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Monday, March 9, 2009

Re: EXCELLENT! Shut down the Fed

Yaakov wrote ( good comments!):

Probably the first since Wright Patman who wrote his little heart out about the evils of the Fed and the unconstitutionality of US money. You should know, BTW, that JFK actually moved to by-pass the Fed and print federal greenbacks, called "United States Notes" for money. That would mean the federal government would stop paying interest to the Fed on every bill which it loans to the federal gvt, at face value. The gvt had actually begun issuing United States Notes about six months before JFK's assassination. I have no evidence of a causal relationship, of course, but the federal greenbacks were withdrawn from circulation and no President since has undertaken to issue them.

and then:

The Federal Reserve prints "Federal Reserve Notes" and loans them to the US gvt with interest at face value. They are the Fed's IOU's and are legal currency: coin of the realm. That means that if one is offered Federal Reserve Notes in payment of a debt, he must accept them. So the Federal Reserve can pay its own debts with its own IOU's. The Federal gvt cannot, however. It must pay the Fed in the Fed's IOU's, which it can obtain only by borrowing them from the Fed at interest (secured, BTW, with pledges of real federal gvt assets). How can the debt to the Fed ever be paid, when the currency with which it must be paid costs more to acquire than its face value? In effect, the Fed holds the entire country in peonage. (Look up the word "peon.")


Kucinich is wrong, however, about the US Treasury being the one who should take over the Fed. The Constitution of the US places responsibility for issuing money and regulating its value in the Congress, not the Treasury.




From: Daisy Stern []
Sent: Monday, March 09, 2009 1:28 PM
Subject: EXCELLENT! Shut down the Fed



It all happened at once:

* The US was railroaded into taking
the side of Britain in WW I

* The draft was instituted

* Federal taxation of work people's
incomes began

* US citizens began to be conditioned
to invest their money in Wall Street
creations instead of local enterprises...

* The so-called Federal Reserve, a
consortium of PRIVATELY owned banks
that was given complete control over
the country's money supply, was

For the first time in many decades,
a US Congressman is calling for the
Fed to be taken back by the US



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