The New Abolitionism – Monetary Reform and the Future of Social Justice
By Rev Delman Coates.
Introduction by Editor.
Rev. Delman Coates, Ph.D., is the Senior Pastor of the Mt. Ennon Baptist Church (Clinton, MD) and President of the Black Church Center for Justice & Equality. He is a monetary reform activist and embraces the logic underlying the 2012 NEED Act which was formulated and introduced by Rep. Dennis Kucinich (D-OH) and was based on previous work on The American Monetary Act formulated by the late Stephen Zarlenga, founder and director of the American Monetary Institute.
Rev. Coates presents here the case that, if social and economic justice goals are to be attained, the current monetary system will first have to be thoroughly reformed based on studies done in especially the last five years by academics, central banks and knowledgeable journalists. His analysis leads to the main reform proposal in the last paragraph:
“If we are to have just society, we must have a just monetary system; a money system that (1) provides for government issued, interest-free money, (2) takes banks out of the business of money creation and restricts banking to depositing savings, and lending actual savings; (3) separates investment banking from traditional banking; (4) eliminates the moral hazard of the public bailing out banks that engage in risky investment practices; (5) invests government issued money into public infrastructure (i.e. jobs, roads, health care, education, the environment, etc.); and (6) protects the right to vote and gets money out of politics.”