johnwk
January 22nd, 2006, 08:49 PM
To understand the following, one must first understand the difference between a
dollar (http://lcweb2.loc.gov/cgi-bin/ampage?collId=llsl&fileName=001/llsl001.db&recNum=371) and, “federal reserve notes” which are certificates of indebtedness or obligations (not dollars) (http://assembler.law.cornell.edu/uscode/search/display.html?terms=federal%20reserve%20notes&url=/uscode/html/uscode18/usc_sec_18_00000008----000-.html).
Let me say up front, before continuing, I have no objection to private bank notes [federal reserve notes] or other I.O.U’s circulating as currency. Heck, one of mankind’s unalienable rights is the freedom to contract with one another and in some cases a promissory note to complete a deal is the most convenient means to do so.
What I do object to, and all people who support a free market ought to object to is, a particular banking institutions notes [such as the federal reserve banking cartel‘s notes] being made a “legal tender” by the force of Congress “for all debts public and private“, which grants a monopoly to that private banking institution and suppresses competition in the market place in determining a safe and dependable medium of exchange.
An example of how corrupted the federal reserve note has become, and how it has been used to steal the wealth of those who have been forced to use it in their daily financial activities is realized by the following example.
In 1965 two people decided to put aside $100 for a later date. Bob put 100 silver dollars into a coffee can and stored them in his attic. Marvin on the other hand put ten $10 federal reserve notes [$100] in a shoe box and stored them on a shelf in his closet. Both men died in 2003 and each house was left to a son of the owner.
Bob’s son found the coffee can and knowing that silver was a valuable commodity, traded in the hundred silver dollars as junk silver for federal reserve notes and received approximately 1000 federal reserve notes [$1000].
Similarly, Marvin’s son found his dad’s shoe box with the ten $10 federal reserve notes and went to his bank and deposited them, and his bank account was increased by a $100.
The $900 difference experienced by Marvin’s son exhibits how federal reserve notes rob the purchasing power of those who attempt to save such notes for a latter economic trade.
The value of such notes are lost by inflation of the notes which occurs when there is an increase of these notes introduced into circulation by the federal reserve banking cartel. For an example, the supply of these Notes in circulation may be increased if Congress borrows money by issuing Treasury Securities to the federal reserve banking cartel who then hands over a like sum of federal reserve notes to Congress and Congress spends these new notes into circulation by purchasing consumer goods. The consumer goods are thus replaced by an increase in the supply of federal reserve notes, which is known as inflation___ an increase in the supply of money relative to available consumer goods!
Who benefits from this inflation deal? Surely not Marvin’s son who is out $ 900 in purchasing power. Those who benefit are members of Congress who devalued Marvin’s purchasing power by introducing $ 900 worth of new federal reserve notes into circulation, probably to cater to a special interest group and get their vote.
But, it should also be noted that the federal reserve banking cartel also profits by the increase in money supply [federal reserve notes] which eventually gets back into their hands and which they immediately lend out and collect interest on.
Now, for documentation establishing why the Treasurer of the United States and Secretary of the Treasury are guilty of a fraud by signing federal reserve notes which declare on their face to be a legal tender for all debts public and private, and unconstitutionally creates a private banking institution monopoly [the federal reserve monopoly] see: The Debates in the Federal Convention of 1787, reported by James Madison : August 16 (http://www.yale.edu/lawweb/avalon/debates/816.htm)
*23. This vote in the affirmative by Virga. was occasioned by the acquiescence of Mr. Madison who became satisfied that striking out the words would not disable the Govt. from the use of public notes as far as they could be safe & proper; & would only cut off the pretext for a paper currency, and particularly for making the bills a tender either for public or private debts.
Unfortunately, the people must use federal reserve notes because Congress has declared them to be a legal tender for all debts public and private, and the SCOTUS has acted in concert with Congress in subjugating the unequivocal intent of the Founding Fathers to forbid bank notes to be made a legal tender, leaving the people without much choice.
Regardless of how much Congress increases the national debt by issuing new U.S. Securities in order to borrow new federal reserve notes and spend them into circulation to buy votes, and, no matter how much federal reserve notes are devalued because of Congress’ inflationary borrowing and spending, the people are _ _ _ _ _ _ [you supplied the word] and those most _ _ _ _ _ _ are the elderly whose life savings are robbed of its purchasing power by a fraudulent medium of exchange. And this is why our Founding Fathers intentionally worked to forbid any thing but gold or silver coin to be made a legal tender, and also placed the regulation of our money supply in the hands of Congress and not a private banking institutions hands.
Forcing Congress to make its securities redeemable in gold or silver coin was intended by our Founding Fathers as a check and balance upon Congress and to prevent Congress from engaging in reckless borrowing which to this date has saddled our younger generation with a national debt in excess of $50 TRILLION! (http://www.ncpa.org/iss/bud/2003/pd103003a.html). This same reckless spending and borrowing by Congress, Republicans and Democrats alike, robs the purchasing power of savings put away by our nations’ retirees. So, next time you open your mouth in support of one of the two major political parties, keep in mind how they cleverly act together in swindling you of your accumulated savings in order to have money to bribe you for your vote.
Regards,
JWK
ACRS
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, (i.e., the "business cycle") the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson
dollar (http://lcweb2.loc.gov/cgi-bin/ampage?collId=llsl&fileName=001/llsl001.db&recNum=371) and, “federal reserve notes” which are certificates of indebtedness or obligations (not dollars) (http://assembler.law.cornell.edu/uscode/search/display.html?terms=federal%20reserve%20notes&url=/uscode/html/uscode18/usc_sec_18_00000008----000-.html).
Let me say up front, before continuing, I have no objection to private bank notes [federal reserve notes] or other I.O.U’s circulating as currency. Heck, one of mankind’s unalienable rights is the freedom to contract with one another and in some cases a promissory note to complete a deal is the most convenient means to do so.
What I do object to, and all people who support a free market ought to object to is, a particular banking institutions notes [such as the federal reserve banking cartel‘s notes] being made a “legal tender” by the force of Congress “for all debts public and private“, which grants a monopoly to that private banking institution and suppresses competition in the market place in determining a safe and dependable medium of exchange.
An example of how corrupted the federal reserve note has become, and how it has been used to steal the wealth of those who have been forced to use it in their daily financial activities is realized by the following example.
In 1965 two people decided to put aside $100 for a later date. Bob put 100 silver dollars into a coffee can and stored them in his attic. Marvin on the other hand put ten $10 federal reserve notes [$100] in a shoe box and stored them on a shelf in his closet. Both men died in 2003 and each house was left to a son of the owner.
Bob’s son found the coffee can and knowing that silver was a valuable commodity, traded in the hundred silver dollars as junk silver for federal reserve notes and received approximately 1000 federal reserve notes [$1000].
Similarly, Marvin’s son found his dad’s shoe box with the ten $10 federal reserve notes and went to his bank and deposited them, and his bank account was increased by a $100.
The $900 difference experienced by Marvin’s son exhibits how federal reserve notes rob the purchasing power of those who attempt to save such notes for a latter economic trade.
The value of such notes are lost by inflation of the notes which occurs when there is an increase of these notes introduced into circulation by the federal reserve banking cartel. For an example, the supply of these Notes in circulation may be increased if Congress borrows money by issuing Treasury Securities to the federal reserve banking cartel who then hands over a like sum of federal reserve notes to Congress and Congress spends these new notes into circulation by purchasing consumer goods. The consumer goods are thus replaced by an increase in the supply of federal reserve notes, which is known as inflation___ an increase in the supply of money relative to available consumer goods!
Who benefits from this inflation deal? Surely not Marvin’s son who is out $ 900 in purchasing power. Those who benefit are members of Congress who devalued Marvin’s purchasing power by introducing $ 900 worth of new federal reserve notes into circulation, probably to cater to a special interest group and get their vote.
But, it should also be noted that the federal reserve banking cartel also profits by the increase in money supply [federal reserve notes] which eventually gets back into their hands and which they immediately lend out and collect interest on.
Now, for documentation establishing why the Treasurer of the United States and Secretary of the Treasury are guilty of a fraud by signing federal reserve notes which declare on their face to be a legal tender for all debts public and private, and unconstitutionally creates a private banking institution monopoly [the federal reserve monopoly] see: The Debates in the Federal Convention of 1787, reported by James Madison : August 16 (http://www.yale.edu/lawweb/avalon/debates/816.htm)
*23. This vote in the affirmative by Virga. was occasioned by the acquiescence of Mr. Madison who became satisfied that striking out the words would not disable the Govt. from the use of public notes as far as they could be safe & proper; & would only cut off the pretext for a paper currency, and particularly for making the bills a tender either for public or private debts.
Unfortunately, the people must use federal reserve notes because Congress has declared them to be a legal tender for all debts public and private, and the SCOTUS has acted in concert with Congress in subjugating the unequivocal intent of the Founding Fathers to forbid bank notes to be made a legal tender, leaving the people without much choice.
Regardless of how much Congress increases the national debt by issuing new U.S. Securities in order to borrow new federal reserve notes and spend them into circulation to buy votes, and, no matter how much federal reserve notes are devalued because of Congress’ inflationary borrowing and spending, the people are _ _ _ _ _ _ [you supplied the word] and those most _ _ _ _ _ _ are the elderly whose life savings are robbed of its purchasing power by a fraudulent medium of exchange. And this is why our Founding Fathers intentionally worked to forbid any thing but gold or silver coin to be made a legal tender, and also placed the regulation of our money supply in the hands of Congress and not a private banking institutions hands.
Forcing Congress to make its securities redeemable in gold or silver coin was intended by our Founding Fathers as a check and balance upon Congress and to prevent Congress from engaging in reckless borrowing which to this date has saddled our younger generation with a national debt in excess of $50 TRILLION! (http://www.ncpa.org/iss/bud/2003/pd103003a.html). This same reckless spending and borrowing by Congress, Republicans and Democrats alike, robs the purchasing power of savings put away by our nations’ retirees. So, next time you open your mouth in support of one of the two major political parties, keep in mind how they cleverly act together in swindling you of your accumulated savings in order to have money to bribe you for your vote.
Regards,
JWK
ACRS
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, (i.e., the "business cycle") the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson