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Fiat Paper Money [Ron Paul]
Lew Rockwell ^ | 9/12/03 | Ron Paul

Posted on 09/12/2003 2:00:29 AM PDT by Chancellor Palpatine

In an article entitled "Gold and Economic Freedom," Federal Reserve Chairman Alan Greenspan wrote that "The excess credit which the Fed pumped into the economy spilled over into the stock market- triggering a fantastic speculative boom...The speculative imbalances had become overwhelming and unmanageable by the Fed... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation." The irony is that Mr. Greenspan's words, written in 1966 to describe the era leading up to the Great Depression, could easily have been written in 2003 to describe the consequences of his own Fed policies during the 1990s.

Mr. Greenspan once understood that a fiat money system represents nothing more than a sinister and evil form of hidden taxation. When the government can print money at will, it's morally identical to the counterfeiter who illegally prints currency. Fiat money polices especially hurt savers and those on fixed incomes, who find the value of their dollars steadily eroded by the Fed's printing presses.

We need to understand why a fiat system is so popular with economists, the business community, bankers, and government officials. One explanation is that a fiat monetary system allows power and influence to fall into the hands of those who control the creation of new money, and to those who get to use the money or credit early in its circulation. The insidious and eventual cost falls on unidentified victims, who are usually oblivious to the cause of their plight.

Another explanation is that it's human nature to seek the comforts of wealth with the least amount of effort. This desire is quite positive when it inspires efficient work and innovation in a capitalist society. Productivity is improved and the standard of living goes up for everyone. But this human trait of seeking wealth and comfort with the least amount of effort is often abused. It leads some to believe that by certain monetary manipulations, wealth can be increased out of thin air.

Most Americans are oblivious to the entire issue of monetary policy. We all deal with the consequences of our fiat money system, however. Every dollar created dilutes the value of existing dollars in circulation. Those individuals who worked hard, paid their taxes, and saved some money for a rainy day are hit the hardest. Their dollars depreciate in value while earning interest that is kept artificially low by the Federal Reserve easy-credit policy. The poor and those dependent on fixed incomes can't keep up with the rising cost of living.

We do hear some minor criticism directed toward the Federal Reserve, but the validity of the fiat system is never challenged. Both political parties want the Fed to print more money, either to support social spending or military adventurism. Politicians want the printing presses to run faster and create more credit, so that the economy will be healed like magic – or so they believe.

Fiat dollars allow us to live beyond our means, but only for so long. History shows that when the destruction of monetary value becomes rampant, nearly everyone suffers and the economic and political structure becomes unstable. Spendthrift politicians may love a system that generates more and more money for their special interest projects, but the rest of us have good reason to be concerned about our monetary system and the future value of our dollars.


TOPICS: Business/Economy; Constitution/Conservatism; Philosophy; Political Humor/Cartoons
KEYWORDS: conspiracytheory; fed; federalreserve; fiatmoney; goldbug; heehaw; humor; illuminati; kookoococopuffs; ronpaul
HeeHaw was only supposed to be a skit based show - not the basis of a political and economic ideology.

He went off the rails some time ago, and is now into the tin-foil hatted silliness of fiat money theory, and it is past time that the voters of his district recognize him for what he is - a nut.

1 posted on 09/12/2003 2:00:30 AM PDT by Chancellor Palpatine
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To: sinkspur; dighton; general_re; Poohbah; Catspaw; wimpycat; BlueLancer; Texas_Dawg; LanPB01; ...
Ping (and yes, I know what time it is - insomnia can be annoying....
2 posted on 09/12/2003 2:03:13 AM PDT by Chancellor Palpatine (Is George W. Bush a Bushbot?)
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To: Chancellor Palpatine
I couldn't agree more. That Alan Greenspan and the rest of those traitors are just plain kooks!

Seriously, I'm afraid that history has/will prove Ron Paul to be one of the few who is clear-headed. The only thing that preserves the value of a buck today is the fact that those with money to donate to political campaigns want to preserve the value of their bank accounts.

3 posted on 09/12/2003 2:37:34 AM PDT by The Duke
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To: Chancellor Palpatine
There was a thread a few days ago where someone Paul had apparently slandered wrote a rebuttal to all his accusations. I wasn't really familiar with either of them, nor do I know what they were talking about, but the posts afterwards made for a good read.
4 posted on 09/12/2003 3:36:36 AM PDT by LanPB01
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To: LanPB01
The paulbots are by and large the <1% loonies, and that always makes for fun reading.
5 posted on 09/12/2003 4:24:25 AM PDT by Chancellor Palpatine
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To: The Duke; habs4ever; Poohbah
The guy marches to the beat of himself. His problem (aside from the fact that he is a major windbag with delusions of mental adequacy) is that he and his sycophants are prone to preach to the >99% of the people who disagree with him in a manner which is arrogant and grating.
6 posted on 09/12/2003 4:27:37 AM PDT by Chancellor Palpatine
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To: The Duke
The only thing that preserves the value of a buck today is the fact that those with money to donate to political campaigns want to preserve the value of their bank accounts.

Didn't we used to run our credit card donations to FR through your service?

7 posted on 09/12/2003 5:05:11 AM PDT by ArneFufkin
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To: Chancellor Palpatine
The RonPaulNots can't even figure out the difference between cause and effect, but it's typical of them.They have a POV that needs stroking by an ill informed mental midget who loves to use hot button words like "bubble" as a cover for his own ignorance.These guys honestly believe the world is zero sum, so when RonPaulNot speaks, does that mean he's depriving someone else of their rightful oxygen?

Spare us all from the economic wisdom of a vet who decided to become a somebody who could bore thousands to death on the floor of the House, instead of doing in the local diner, where his type of gasbag belongs.

Ron Paul is an idiot.
8 posted on 09/12/2003 5:14:42 AM PDT by habs4ever
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To: ArneFufkin
Oh no, not Sad SadJoe?? Left to wander the beaches of SoCal, pining for the days of unfluoridated water, when conservatives were real conservatives, and Jack D. Ripper would have made a great POTUS....
9 posted on 09/12/2003 5:17:57 AM PDT by habs4ever
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To: habs4ever
I mean before Old Uncle Joe, who's moving real slow ... I think my original credit card stuff went through "The Duke". He was doing it as a favor for Jim. But still, someone who has a credit car merchant account yakking this nonsense?

This place is becoming "Twin Peaks."

10 posted on 09/12/2003 5:21:16 AM PDT by ArneFufkin
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To: Chancellor Palpatine
It's easy to label someone if they use the buzz-words. Fiat money. Black helicopters. The Council for Foreign Relations.

Yet, if you reject Ron Paul because he has unwisely chosen to use a buzz phrase, you risk missing his salient points. He's right -- Greenspan did pump too much credit into the American economy in the mid/late 90's. The result was a speculative stock market bubble.

And we are living the results of that bubble today -- a long, drawn out recession. Even if Capitol Hill are cooking the books to say it's over, it is only very recently coming to a close -- and we stand a risk of double-dip if the jobs don't come back SOON.

So, mock if you want, but remember: Ron Paul is not dumb. He's on-track about a lot of issues.

I remember mocking Ross Perot. But it turns out his "giant sucking sound" actually happened. We really DID lose a ton of jobs, and a lot of it is directly attributable to NAFTA and GATT. Mea culpa, for mocking him at the time.

11 posted on 09/12/2003 5:26:22 AM PDT by Lazamataz (I am the extended middle finger in the fist of life.)
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To: Lazamataz
Crap.

We had a monetary deflation from late 1996 to Oct 2002...it wasn't too much credit, it was an absence of credit, that wreaked havoc.Try and get it right, will ya?
12 posted on 09/12/2003 5:42:32 AM PDT by habs4ever
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To: Lazamataz
Laz, let's be honest. There are lot of IT professionals, especially systems engineers and programmers, who have been drawn to FR. There's an upheaval in THAT labor market right now, and that is fueling a lot of the angst HERE. That, and Brigadier con-men working systems of F.U.D.

Because you, and other Freepers, are personally affected by this dislocation, you project that onto the broader populace. People are uncertain because they're getting doom and gloom scenarios jammed their throats by the leftists. Americans are UNEMPLOYED! Nobody they know, but there's got to be lots of them somewhere, because they keep hearing about it. Yet, their 401Ks are building strong again. They've got huge valuation gains in their houses. Life is good. People ARE working, unemployment is 6%. Sorry, Laz, there were a lot of Systems guys in the late 90s who were GROSSLY overpaid. That's working itself out now, companies cannot afford that premium post-dotcom frenzy.

That's the great whine and cry here. It's Carolinians who want to make athletic supporters and washcloths at Union wage and mediocre IT techs and software guys who want to make $85,000/year like they did in '99 without offering a competitive ROI to their employers. Those days are gone. Forever.

13 posted on 09/12/2003 5:43:03 AM PDT by ArneFufkin
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To: ArneFufkin
Your observations are not without merit. I hadn't considered the possibility that software guys are overrepresented at FR, but you are probably right.

However, I think I do take issue with your implied premise that a good software guy isn't worth 85k or so. We've spent YEARS in school and YEARS refining our technique. We can save companies lots, in terms of implementing systems that increase efficiency and make ordering/satisfaction more fluid and cost-effective. Even reports can save a company a lot, since that can tell the execs much about the health of the firm.

The rest of your post seems pretty accurate, however. But remember the old adage: "A recession is when the other guy loses his job. A depression is when you lose yours."

14 posted on 09/12/2003 5:52:04 AM PDT by Lazamataz (I am the extended middle finger in the fist of life.)
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To: Chancellor Palpatine
Fiat dollars allow us to live beyond our means, but only for so long. History shows that when the destruction of monetary value becomes rampant, nearly everyone suffers and the economic and political structure becomes unstable. Spendthrift politicians may love a system that generates more and more money for their special interest projects, but the rest of us have good reason to be concerned about our monetary system and the future value of our dollars.

It is now time to pay the piper for Greenspan's misguided and politically motivated monetary policy. The illusion of prosperity and economic growth is based on ever increasing and expanding debt. It cannot be sustained. Fiat currency always fails because corrupted political leaders never ever can show discipline in spending.

Richard W.

15 posted on 09/12/2003 5:59:59 AM PDT by arete (Greenspan is a ruling class elitist and closet socialist who is destroying the economy)
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To: Lazamataz
I meant no disrespect, I don't know how to manage a network or design a software interface to anything. The problem is ... there are TOO many people who do! Including guys in third world countries.

When any market offering becomes commoditized, it becomes a competition of low cost providers. That's what is happening at some levels of network management, system engineering, call center operations and software design. It's laying roof shingles and pounding nails. We can't play that game, not in the environment of taxation, regulation and welfare our businesses and workers are burdened with. We can change that. The nature and value of the tasks themselves, however, can't be changed.

The guys who have the training and experience here need to be working to maximize their professional skills toward innovation - there they can demonstrate value directly to the bottom line of a company P&L. Do that, you can name your price.

It's about taking the fundamental skills and crafting creative, innovative and niche expertise. Something Sanjay can't replicate over in Bangaladore.

16 posted on 09/12/2003 6:15:13 AM PDT by ArneFufkin
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To: ArneFufkin
The guys who have the training and experience here need to be working to maximize their professional skills toward innovation - there they can demonstrate value directly to the bottom line of a company P&L. Do that, you can name your price.

Do you have any idea how to do that? I'm at a loss.

17 posted on 09/12/2003 6:16:59 AM PDT by Lazamataz (I am the extended middle finger in the fist of life.)
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To: Chancellor Palpatine
Ron Paul is closer to the truth than any of Alan Redspans people. Fiat money is the death of an Empire. Never has an empire been defeated militarily, it has ALWAYS been by their own demise.

Ron's web page http://www.house.gov/paul/tst/welcome.htm

The man understands the world of currency and debt

18 posted on 09/12/2003 6:28:00 AM PDT by LandofLincoln
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To: arete
You are speaking to a deaf and bland man. (sic).
19 posted on 09/12/2003 6:31:02 AM PDT by bvw
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To: bvw
You are speaking to a deaf and bland man. (sic).

Yeah, I know, but I keep hoping that if just one or two open their eyes and see what is happening, it will be worth the effort.

Richard W.

20 posted on 09/12/2003 6:38:33 AM PDT by arete (Greenspan is a ruling class elitist and closet socialist who is destroying the economy)
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To: Chancellor Palpatine
Hitler (I hate the man) once said ... "It is great for leaders that most men do not think for themselves."

When Mr. Paul talks of the destruction of the dollar via fiat inflation he is right on the mark. All the inflated dollar has done for us is allowed us to pay more for things than they are worth. The central bankers do not care if we can pay for these things, all they care is that we can pay the interest. And here is why, the money that we use does not belong to any of us, in fact the money does not even exist. It was created, and it was created for the purpose of us using it, and paying interest for not having it. Who collects the interest? The owners of the central bank. They do not care about the money, just collecting the interest. Every American ought to go read the book, Secrets of the Federal Reserve, by Eustice Mullins. Then you will understand what Ron Paul understands.

21 posted on 09/12/2003 6:43:59 AM PDT by LandofLincoln
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To: Lazamataz
However, I think I do take issue with your implied premise that a good software guy isn't worth 85k or so. We've spent YEARS in school and YEARS refining our technique. We can save companies lots, in terms of implementing systems that increase efficiency and make ordering/satisfaction more fluid and cost-effective. Even reports can save a company a lot, since that can tell the execs much about the health of the firm.

Laz, one of the problems in this field is that measuring the ROI of IT in general is extremely difficult, and trying to figure out the ROI on the SuperWhammoDyne 10.2 (Build 3087) software upgrade is like trying to nail Jell-O to the wall.

A lot of IT folks I've talked to have minimal understanding of business processes, or how investment in IT can influence them (for good or bad). Some do; most don't.

What often happens is that the IT folks will pitch some amazingly cool idea at the suits, and the suits will ask that one question:

"But what does it DO for the company's bottom line? How does it make us more profitable?"

At this point, the IT folks frequently go to one of the following responses:

  1. "Profit is EE-VIL!" (I actually sat in on the meeting where the pony-tailed and Birkenstocked 1960s leftover actually said that. Needless to say, he didn't get his project approved, and spent the rest of the month railing against "the suits" and saying, "Like, power to the people, man!")
  2. "Huh? IT is supposed to make the company more profitable?" (Hasty consultation with fellows) "Uh, we'll get back to you on that."
  3. IT guy quickly makes up some impressive-sounding numbers, gets project approved, and never meets those numbers.

Geeks need to learn to speak to suits. To do that, they need to understand what things the suits are worried about, and then figure out what IT does to those things.

A profitable area for geeks to get into would be using their mathematical abilities to improve the fidelity of existing business metrics and modeling.

22 posted on 09/12/2003 8:27:24 AM PDT by Poohbah (Hee Haw was supposed to be a television show...not the basis of a political movement...)
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To: Lazamataz
Laz, you should be in sales. You've got people skills and IT skills. It's simple consulting: You know how this stuff works, you know who uses it, and I'm guessing you're not afraid to go out and meet people to discuss how you can help them solve some challenge. You'd be very good at that career, and you'd get jazzed by it too, I'd surmise. If you are productive, the pay is awesome.
23 posted on 09/12/2003 9:45:28 AM PDT by ArneFufkin
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To: ArneFufkin; RightOnline
Laz, you should be in sales. You've got people skills and IT skills. It's simple consulting: You know how this stuff works, you know who uses it, and I'm guessing you're not afraid to go out and meet people to discuss how you can help them solve some challenge. You'd be very good at that career, and you'd get jazzed by it too, I'd surmise. If you are productive, the pay is awesome.

I wanna be in sales. Seriously. I'd rock.

(dressed in a bad polyester suit) HiHowYaDoinMyNamesLazHowDoYaLikeMeSoFar? (pumping your hand)

24 posted on 09/12/2003 10:07:20 AM PDT by Lazamataz (I am the extended middle finger in the fist of life.)
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To: Lazamataz
LOL. Sales is a systematic profession. Believe me. IT guys are hired as sales consultants EVERY DAY. It's a lot easier to send enthusiastic, well trained IT guys out in the world to evangelize a product than to try to teach some used car salesman to sell Storage Area Network gear or Data Warehousing services.

Read these two books, you are 95% on your way to a longlasting, prosperous career:

New Strategic Selling

New Conceptual Selling

The Miller-Heiman approach is the best sales system in the world IMO. No Herb Tarlick plaid jacket crap here. Super professional sales skill training. Sales IS a skill, it IS a profession.

Good luck. Go in peace. ;^)

25 posted on 09/12/2003 10:20:02 AM PDT by ArneFufkin
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To: ArneFufkin
Gimmee my first shot? ;^)
26 posted on 09/12/2003 10:31:16 AM PDT by Lazamataz (I am the extended middle finger in the fist of life.)
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To: Lazamataz
Begging is not one of the methodical sales strategies covered in these books!

Seriously, buy these two books. No matter what you do in your career, the system is a winner.

Then go to Jim and John Rob and convince them to let you license this beautiful forum interface - and its related design, hosting and maintenance services - to every newspaper and corporate intranet in the World. This forum platform is too damn perfect to be wasted only on Free Repbublic. Make JimJohnRob millionares (maybe you too), that'll really piss the AFers off.

I'm kidding. Kinda.

27 posted on 09/12/2003 10:40:55 AM PDT by ArneFufkin
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To: Lazamataz
LOL !!! Polyester suit......................plaid, no doubt. :)
28 posted on 09/12/2003 12:04:42 PM PDT by RightOnline
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To: nobdysfool
ping to self for later read
29 posted on 09/12/2003 12:06:46 PM PDT by nobdysfool (All men are born Arminians...the Christian ones that grow up become Calvinists...)
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To: ArneFufkin
Yep. Back in the good ol' days.
30 posted on 09/12/2003 8:52:32 PM PDT by The Duke
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To: LandofLincoln
Who collects the interest? The owners of the central bank. They do not care about the money, just collecting the interest.

The Federal Reserve Bank returns 98% of the profit from interest on loans to member banks to the U.S. Treasury. The Fed distributes 1% as dividends to shareholder banks, and keeps 1%. See the Federal Reserve Board's Annual Reports to the U.S. Congress.

www.federalreserve.gov/boarddocs/

There are many investments that offer a rate of return better than 1%. The Fed isn't motivated to collect a profit at the expense of the nation, as many tin-foil hat conspiracy nuts charge. The Fed is audited by an independent accounting firm every year, and Quarterly Reports are filed with the U.S. Department of the Treasury. There's a lot of misinformation circulating about the Fed.

As far as "fiat money", if the U.S. couldn't issue Treasury Bonds to raise money (incurring a national debt), we'd be a much different nation, and the official U.S. language would be German or Russian. The problem isn't debt, as the gold-standard nuts say. The challenge is managing the national debt. There are going to be disagreements on the issue, which is why the Fed was chartered by Congress to be an independent corporation insulated from political whirlwinds. We need sound economic judgment, not political rhetoric.
31 posted on 10/11/2003 4:12:38 PM PDT by stradivarius
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To: stradivarius
Who collects the interest? The owners of the central bank. They do not care about the money, just collecting the interest. The Federal Reserve Bank returns 98% of the profit from interest on loans to member banks to the U.S. Treasury.(Small price to pay for control of the currency) The Fed distributes 1% as dividends to shareholder banks(1% of the profits is a HUGE profit for a shareholder who DID NOT have to purchase their shares), and keeps 1%. See the Federal Reserve Board's Annual Reports to the U.S. Congress. www.federalreserve.gov/boarddocs/ There are many investments that offer a rate of return better than 1%(1% of what amount? Warren Buffet is leaving each of his kids 1% of his net worth, only 1%, oh shucks). The Fed isn't motivated to collect a profit at the expense of the nation, as many tin-foil hat conspiracy nuts charge. The Fed is audited by an independent accounting firm every year, and Quarterly Reports are filed with the U.S. Department of the Treasury.The Fed is audited every year and they submit a quarterly report with the entity that gets 98% of the profit, NOW THAT IS OVERSIGHT) There's a lot of misinformation circulating about the Fed. As far as "fiat money", if the U.S. couldn't issue Treasury Bonds to raise money (incurring a national debt), we'd be a much different nation, and the official U.S. language would be German or Russian.And if the Jones' could not incur debt they would be a much different family, their name might actually be Smith, or Johnson. I know this is a idiotic statement, that is my point. We beat the Germans, Russians, and the Japanese and the all speak their own language.) The problem isn't debt, as the gold-standard nuts say. The challenge is managing the national debt.(The challenge for Roy Horn was managing his 600 pound tiger, but as with all animals, someday they can easily bite you in the ass. In the Feds case, we "the America Taxpayer" will be the one dragged off the stage.) There are going to be disagreements on the issue, which is why the Fed was chartered by Congress to be an independent corporation insulated from political whirlwinds. We need sound economic judgment(And since 1913 we have had the soundest of economic judgment in the history of the world), not political rhetoric.

A little bit of education for you now, Congress is the entity that spends money, the Fed has never passed a spending bill. So, the "Sound econmic judgment" that you speak of DOES NOT EXIST. The Fed simply FINANCES the lack of sound economic judgment that exist, and they do all for the pleasure of sharing in the 2% of the profit that they collect as the entity and the shareholder (us tin-foil hats think they are both the same entities.)

32 posted on 10/14/2003 7:17:34 AM PDT by LandofLincoln
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To: stradivarius
Have you ever read EXECUTIVE ORDER 11110, signed by John F. Kennedy?
33 posted on 10/20/2003 8:29:59 AM PDT by LandofLincoln
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Prouty's Conspiracy Theory The Reality
On June 4, 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve. Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business. If enough of these silver certificates were to come into circulation they would have eliminated the demand for Federal Reserve notes. "The executive order modifies a pre-existing order, E.O. 10,289 issued by Harry Truman in 1951. E.O. 11,110 did not create authority to issue new silver certificates, it only affected who could give the order. The purpose of the order was to facilitate the reduction of certificates in circulation, not to increase them. In October 1964 the Treasury ceased issuing them [silver certificates] entirely."

"Debunking the Federal Reserve Conspiracy Theories"

Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the government the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver. . .Virtually all of the nearly $6 trillion in debt has been created since 1963. "The Federal Reserve banks have only a small share of the total national debt (about 7%). Therefore, only a small share of the interest on the debt goes to the Fed. Regardless, the Fed rebates that interest to the Treasury every year, so the debt held by the Fed carries no net interest obligation for the government. In addition, it is Congress, not the Federal Reserve, who is responsible for the federal budget and the national debt."

http://members.home.com/flaherty15/conspire.htm#8

The Executive Order was never repealed by any U.S. President through an Executive Order and is still valid. "E.O. 11,110 remained on the books until 1987 when there was a general cleaning-up of executive orders. However, by this time the remaining legislative authority behind E.O. 11,110 had been repealed by Congress with PL 97-258 in 1982."

http://members.home.net/flaherty15/jfk.htm

Mr. Kennedy challenged the government of money by challenging the two most successful vehicles that have ever been used to drive up debt - war and the creation of money by a privately-owned central bank. His efforts to have all troops out of Vietnam by 1965 and Executive Order 11110 would have severely cut into the profits and control of the New York banking establishment. "Yes, the Federal Reserve banks are privately owned, but they are controlled by the publically-appointed Board of Governors. The Federal Reserve banks merely execute the monetary policy choices made by the Board. In addition, nearly all the interest the Federal Reserve collects on government bonds is rebated to the Treasury each year, so the government does not pay any net interest to the Fed."

http://members.home.com/flaherty15/conspire.htm#8

JFK was serious about getting "all Americans" out of Vietnam by the end of 1965. That was NSAM 263 and my boss General Victor Krulak, with the JCS, had worked on that document. Even the Pentagon Papers made an attempt to conceal NSAM #263. NSAM 263 envisioned a small withdrawal of troops from South Vietnam, and it was hoped that the South Vietnamese would progressively take over the task of their own defense as American involvement decreased. No one can know what Kennedy would have done had a continued American involvement been required to stave off a Communist takeover, but his hawkish public statements suggest he might well have escalated just as Johnson did.

http://mcadams.posc.mu.edu/context1.htm

You may wish to see:


34 posted on 10/20/2003 10:21:19 AM PDT by stradivarius
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To: stradivarius
It must be stated, for the record, that each year billions of dollars are EARNED by class A stockholders of the Federal Reserve. These profits come at the expense of the U.S. Government and American citizens, who pay interest on bank loans, a portion of which ends up going to the Federal Reserve. Much of this money, along with the annual profits stemming from hundreds of corporations and banks owned and operated by these same interests, is then funneled into tax-exempt foundations--where it is then reinvested into American and foreign corporations, and used to influence our thoughts and our economy. In this fashion, a small group of people, dedicated to the establishment of a strong type of world government, has gained considerable influence over global activity and therefore your life.

35 posted on 11/05/2003 10:27:01 AM PST by LandofLincoln
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To: stradivarius
You said ... The Federal Reserve Bank returns 98% of the profit from interest on loans to member banks to the U.S. Treasury.

Well Strady, casinos return 98% of every dollar bet to the bettors. It is the 2% that is the total of all their profits. That said, what was your point???

36 posted on 11/06/2003 11:10:41 AM PST by LandofLincoln
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