"The Secret of Oz" won Best Documentary of 2010 at the Beloit International Film Festival. We beat out 6 other excellent finalists -- a really unbelievable win! Beloit, Wisconsin is about an hour from Chicago. It was a total shock to me. I was told that it had won about 15 minutes before the announcement so I had a chance to scribble a couple of thoughts on a piece of paper before I got to say a few words on stage. What a huge turnout Beloit has! This is the best film festival I've been to.Freedom’s Vision would first work to repair the balance sheets of individuals by cleansing out much of the overabundant consumer credit. That means they have disposable income again and business starts to pick up immediately. Banks begin to get healthy immediately and then go through a debt and derivative clearing process. State Chartered Banks are created that give access to lower cost capital and Freedom’s Vision contains provisions to cleanse out a portion of the current debt that states carry.
These people are mad and they want to do something about it. Beloit has 18% unemployment right NOW! A Wisconsin State Senator came up after the presentation and asked how the State Bank idea would work -- specifically what they would do about the existing debt.
Below is the basic outline of Freedom’s Vision concerning the states, but how this fits into the overall dynamic of creating a healthy economy is key to keep in mind as it is income that is required to service debt (State Banks would also take over functions of Reserve Banks). The ideal solution is to take all the steps within Freedom’s Vision in unison:
D. States – Treasury will provide funds equivalent to one year’s worth of each state’s revenue:i. 50% of those funds will pay down current state debts easing the state’s debt burden.
ii. The other 50% will be used to fund initial start up of each state’s STATE BANK, based on the model of North Dakota (Bank of North Dakota, About Bank of ND)a. All state tax monies are deposited in this bank.iii. In addition to the above funds, State governments will be given initial funding from the Treasury to create a reserve fund equal to 10% of their annual budget. This money will be deposited and held in the State bank as the state’s reserve fund. Each state must develop a plan under which such funds can or cannot be used. Their plan MUST include a strategy to replenish the fund without federal aid and without raising new taxes for that purpose. Shrinking the size of government or saving from current taxes is the only method allowed to rebuild the fund once any of these funds are spent. Thus there will be no new taxes allowed in any form if funds are used from the reserve until the funds are returned. Governments need procedures to get them to size themselves for the bottom of economic cycles, not the top. This is the same thing that happens to businesses, and why conservative companies survive economic downturns and overly aggressive ones do not.
b. 10 to 1 fractional reserve maximum on DEPOSITS which are backed by taxing authority and by vast assets, making these banks some of the most sound banks in the world – would exceed all other banking requirements.
c. Banks will support other commercial banks within state.
d. Banks will provide low or no interest loans to state for infrastructure projects.
e. The bank would generally support private people only by providing capital and working with private banks. These banks will meet or exceed all other banking requirements and be limited in a very conservative manner.
f. The advantage to the state is that they can get low or no interest loans and they can earn interest that goes to the people of the state instead of the central bank. These banks would generally be prohibited from lending directly to the public, but could perform a regional banking function supporting and regulating local banks much as the regional reserve banks do now.
You can get your copy of the Secret of Oz by following the link below.
“The Secret of Oz.”
*Please note that if you are a blogger or media representative then you can receive a complimentary media screening copy by request to firstname.lastname@example.org. Mr. Still has also made available copies for veterans and for those who are in legitimate financial distress – again, please contact email@example.com.