August 15, 2024

Dr. Nomi Prins, Ph.D., author and former Managing Director Goldman Sachs, Ellen Brown, Founder Public Banking Institute, and Alphecca Muttardy, former Senior Economist, International Monetary Fund were joined by elected officials for a Zoom forum, “August 15, 1971, Nixon Deregulates Dollar: The National Infrastructure Bank Will Reverse the 50-Year Economic Decline,” on August 15, 2024.

Economic blunders can have disastrous consequences!! On August 15, 1971, President Richard Nixon took the U.S. dollar off the gold standard, ending the Bretton Woods era of regulated banking and economic development. This watershed moment triggered the precipitous downward slide of the United States and the global economy. The post-WWII US economic miracle made the US the world's leading economic powerhouse of infrastructure and industrial expansion. August 15, 1971, ushered in banking deregulation, and the “financialization” of the economy. It was a metastasizing cancer. This August 15 forum will help lead the nation out of the debacle. 

The landmark Biden economic legislation (Infrastructure Law, CHIPS, IRA) was a first step in reversing that trend. However, it was not large enough to overcome the damage. The critical Infrastructure Law will expire in 2026, with no replacement. All the while, income inequality has risen, the housing crisis is out of control, infrastructure continues to collapse, financial markets have morphed into huge bubbles waiting to pop, and a recession looms on the horizon. Band-aids will not stop the bleeding!

The National Infrastructure Bank policy, as embodied in H.R.4052 in Congress, is big enough to reverse the decline. The $5 trillion bank will require no new federal spending or taxes, and it can generate a return to the productive economy left behind in 1971. It will create 25 million new high-wage jobs and finance all the infrastructure we need. This will generate a long-term boom in industrial output to supply the materials and related goods to build the projects.

Support for the NIB is expanding. 38 members of Congress are cosponsoring the bill, and dozens of state legislatures and city and county councils have endorsed it. The NIB was brought to the Republican Convention and an extensive intervention in the upcoming Democratic Convention is in the works. 

Watch this riveting event. This is how we Make America Build Again. 

Speakers:

Alphecca Muttardy, former Senior Economist, International Monetary Fund, Fairfax, Va

Dr. Nomi Prins, Ph.D., author and former Wall Street executive, Los Angeles

Ellen Brown, Esq., Founder, Public Banking Institute, Los Angeles

Assemblywoman Joanne Simon, New York Assembly, Brooklyn

Senator David Koehler, Illinois Senate, Peoria

Alan Green, former Missouri House of Representatives, Democratic candidate MO State Auditor, St. Louis

Dennis Montoya, Past State Director, New Mexico League of United Latin American Citizens, (LULAC), Rio Rancho 

Moderator: Robert Lynn Jr, Organizer UA Local 50 (ret.), Toledo, Oh