American Monetary Institute

“Over time, whoever controls the money system, controls the nation.”

- Stephen Zarlenga (1941 – 2017)

The American Monetary Institute is a publicly supported charity founded in 1996. The real outcomes in society – whether there will be general economic justice or corrupt financial privileges for the few – are usually determined by the structure of a society’s monetary system.

“Over time, whoever controls the money system, controls the nation.”

- Stephen Zarlenga (1941 – 2017)

The American Monetary Institute is a publicly supported charity founded in 1996. The real outcomes in society – whether there will be general economic justice or corrupt financial privileges for the few – are usually determined by the structure of a society’s monetary system.

2020 Conference Study Stack


Ideas and items mentioned in the Zoom chat were stored in three categories: 

1) those which belong to the subject matter of the speaker and are placed in the 2020 AMI Proceedings (forthcoming);

2) themes or clusters of interests organized below;

3) everything else in last category of Miscellaneous organized by day.

(N.B.: All links show up in blue, and also whatever is in italics)

Download here the study stack in pdf    pdf icon

Please enjoy the “study stack” and we will get out the Proceedings in the next few weeks. We need to update the AMI website and bring it more to life. If you can make a small donation to this endeavor we would appreciate your help. The goal is several thousand dollars to change the underlying platform structure to Wordpress (and this will save money and time), update the mailing software, the layout of the website so that we can bring thoughtful people and papers to the website. Any amount, and small is beautiful, would be much appreciated. 

Steven Walsh, AMI Director


 1) 2020 AMI Proceedings (forthcoming) 


2) Themes and Clusters

Monetary Theory and Reform

Kate Raworth and Doughnut Economics

Women and Economics

Progressive Money (Canada)

Karl Polanyi

George Lakoff and Mark Johnson

Great Reset / Fourth Industrial Revolution

Modern Monetary Theory

Bakunin or Buchanan?


3) Miscellaneous



Sunday Morning

Sunday Afternoon


Themes and Clusters

Monetary Theory and Reform

Phillips, Ronnie J. 1992. “The ‘Chicago Plan’ and New Deal Banking Reform”. The Jerome Levy Economics Institute, Working Paper No. 76, June 1992.

United States of America (2012): H.R.2990 – National Emergency Employment Defense Act of 2011 (NEED Act). 112th US Congress (2011-2012).

Congressional Research Service. 2012. Summary of H.R. 2990 (NEED Act).

Howell, John. 2019. "Guide to the NEED Act (National Emergency Employment Defense Act of 2012)". Alliance For Just Money, 9 June 2019.

Meikle, Scott. 1994. “Aristotle on Money”. Phronesis, 39/1: 26-44.

Ricks, Morgan, John Crawford, and Lev Menand. 2018. "Central Banking for All: A Public Option for Bank Accounts". The Great Democracy Initiative.

McMillan, Jonathan. 2015. The End of Banking: Money, Credit, and the Digital Revolution. Zurich, Switzerland: Zero/One Economics. (Amazon)


Kate Raworth and Doughnut Economics

Raworth, Kate. 2017. Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. White River Junction, VT: Chelsea Green Publishing. (Amazon)

Raworth, Kate. 2018. A healthy economy should be designed to thrive, not grow. TedTalk on YouTube, 4 June 2018.

Boffey, Daniel. 2020. "Amsterdam to embrace 'doughnut' model to mend post-coronavirus economy". The Guardian, 8 Apr 2020.

Independent (Ireland). 2020. "Ergo: 'Doughnut economics' just the treat for President Higgins". 1 Nov 2020.


Women and Economics

Sadie Tanner Mossell Alexander. Wiki entry. First African-American to receive a Ph.D. in economics in the United States.

Nina Banks. Associate Professor of Economics, Bucknell University. Studied Saddie Alexander's work.

Tavris, Carol. 1992. The Mismeasure of Woman: Why Women Are Not the Better Sex, the Inferior Sex or the Opposite Sex. New York: Simon & Schuster. (Amazon)

Montague, Ashley. 1999. The Natural Superiority of Women. Lanham, MD: AltaMira Press / Sage Publications. (Amazon)

Eisler, Riane. 1987. The Chalice and the Blade. New York: Thorsons. (Amazon)

Eisler, Riane. 2008. The Real Wealth of Nations: Creating a Caring Economics. San Francisco, CA: Berrett-Koehler Publishers. (Amazon)

Eisler, Riane. 2003. The Power of Partnership: Seven Relationships that Will Change Your Life. Novato, CA: New World Library. (Amazon)

Marçal, Katrine. 2016. Who Cooked Adam Smith's Dinner?: A Story of Women and Economics. New York: Simon and Schuster.

League of Women Voters. Wiki entry.


Progressive Money (Canada)

Eder, Jeff. n.d. "The Costs of Money Creation and Complexity". Progressive Money Canada.

Eder, Jeff. 2020. "The Deficit Myth and Modern Monetary Theory Revised: The Canadian Version". Review of The Deficit Myth by Stephanie Kelton. Progressive Money, Canada. July, 2020.

Eder, Jeff. 2020. "Banking for a Better World". Progressive Money Canada on YouTube. 6 Sept 2020.

Eder, Jeff. 2020. "Bank of Canada Creates Over 260 Billion Dollars in 6 Weeks: Austerity is not an option". Progressive Money Canada on YouTube. 7 May 2020.

Progressive Money Canada Web site.

Progressive Money Canada Channel on YouTube.


Karl Polanyi

Polanyi, Karl. 1957 (1944). The Great Transformation: The Political and Economic Origins of Our Time. Boston: Beacon Press. (Amazon; book recommended by many)

Levitt, Kari. 2013. From the great transformation to the great financialization: On Karl Polanyi and other essays. London: Zed Books. (Amazon).

Kari Levitt is an economist and Polanyi's daughter.


George Lakoff and Mark Johnson (Linguists and philosophers)

Wiki entry: George Lakoff.

Wiki entry: Mark Johnson.

Lakoff, George. 2004. Don't Think of an Elephant! Know your Values and Frame the Debate: The Essential Guide for Progressives. White River Junction, VT: Chelsea Press. (Amazon)

Lakoff, George. 2010. Moral Politics: How Liberals and Conservatives Think. Chicago: University of Chicago Press. (Amazon)

Lakoff, George, & Johnson, Mark. 1980. Metaphors We Live By. Chicago: University of Chicago Press. (Amazon)

—— &. —— . 1999. Philosophy in the Flesh. New York: Basic Books. (Amazon)

Johnson, Mark. 1987. The Body in the Mind: The Bodily Basis of Meaning, Imagination, and Reason. Chicago: University of Chicago Press. (Amazon)


Great Reset / Fourth Industrial Revolution

Todhunter, Colin. 2020. Own Nothing and Be Happy': The Great Reset’s Vision of the Future". Off Guardian, 12 Nov 2020.

Concept / practice: Greenwashing. Wiki entry.

UN Action Plan: Agenda 21. Wiki entry.


Modern Monetary Theory


Slote, Jerome J. "Does Paying Taxes Destroy Money?" Deposit Deflation.

Selgin, George. 2019. "On Empty Purses and MMT Rhetoric". Alt-M: Ideas for an Alternative Monetary Future. Hosted by the Cato Institute. 5 Mar 2019.

American Monetary Institute. 2016. "The Critique and Argument over MMT". AMI 2015 Conference Panel Discussion. AMI on YouTube, 8 Feb 2016.


Tymoigne, Eric. 2016. "Money and Banking – Part 6: Treasury and Central Bank Interactions". New Economic Perspectives Web site, 14 Feb 2016.

Mitchell, W., R. Wray, and M. Watts. 2019. Macroeconomics. London: Macmillan Education. (Amazon)

"Libertarian Warren Mosler - Keep Deficit and Eliminate Taxes (MMT for Conservatives Part 3)". Volitional Science Network on YouTube, 20 June 2018.

Robinson, Nathan & Abraham, Sparky. 2020. "Interview: Stephanie Kelton Talks MMT and More". Current Affairs, 14 Nov 2020.


Bakunin or Buchanan?

Anarchist political philosopher: Mikhail Bakunin. Wiki entry.

Economist: James M. Buchanan. Wiki entry.

Economic theory: Public Choice Theory. Wiki entry

Buchanan, James M., and Gordon Tullock. 1965. The Calculus of Consent: Logical Foundations of Constitutional Democracy . Ann Arbor, MI: University of Michigan Press. (Amazon)


Miscellaneous by Day

From Friday chat

Federal Reserve Education. "The Structure and Functions of the Federal Reserve System".

Center for Progressive Economics (Encino, CA). Web site of Mark Pash.

Chatham House. "Chatham House Rules".

Leonard, Annie. "The Story of Stuff". The Story of Stuff Project. On waste and sustainability.



Werner, Richard. 2003. Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy. ME Sharpe. (Amazon, YouTube)

"12 U.S. Code § 502.Liability of shareholders of Federal reserve banks on contracts, etc." Legal Information Institute.

Web site: Brix International. An asset backed digital currency offering stability, liquidity & growth. US economist Charles O. Hardy proposed the “Brick Standard.”

Stein, Janice Gross. 2002. The Cult of Efficiency. Toronto: House of Anansi. (Amazon)

FASAB 56: Statement of Federal Financial Accounting Standards 56 by the Federal Accounting Standards Advisory Board (FASAB).

Fitts, Catherine Austin. 2018. "FASAB Statement 56: Understanding New Government Financial Accounting Loopholes". Solari Report. 29 Dec 2018.


Sunday Morning

Lee, Virginia S. "Unlearning: A critical element in the learning process." Essays on Teaching Excellence Toward the Best in the Academy, 14.2 (2002): 133.

Hollis, Christopher. The Two Nations: A Financial Study of English History. London: Routledge, 2013. (Amazon)

Fairbairn, Madeleine. Fields of Gold: Financing the Global Land Rush. Ithica, NY: Cornell University Press, 2020. (Amazon; Cornell)

McMurtry John. 2016. "Why the Establishment Hates Trump". Counterpunch, 5 April 2016.

McMurtry, John. 2013 (1999). The Cancer Stage of Capitalism. 2nd edition. London: Pluto Press. (Amazon)

Edward Kellogg (economist). Wiki entry.

Kellogg, Edward. 1874. A New Monetary System: The Only Means of Securing the Respective Rights of Labor and Property, and of Protecting the Public from Financial Revulsions. New York: Rudd & Carleton. (Amazon, Internet Archive)

John Taylor of Caroline (political theorist). Wiki entry.

Technological unemployment. Wiki entry.

Political Party. Movement for a People’s Party. (No mention of monetary reform)

Macroeconomic Balance Sheet Visualizer. MacroEconomic Conceptual Visualizations.

Lonergan, Eric & Mark Blyth. 2020. Angrynomics. Newcastle upon Thyne; Agenda Publishing. (Amazon; PDF)

Legislation. National Labor Relations Act of 1935. Wiki entry.

Political idea. Overton Window. Wiki entry.

The Narrow Bank. Former Fed economist James McAndrews is the CEO.

Interview: "Interview With Dr William White, Former Head of the Monetary and Economic Department at the BIS". The Cobden Centre.

Gene Sharp. Wiki entry. Political scientist and a nonviolent social movement historian.

Ryan Randy Suryono, Betty Purwandari, Indra Budi. 2019. "Peer to Peer (P2P) Lending Problems and Potential Solutions: A Systematic Literature Review". Procedia Computer Science, 161: 204-214.


Sunday Afternoon

Bill Krehm co-founder of the Committee on Monetary and Economic Reform.

Roberts, Paul Craig. 2013. The Failure of Laissez Faire Capitalism and Economic Dissolution of the West: Towards a New Economics for a Full World. Pottsville, PA: Atwell Publishing.(Amazon)

Graeber, David. 2014 (2012). Debt: The First 5,000 Years. Updated and expanded. New York, NY: Melville House. (Amazon)

Proposed bill. Second Bill of Rights. Wiki entry. Roosevelt's 1944 proposal for an economic bill of rights. (Video; text)

From Ronnie J. Phillips, Ph.D.: Now available in special limited editions.

Kennedy, Margrit. 2012. Occupy Money: Creating an Economy where Everybody Wins. Gabriola Island, Canada: New Society Publishers. (Amazon)

Kennedy, Margrit. 1995. Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Gabriola Island, Canada: New Society Publishers. (Amazon) Network for Monetary Diversity. Founded by Margrit Kennedy.



Tags: AMI Conference,, Study Stack,

Congressman Kucinich’s Historic Monetary Reform Bill HR 2990


September 21, 2011 – Congressman Dennis Kucinich introduced an employment bill reforming our money system: The NEED Act proposes a historic money reform, containing all the monetary provisions of the American Monetary Act including ending “fractional reserve” banking.



Linking Democracy, Healthcare and Monetary Reform

By Nick Egnatz

Open Letter to President Trump

How to Unify America: Rebuild Our Infrastructure, Education and Health Care systems Without Debt; Reduce Taxes and Deficits – Without Reducing Services

NEED Act creates over 50 million jobs: 1-pager

This can happen quickly!   Good jobs in infrastructure, education, health care, R&D, etc.

The N.E.E.D. Act gives an Immediate, Seamless and Non-Disruptive Overnight Transition from a Crisis-Prone

Bank Debt System to a Stable Government Money System.
This elegant and simple law will overnight convert our unjust crisis prone bank debt money system into a pure, reliable U.S. money system. Here is how that happens when its’ passed into law.

32 page Monetary Reform Manual

AMI’s Monetary Reform Brochure with explanations, historical background, the full text of the NEED Act; answers to the 20 most frequently asked questions; and how you can get involved. It also has our Intro to Monetary Reform. This brochure has the “intellectual power” to solve our nation’s greatest problems, from Jobs to Justice; from Energy to Environment; etc. Really! But it needs YOU, for the POLITICAL POWER! Please read it and help!

Robert Poteat and Stephen Zarlenga’s piece on “The Nature of Money” for the Journal of Islamic Economics

A Refutation of so called “Modern Money Theory” (MMT)

This brilliant paper from Prof. Joseph Huber to the 2013 AMI Conference, analyzes MMT and shows how MMT fails to seek real monetary reform. This landmark paper was sent by the Real World Economics Review to its 25,000+ subscribers! MMT thinks they can ignore it.

Dr. Michael Kumhof’s “Banks are not intermediaries….”

This is Michael Kumhof’s first paper in his new position at the Bank of England in London, continuing his groundbreaking work on money and banking.

“Money Creation in the Modern Economy” by: McLeay, Radia and Thomas, from The Bank Of England

Since its nationalization in 1946 after WWII, the Bank of England presents its first quarter 2014 bulletin, explaining exactly how banks create “money” out of thin air when they make loans.

Hundred Year Old Federal Reserve System Problem

A Viable Solution to the Economic Crisis, by Robert Poteat of the AMI, takes on the crisis creating Federal Reserve Banking System and presents a viable alternative and solution to it in Kucinich’s N.E.E.D. Act (National Emergency Employment Defense Act).

AMI’s Cooper Union Event: Fixing Our Broken Money System – Videos Now Available!

To receive your videos of the event, please see our fundraising note and video order form.

Stephen Zarlenga’s Cooper Union radio interview for Occupy Wall Street

AMI Evaluation of “Modern Monetary Theory”

The AMI evaluation of Modern Monetary Theory (MMT) addresses the issues that arise over MMT’s misguided views on monetary facts, and its gross error in assuming that all money must be debt. That alone is all that’s necessary to wreck a monetary system and turn it into a wealth concentrating engine – into the “wrong” hands!

Stephen Zarlenga’s Speech at the U.S. Treasury in 2003

Zarlenga’s address to the U.S. Treasury entitled “Solution to the State’s Fiscal Crises”.

Stephen Zarlenga’s Speech at the Green Party Convention in 2007

For the first time, a major political party has a platform plank (2012) supporting real monetary reform, which includes the major provisions of the American Monetary Act. This momentous progress came as a direct result of director Stephen Zarlenga’s speech.

Stephen Zarlenga’s Speech at the House of Lords in 2004

Zarlenga’s address to the UK's House of Lords entitled “Monetary Justice Using Publicly Created Money to Fund Public Projects”.

Professor Kaoru Yamaguchi’s Model of the NEED Act

Professor Yamaguchi (Berkeley, Doshisha Universities) shows that Kucinich’s NEED Act HR 2990: (1) Provides the funding for infrastructure repair (which solves the unemployment crisis) (2) Pays off the national debt as it comes due (3) Does this without inflation! Click here to watch a video of Professor Yamaguchi’s presentation to the 2010 AMI Conference. Wow!

The meaning of the U.S. Constitution’s coinage clause

(Art. 1, Sect. 8, Par. 5) by Robert Natelson

AMI Achievements

Here are some of our most important achievements to date, made possible by the support of our generous donors who have contributed time and resources throughout the years.

Selected Articles from AMI Researchers

-A Viable Solution to the Economic Crisis – statement from Robert Poteat of the AMI on the one-hundred year old Federal Reserve Banking System and an available solution from former Congressman Dennis Kucinich – HR 2990 of the 112th Congress.

-Occupying the NEED Act, by Nick Egnatz, gives an easy to understand primer on the nature of money, monetary systems, and the 3 major reforms that make up the NEED Act.

-Getting What We NEED, by Nick Egnatz, describes the reforms present in the NEED Act and how a debt-free money system would benefit the overwhelming majority of American citizens.

-Mourning 100 Years of Usury under The Fed, by Nick Egnatz, details the tragic 100th anniversary of the private Federal Reserve System, when the U.S. government gave to a private banking cartel that which no government has the right to give away – the sovereign right of a people to create and control their own money.

-Sequesters, Shutdowns and Defaults - read AMI's Huffington Post article concerning the most recent debt limit crisis – co-written by Nick Egnatz, Jamie Walton, and Stephen Zarlenga.

-Summary of AMI Conference 2013 by Nik Livic.

-AMI hosted monetary talk at the New School - watch footage of Stephen Zarlenga’s presentation at the New School in New York, May 2014.


Key Articles