The scientific revolution in economics begins here.
According to its Mission Statement as of Friday, December 2, 2011, the responsibility of the United States Department of the Treasury is defined as the following:
Maintain a strong economy and create economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad, strengthen national security by combating threats and protecting the integrity of the financial system, and manage the U.S. Government’s finances and resources effectively.
While the U.S. Treasury believes it to be appropriate to pursue its mission of protecting the integrity of the financial system by bundling and outsourcing the 3 separate functions of: 1) storing [1], 2) moving [2], 3) and lending [3] money to such state-established lending firms defined as "banks”[4], it is the opinion of systemaccounting.org that this same strategy wholly undermines the Treasury's own mission since one cannot expect to promote the conditions that enable economic growth when capital continues to be legally awarded to "banks" rather than naturally awarded to those who verifiably identify and meet demand.
There must be no illusion that protecting the integrity of the financial system must involve a strict adherence to the First Amendment. Upholding an unabridged press while protecting the public from the false opinions of others are both inherent and inseparable within the duty of maintaining our financial system's integrity. Without a firm commitment to seeing that people are 1) free to exercise their own judgment in the presence of 2) free-flowing information, the integrity of the financial system will continue to weaken under a class of individuals whose strategy depends on denying others access to these indispensable rights. Specifically, the legal definition of a "bank" negates the First Amendment as it:
- forces the public to accept scientifically-untested rates of return authored by a financial clergy established by the state, and
- allows i) the blocking of access to useful information, and ii) the propagation of misinformation to be used as mechanisms to send capital away from its most productive option.
While citing the First Amendment's Establishment Clause to protect financial markets is legally eccentric, it is the purpose of this clause to protect the public from any false opinion authored by one who is not an elected representative of the state. The Establishment Clause must not be allowed to exclude rates of return as they are, indeed, numerical opinions that define financial events. When the state submits itself to enforce opinions that possess no empirical value, the financial events they describe or predict become nothing more than an instrument for transferring wealth to those not tested to have earned it.
As it stands, the public is forced to accept these scientifically-untested rates of return to have their money converted to capital (where market risk > 0) in exchange for receiving the services of storing & moving their money (where market risk = 0). "Banks" are the only firms in all of the free market that obtain additional access to capital NOT because they are scientifically proven to produce competitive rates of return, but because they perform services the U.S. Treasury refuses to include with its own service. Since the U.S. Treasury is responsible for the service of money, it is not appropriate to leave its users at the mercy of lenders who make accepting market risk > 0 a condition of receiving market risk = 0.
There is also an economy-wide failure to enforce the First Amendment's Freedom of the Press Clause. The legalized intermediation of the banking industry within the process of trade bestows upon it privileged access to financial information that would otherwise benefit from competition. Since there is no uniformity of access to asset prices, the public becomes the source of an endless arbitrage opportunity, rather than a trust, for a lending community that is supposed to represent the public's best interests. Useful information about capital markets rarely trickle down from the inner-sanctum of trade. The information that does find its way down from above occasionally proves to be both phony and exploitative.
In sum, to "bank", or to ambiguously designate private investment firms to store, move & lend money, is to not only deny the First Amendment's role within finance, it is to also openly invite the false allocation of capital, as well as a mounting level of system-wide inefficiency, ignorance, and risk.
The Solution
Directly supplying the public the technology to autonomously 1) store, 2) move, and 3) informatively invest within itself, independently, is the way forward since we must balance out an unsustainable level of consumerism through the establishment of a fully-participatory level of producerism. Achieving a cooperative economic strategy, where participants in an economy must have equal access to the same information will produce a type of market equilibrium that spells relief for an economy that chronically suffers from capital being bottle-necked between these underachieving, socialized lending firms—the nature of which is completely anomalous to a free-market. Remedying the bottle-neck by empowering the public to participate independently, efficiently, and informatively in an economy will also make them beneficiaries of a system that is capable of collecting taxes in a contemporaneous and transparent manner. A technology-based solution, rather than a political one, makes simultaneously increasing tax revenues while decreasing tax rates a reality—not another false promise; this is how the Treasury must manage the U.S. Government’s finances and resources effectively. So, is it possible to create a transparent and efficient economy that is capable of paying down its debt? Of course.
Systemaccounting.org is offering the U.S. Treasury the opportunity to license access to the systemaccounting application—a technology perfectly capable of protecting the public from the inefficiency and injustice caused by "banking". What is it going to take? A simple enterprise installation in the cloud, a few mobile apps, and most of all, the will to modernize.
Do you wish to see a future where everyone is treated equally in terms of information and finance? Behold!
[1] Reference: "deposits”, 12 U.S.C. § 1841(c)(1)(B)(i)
[2] Reference: "payment”, 12 U.S.C. § 1841(c)(1)(B)(i)
[3] Reference: "business of making commercial loans”, 12 U.S.C. § 1841(c)(1)(B)(ii)
[4] Reference: "Bank defined.”, 12 U.S.C. § 1841(c)