Bill Still (Reporter/Filmmaker)
Bill Still, a former newspaper editor and publisher, has written for USA Today
, The Saturday Evening Post
, the Los Angeles Times
magazine, and also produced the syndicated radio program, Health News
. He has authored 22 books as well as produced and directed two films.
His highly acclaimed documentary The Money Masters
, produced in 1996, is now considered the classic work on monetary reform. Nobel prize winning economist, Milton Friedman, consulted extensively on that project. More recently, Bill released The Secret of Oz
in 2010. This work updates and expands on Bill's monetary policy messages to the nation.
Bill, pictured above with an ancient monetary instrument, the "tally stick", keeps his finger on the pulse of monetary system reforms and innovations. Concerning the recently introduced Utah Sound Money Act, he had this to say:
I fully support the Utah Sound Money Act. I have always supported complimentary currencies, especially those based on gold and silver coin. I think this a good backstop to runaway inflation. This Act is carefully thought out and will send a message to other states that it's time to claw back state sovereignty from not only the federal government, but the Federal Reserve System.
But an important caveat to my support is that at the federal level, it is essential to reinstitute a debt-free money system, i.e. the re-issuance of U.S. Notes (and their electronic equivalents) with gold and silver coin as a complimentary currency at a floating rate. In other words, coins would not be denominated in dollars, but by weight. The main regulator for controlling the QUANTITY of U.S. Notes issued, would be a National Monetary Authority (NMA) made up of one elected representative from each of the several States, serving a 2-year term only, limited to two terms. That way, Congress would set a target inflation rate, and the NMA would be responsible for hitting that target by using appropriate tools to control the QUANTITY of U.S. Notes issued. Of course, a mandatory feature of this system would be an end of fractional reserve lending by commercial banks, i.e. a full-reserve banking system.
Utah should also consider founding a state-chartered, state-owned bank to operate strictly in the public interest, such as that of the Bank of North Dakota, which has been in successful operation for over 90 years. This would completely break the State of Utah free of the Federal Reserve System for all the State's financial affairs. These state-chartered banks have never been disallowed. They are an American tradition and a vital -- and nearly forgotten -- remnant of state sovereignty They were the first banking institutions in the nation, and outside of the first three failed central banks, the only banking institutions in the nation until the passage of the National Banking Act of 1863.
January 13, 2011