HF 610, SF 65 Will help solve 2 major problems: 1.Funding for Transportation 2.Ever growing debt

$ 57 Trillion America's Total Debt Report $ 57 Trillion – and soaring Household, Business, Financial and Government Sectors by Michael Hodges This is A SCARY CHART - showing 4 decade trends of America's total debt (the red line, reaching $53 trillion) vs. growth of the economy a measured by net national income (blue line), adjusted for inflation in today's dollars. updated March a chapter of the Grandfather Economic Reports -Grandfather Economic Reports The chart shows the debt in 1957 was $693 billion (the left bar in the chart) - - or about $4,000 per capita Today's debt has grown above $53 trillion (the right bar in the chart) times higher - - to $175,154 per man, woman and child - or $700,616 per family of 4. 80% ($42 trillion) of today's debt was created since 1990.

trillion How did we get over $60 trillion in debt, when all we have done for the last 250 years is create wealth by combining our ideas and our labor with the raw resources of the earth? In search for the answer to that question, letters were written to The U.S. Treasury and others. The answer received from Russell Munk, Assistant General Council for the U. S. Treasury, was: “the actual creation of money (ALWAYS) involves the extension of credit from private commercial banks.” This means interest bearing loans. Mr. Munk then went on to say, “You may want to know whether the bank is the one getting the benefit of the new money, since the bank owns the new money while the customer has merely borrowed the money. The bank does indeed get the benefit of the new money”. Mr. Munk then went on to say, “You may want to know whether the bank is the one getting the benefit of the new money, since the bank owns the new money while the customer has merely borrowed the money. The bank does indeed get the benefit of the new money”.

Here is How Banks Create Money The Banks creates new money as a book entry on thier ledgers. When someone needs money for a purchase, they go to the bank. The bank then takes their promise to pay, and puts it on its books as an asset to the bank. Then the bank puts the new money in that persons’ checking account, as an asset to the account holder.

John B Henderson, Senior Specialist in Price Economics, Congressional Research Service, The Library of Congress stated: money is extinguished when loans are repaid “Money is created when loans are issued and debts incurred, money is extinguished when loans are repaid”. A Checking Account (Account Holder Loses Asset) Promise To Pay Fulfilled (Bank Loses Asset) -$1000 +$1000 -$1000 +$

Quote: Robert H. Hemphill, credit manager of the Federal Reserve in Atlanta: there would not be a dollar of coin or currency in circulation “If all the bank loans were paid, no one would have a bank deposit and there would not be a dollar of coin or currency in circulation”. Under the present system, we are FORCED into interest bearing debt, before we can have a medium of exchange.

My next question was, “If all money is created as an interest-bearing loan, how is the money created to pay interest on the loans?” “the money to pay the interest on loans comes from the same source as all other money.” The answer received from Mr. Munk was, “the money to pay the interest on loans comes from the same source as all other money.” In other words, it also has to be borrowed from a commercial bank. That’s right. We must borrow to get the money. Then, we must borrow more to pay the interest. Unsustainable & Impossible. “The money that one borrower uses to pay interest on a loan has been created somewhere else in the economy by another loan”. John M. Yetter, U. S. Treasury stated in his answer: “The money that one borrower uses to pay interest on a loan has been created somewhere else in the economy by another loan”.

HF-610 & SF-65 Minnesota Transportation Act MTA

When we need new money to build transportation, we take the Bid Value of the Project to a state chartered bank. The Bank monetizes the bid value of the Project, just like it would a borrowers Promise to Pay, and creates new money by adding numbers to a checking Account as an asset to the Account Holder. The Bank takes the Bid Value of the Road Project and puts it on the books as a good will asset. The Money goes into circulation as the funds mores from Checking Account to the Checking Account. Just like it does now.

This new money will stay in circulation, as long as we are a Nation, without new borrowing.

‘Contractor’s Account’ ‘Transportation Project Account’ +$488,000,000 MONEY The money will be electronically debited out of Road Authority account in a State-Chartered Banks according to the terms of the Contract. 0

They will do this by working through the road authority of either their city, county or state government. Said government agency designs the specs for the project and gets bids, then takes the wining bid to the nearest state charted bank. Said state charted bank will monetize the value of the project then transfer the funds electronically to the bank account of that road authority. The road authority will pay the Contractors by transferring the funds into the contractors account maintained in a state charted bank according to the terms of the contract. The contractor will then spend the money to pay all the costs incurred in completing the project: labor, equip, and raw materials. As the road workers, the suppliers etc., spend their money for food, housing, transportation, etc., the new money will flow into circulation, debt free. The people will get the transportation system that they need. They will have new money in the system to meet their daily needs, without more borrowing and without a greater tax burden. The People decide they need better transportation. The state banking system, working together with the local and state governments, will have monetized the States’ transportation system for the benefit of the people. Government is instituted for the security, benefit and the protection of the people, in whom all political power is inherent, together with the right to alter, modify or reform government whenever required by the public good. - Minnesota Constitution

ARTICLE I BILL OF RIGHTS Section 1. OBJECT OF GOVERNMENT. securitybenefitprotection Government is instituted for the security, benefit and protection of the people, in whom all political power is inherent, together with the right to alter, modify or reform government whenever required by the public good.

Security We believe the Governments of MN. are not providing Security to the people of Minnesota, when we have bridges falling down and roads closed, out of fear of more bridges collapsing.Benefit We believe the Governments of MN. are not providing Benefit to the people of Minnesota by adding an ever increasing tax burden.Protection The Governments of MN. are not providing monetary Protection to the people of Minnesota if they continue to force them to go deeper and deeper into debt, in order to have a medium of exchange. Minnesotans overall indebtedness is already over $29 billion.

We believe the passage of this unique & innovative bill, will enable the Governments of MN. to fulfill their Constitutional duty to provide for the security, protection and benefit of the people in Minnesota.