The first demand in Franklin Roosevelt's planned Second Bill of Rights was “The right to a useful and remunerative job in the industries or shops or farms or mines of the nation.” Federal credit policy must be oriented first and foremost to this end.
The greatest shortcoming of left-liberal economists is the failure to differentiate between forms of employment and production. Roosevelt saw clearly what Keynes did not. A dollar earned in unproductive labor saps value from the real economy, and morale from the worker. A dollar earned by production – of capital goods or infrastructure, for example – pays for itself while increasing the productive power of the labor force and the value of the national economy.
A full-employment, high-wage, high-tech economy based on physical production is still possible. But not until we protect would-be producers from free trade, monopoly, usury and speculation, then provide them with the resources – chiefly long-term federal credit – to capitalize, employ and operate.
- The first aim of the Fed or National Bank must be to achieve full employment and rising standards of living, observing a strict bias toward the production of physically tangible infrastructure and goods.
- Federal Credit must be offered in “tera-tranches” (tender offers of $1 trillion) until this goal is achieved.