Public Issued Currency & Brokerages, Not Banks

The following is a monetary reform proposal by PhiloPlatt. This proposal is subject to constructive criticism, refining, and elaboration.

(5/5/12) UPDATE: Philo has since changed his mind about his monetary reform proposal. Listen to The Last Bastille Podcast #52 – Communism for more details.


Step 1: The government needs to close all banks by confiscating the books and determining who has promissory obligations (who owes the bank) and who has checking and savings accounts. The government would need to return the depositors their money. The Bureau of Engraving & Printing would need to print up physical bills and/or write checks that could be deposited at a brokerage, pursuant to the former bank customer’s choice. Now, the borrowers wouldn’t be paying interest but they do make payments in order to extinguish the principal. Let them pay down their loans directly to the government to $1,000. This takes away the ability for a private entity to monopolize and profit from the creation of public cash.

Step 2: As that debt is extinguished, have the government issue $1,000 interest free to every producer that would like a loan. Don’t require repayment of the loan until the producer retires or moves from the country. Now you have a steady public cash supply resulting in a steady economy and full employment. No one is in too much public cash debit, resulting in minimal defaults, and thus minimal inflation.

Step 3: All pooling of resources would then be done through a private brokerage by the creation of stocks and bonds. Your broker would also handle your checking account, since he’s just a bookkeeper. The resulting culture is going to be of people who must save in order to buy things instead of getting supposed “financing.”

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5 Responses to Public Issued Currency & Brokerages, Not Banks

  1. Hi I left Philo Platt a message through youtube. Not sure if he got it, I know I miss messages that way because it doesn’t notify me when one comes in. I caught your interview of him on BTR. That philosophy is very close to an organized movement I am involved with, and I wanted to invite you to check us out. Our proposal is called Capital Homesteading and it was developed by the founders of an economic philosophy called Binary Economics. Basically, instead of ending the fed we advocate citizen ownership of it. Rather than the fed loaning money to banks at zero interest to create money, it would loan it to the citizens. The repayment at no interest at retirement or possibly death is similar to Philo’s idea. The quantity of money and the value behind it would be scientifically based on actual productivity (full reserve banking), and not subject to arbitrary expansion and contraction.

    Under the proposed Capital Homestead Act, citizens would have retirement accounts, with access to interest-free credit, which can only be invested in dividend-paying shares of entities that have passed the same test of feasibility the banks use now. The amount of credit available to each citizen is calculated by dividing annual increase in GDP by population, about $7k per year using today’s numbers. Although the credit from the Fed would be interest free, there would be a small expense, estimated to be less than a half of a percent, for insurance from competing insurers to protect against total loss of investment.

    This plan addresses wealth disparity without taking anything from the rich or anyone else. At the same time it encourages smaller government, grows the middle class, and phases out social security. As you know we create money now when the fed loans it to banks, who use fractional reserve banking rules to loan it out multiple times, causing boom and bust cycles. Why not give productive credit to citizens instead? I think it is something both the Tea Partiers and Occupiers, as well as most other left/right thinkers could agree on. Basically we propose ending today’s punitive nature of debt for the average citizen and our government; turning the same principle of compounding interest that enslaves us into productive credit that empowers us.

    Whether you like the idea or not, you may want to interview our leader, Norm Kurland. He has done much to quietly benefit humanity, including getting ESOP (Employee Ownership) laws passed.

    more info:


    my speech at the fed

    Here is a page that I set up with sample interviews of Norm for potential interviewers and radio show producers and hosts, with clips of Norm being interviewed, and excerpts of a Ronald Reagan speech mentioning Norm.:

    I have many other resources you may be interested in depending on what aspects of it you want to study.

    Dave Hamill

    • sleepysalsa says:

      Mr. Hamill,

      Philo has been notified of your comment.

      If Norm Kurland has an actual written monetary proposal (unlike the “super secret” version of Mike Montagne’s so-called “mathematically perfected economy”), then I will take Capital Homesteading seriously. A publicly viewable version, such as Gary Hunt’s “An Economic Solution,” (which I did an actual podcast episode about) gives not only greater credibility, but also a genuine seriousness towards dealing with the monetary situation.

      Yours in Liberty,


  2. Here are specific details:

    There have been several books written about it as well.


    • sleepysalsa says:

      Dear Mr. Hamill,

      Thanks for providing that material. It looks like I’ve got some more blogging material 😉

      If you could also provide a list of those books, I’d appreciate it.

      Yours in Liberty,


  3. The easiest book to read is available on free PDF: “Capital Homesteading for Every Citizen” (Kurland, Browhawn, Greaney) located at:
    It is written from the perspective of phasing out the Social Security.

    There are other books going back a century that laid the groundwork, but the first person to put most of the plan together was the late Louis Kelso. He and Mortimer Adler wrote a book describing it in 1958, although the name “Capital Homesteading” was not used. To further confuse things, they titled their book: “The Capitalist Manifesto” (doesn’t sound like the innovative concept that it is), which can be read here:

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