to organize an in-depth conference in Switzerland toward the objective of changing the country’s constitution to a modified Chicago-Plan style. He is a regular speaker at various conferences in different countries.
As President of Global Partners Investments and other ventures Mr. Kortsch has worked in over 50 countries, written a bill for Congress, and conferred with numerous national presidents, ministers of finance, and ministers of commerce. He has served on many corporate boards with both for-profit and not-for-profit organizations. He was a missionary with Youth With A Mission for over 20 years in various senior roles.
The title of Uli's presentation is Money Growth Determination. Uli writes: "The methodology and potential democratization of money growth determination has not garnered much academic interest; however, it remains a common criticism of sovereign money or Fisherian economic initiatives. Here is one example of how this may be handled to allay that criticism."
Mark Pash, CFP, has been promoting monetary reform to our leaders and the general public for over 25 years. Mark will discuss “Marketing & Politics for Monetary Reform Marketing & Politics for Monetary Reform and why monetary reform is crucial for the 21st Century, including his 28 reasons for monetary reform and the 14 ways of overcoming its major objection (excess inflation). Mark has long been active in politics serving on a Presidential and Congressional Campaign Advisory Economic Committees besides running for a Congressional seat in 1996.
Last year Mark launched his new book “Creating a 21st Century Win-Win Economy ” at the AMI conference (copies of the book were provided to conference participants). As part of that launch, he discussed the many different ways that new money can be distributed and how it will create a 21st Century Win-Win Economy, even for the bankers.
Mark is a Certified Financial Planner from the College of Financial Planning with a Bachelors and Masters in Business Administration from UCLA and USC, respectively. He has served and founded a number of financial organizations and industry associations. His extensive background brings a grounded understanding of the practical and theoretical in the field of macroeconomics. He has written many articles besides his book “Economic Theory of Relatively” and the website of his non-profit think tank, Center for Progressive Economics (CPE) at www.cpe.us.com.
Manuel Klein is a member of the board of the NGO Monetative in Germany for 2.5 years. He has come across the problems of the money system during his studies (Economics and Finance) 4 years ago. He graduated with a Master in Finance in May 2018 and is now working as a project manager for conferences at a thinktank at one of the leading German business schools.
Manuel will present on two (potentially) interrelated topics:
- Current developments regarding money reform in Europe: Germany, Switzerland, Sweden
2018 was a special year for monetary reform:
In June, Switzerland held a referendum about introducing a sovereign money system. Worldwide mainstream press reported substantially about the fact that this initiative wants to change the way our capitalist economy works and explained how banks create money.
In Sweden, the plans to provide a central bank digital cash for the public have materialized.
These and many more aspects will be included in a big conference in Germany on November 24 where international, high-level economists will talk about the problems and possible changes of the structure of the current money system, Vollgeld and currency competition via crypto currencies.
- Experience from working as a project manager at a blockchain thinktank of a German business school
Manuel is currently working as project leader for several big events in Frankfurt which works on becoming the biggest “crypto-city” in Germany (besides Berlin). This presentation will share some insights into cryptocurrencies, how distributed ledger technology can be used for different use cases, and the difficulties and problems this industry faces.
Mihály Hollós has been working in English-language journalism for 40 years, widely covering macro and microeconomic issues, including finance, banking and monetary policies. He has MAs in English literature and linguistics, English teaching, and Library Science.
He was economy and business editor on The Hungarian Observer, a news magazine published in Budapest, worked as east Europe editor on East-West Environment, a bimonthly London-based publication on sustainable development, was east Europe correspondent for various magazines produced by the British publishing company DMG Business Media, did media consultancy work for the United Nations Development Program, and has recently been working as a news editor specializing in business, banking and monetary issues.
Mihály’s presentation on One-Tier Banking System in a One-Party Political System examines the economic and monetary policies and the banking system in communist Hungary. In his paper Mihály Hollós will look at Hungary’s banking system and monetary policies in the 1947-1990 period, placing these issues in a broader economic and socio-political context. He will also give an outline of the historical, ideological and other factors that played a part in shaping those policies.
Joe Bongiovanni, Director of the Kettle Pond Institute in Vermont, and a Board Member of the newly established Alliance For Just Money, will speak to the strategy taken by the bankers after the Crash of 1907 that of passing the Aldrich-Cleveland Act of 1908, which necessarily included the National Monetary Commission (1909 - 1912 ) to first study the Problems with Money around the world, and to then conveniently collude with their American Legislative servants to recommend their private-money revolution - a solution that became today's Federal Reserve Banking System (FRBS).
Joe will propose that, strategically, we reformers can't just go back to the Simons Chicago Plan proposal, or even to the more advanced Fisher 1939 Program for Monetary Reform, except as thematic models - in order to advance our proposals for modern money system reforms like the AMI-Kucinich NEED Act.
Joe proposes that reformers advance Dr. Hyman Minskyís strategy - first, we will have to go back to achieving a modern, open public-study of 'What's wrong with money today?', andthen, specifically what can be changed to fix it - including a new Public Money recommendation. Joe is advancing Dr. Hyman Minsky's 'proposal' from Minsky's remarkable 1994 Research Paper on this topic. The title of Joe's presentation is On Minsky, Capitalism's Failures and the NEED for a National Monetary Commission : Because We Can't Get There From Here
(based on "Financial Instability and the Decline(?) of Banking: Public Policy Perspectives" - http://www.levyinstitute.org/pubs/wp127.pdf).
Anyone wanting to get a leg up on contributing to the conference dialogue can become prepared by reading Minskyís relatively short Working Paper No. 127 expose of the problems of modern (finance) Capitalism, and his very wise, yet presently un-recognized suggestion for systemic and institutional reform to our money and financial systems by calling for a national monetary commission for the 21st Century. Shall we?
Sue Peters has degrees in History and Education and was an information technologist specializing in finance. Having spent 35 years on Wall Street, the last 15 at a multinational bank, she has an insiders knowledge of the relationship between Wall Street and money. She gave a public in-depth class on the book, The Lost Science of Money, by Stephen Zarlenga; the extensive class materials can be viewed from the HISTORY tab on the website, GreensForMonetaryReform.org. She is a member of The American Monetary Institute, Green Party Manhattan Local and NYS State Committee, National Organization for Raw Materials (NORM), the website GreensForMonetaryReform.org, and the NYC Labor Chorus.
Sue will speak on the history of monetary reform in the Green Party and how the AMI's three pillars of monetary reform became part of the party's national platform. Sue will present on Recent History of MMT in U.S Green Party about this year's attempt by MMT to remove the AMI's monetary reform plank, 'Greening the Dollar', from the party platform.
John Howell (Ph.D., UCLA); teaching and research in physiology for 42 years (Ohio University); recipient of numerous grants and awards; including the directorship of the Institute for Musculoskeletal Research, and chairing various committees. He currently serves as a teaching assistant in the Department of Classics and World Religions. He is co-founder and co-ordinator of Democracy Over Corporations in Athens, Ohio, and has attended AMI Monetary Reform Conferences since 2012, and is now giving presentations on monetary reform at local and regional gatherings. John gives one of the clearest, most inspiring talks on the problem of “fractional reserve banking” and using debt in place of money, and has established himself as a premier monetary reform presenter. John will present on Money creation: mechanisms, consequences, and alternatives.
Doug Arend practices in GreenbergTraurig Law's Chicago office focusing on commodity futures, derivatives and securities, with an emphasis on managed funds. He represents registered and exempt investment advisers, commodity pools and hedge funds, proprietary trading firms, introducing brokers, futures commission merchants and broker-dealers. Doug concentrates on complex transactional and regulatory matters, including public and private offerings, fund formation, business structuring, registration and compliance. His public fund experience includes SEC registered offerings, and compliance with the Securities Act of 1933, the Dodd-Frank Act, the Commodity Exchange Act and CFTC regulations. Doug will discuss the legal nature of cryptocurrencies and tokenized assets, and how they may be considered in accounting and monetary terms.
Bill Bergman is Director of Researh at the Think Tank Truth in Accounting. He was previously an economist at the Federal Reserve Bank of Chicago. Bill will discuss the financial situation of Chicago and Illinois.
AMI’s colleagues in Switzerland, MoMo (Modernising Money), will give us an update on their citizens’ initiated referendum, the Vollgeld (translation is “full money”)-Initiative to transform the Swiss money system along similar lines to what AMI proposes for the U.S. (the NEED Act). You can read more about the Vollgeld-Initiative (in English) here.
AMI’s colleagues in the Netherlands, Ons Geld (translation is “Our Money”), will give us an update on their virtual Euro proposal to deleverage the EU economy without a “credit crunch” – and thus avoiding a “balance sheet recession” – essentially along similar lines to what AMI proposes for in the U.S. (the NEED Act). Ons Geld initiated a successful citizens’ initiative supported by over 100,000 Dutch citizens, resulting in the Scientific Council for Government Policy (a Dutch Government agency) being tasked to present a report on the topic later this year. More recently, two Dutch MPs tabled questions to the Finance Minister on the potential of the “virtual euro” and a recent report adopted by the European Parliament on Fintech also encourages experiments with digital cash. You can read more about the Ons Geld proposal (in English) here.
Rob Macquarie is an economist from AMI’s colleagues in the UK, Positive Money. Rob will give us an update on their activities this year, including their advocacy for a "Green Bank of England" and their recent process of engagement with advocates of Modern Monetary Theory (MMT).
Jamie Walton worked for two years in Congressman Dennis Kucinich’s office, helping put the N.E.E.D. bill together. He will describe how its various elements work. The three elements of this single reform are: 1) Incorporation of the Federal Reserve into the U.S. Treasury. 2) Ending Fractional Reserve Banking – Changes in accounting rules so that banks no longer create any part of what we use for money. 3) New money needed in a developing society is introduced by government spending money into circulation on things like infrastructure, starting with the $3.6 trillion our engineers (ASCE) tell us is needed by 2020. Also included will be the “human infrastructure” of education and health care. Read his latest work here. Jamie is an experienced civil engineer, and a senior AMI Researcher. Jamie will discuss The NEED Act: A Strategic Way Forward.
Schedule of Events:
Thursday Oct. 25
11 AM to 12PM Registration at Second Floor Lobby
12:30 PM to 1:30 PM Refreshments in Lake Room
1:30 PM to 6 PM Presentations
6:30 PM Refreshments at Exchequer Restaurant & Pub
Friday Oct. 26
9 AM to 7 PM Presentations: break for lunch, refreshment breaks
Saturday Oct. 27
9 AM to 6 PM Presentations: break for lunch, refreshment breaks
7 PM Dinner party, with keynote presentation
Sunday Oct. 28
9 AM to 12 PM Presentations & discussion