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NESARA - The National Economic Stabilization And Recovery Act - The BIll, Detailed Summary - Part I
Posted on 09/30/2002 11:53:31 PM PDT by webber
Detailed SummaryPart I
Banking and Monetary Reform
Immediate Relief and Results
- Eliminates approximately $1 trillion of the nation's public debt
- Reduces future private debt by approximately $1 trillion
- Immediately eliminates some private debt, especially for many homeowners
The Federal Reserve System
- The Federal Reserve Act of 1913 is amended
- The Federal Reserve System is abolished and replaced by a new Treasury Reserve System
- Control of the currency is moved from private control of the Fed to public control of Congress and the new Treasury Reserve System
- Congress sets the standards for the new monetary system but the people create as much or as little currency as they need
- Functions of the Federal Open Market Committee are transferred to the Board of Governors of the new Treasury Reserve System
- A new mechanism, the Treasury Reserve Account, is created to provide the Treasury Reserve System Board of Governors a better method to fine-tune the money supply, effectively eliminating inflation
- The Treasury Reserve System Board of Governors will continue using the previous three mechanisms for controlling the money supply:
1. Setting reserve requirements.
2. Setting the national discount rate.
3. Purchasing U.S. Treasury securities on the open market.
- All U.S. Treasury securities purchased by the Treasury Reserve System Board of Governors will be immediately turned over to the U.S. Treasury and cancelled out of existence.
- People are provided with several alternatives for currency
- Constitutional currency is restored
- Currency becomes debt free as the people stop paying interest payments for their use of a public utility
- Unlike previous policy, the new Treasury Reserve Board is provided one very specific mandate: maintain a stable currency
- Expansion of the economy is returned to the free market
- Private coinage is encouraged
- Exchange ratios for the various currencies are published at least weekly
- Printing of redeemable gold and silver certificates is allowed
- Postal money orders are made available in denominations of gold and silver coin
- Returns the banking industry to serving public interests For secured loans, compound interest is outlawed and replaced with a monetization fee
- Provides stricter banking controls by imposing excise taxes to discourage high or runaway monetization fees
- On secured loans obtained from a fractional reserve bank, principal must be paid in full before the bank begins collecting its monetization fee
- Eliminates the façade for banking insurance (FDIC) Except for fraud and criminal activities, virtually eliminates bank failures
- Banks are prohibited from using as reserves any commercial paper
- Only Treasury credit-notes can be used as bank reserves
- Banks are prohibited from purchasing government issued debt, effectively removing banks from influencing monetary policy.
- Checking accounts against gold and silver deposits are prohibited
- Commingling of funds among the various money accounts without owner's permission is prohibited
- All currency deposits with banks are general warrant deposits and custody accounts.
TOPICS: Business/Economy; Editorial; Government
KEYWORDS: nesara; newmonetarysystem
When I read about NESARA, I thought it was an internet joke, but there are some serious things being said about it. Even Congressman Ron Paul is trying to get Congress to take a look at it and even consider changing over to this new Federal Monetary System. What are your comments on this topic?
posted on 09/30/2002 11:53:32 PM PDT
posted on 09/30/2002 11:57:55 PM PDT
Coin your own money? Gosh, that's going to be chaos.
To: HiTech RedNeck
I'm on one of the main e-mail lists within the group of NESARAs followers - there's a huge pyramid scheme with that group that I won't bother anyone with. (Not within the founders of NESARA, but the groupies.) They're talking about billions in funds going to the top names on this list. The rest of their messages read like a cult's internal communications. I guess I never thought that anyone from NESARA would be in here.
posted on 10/01/2002 12:19:03 AM PDT
Comment #6 Removed by Moderator
When you say it's a sinking ship, are you saying it will never be adopted by Congress, or that the Banking Community (The "Real" Runners of the World's Economy) will not permit it to be adopted because it will take all their power away from them into the hands of "The People" where it belongs. OR, something else?
posted on 10/01/2002 8:10:53 PM PDT
I know, I know. A picture is worth a 1,000 words, but what is that picture trying to convey...that NESARA is as old as the Hintenburg, that it's full of hot air, that it's too volatile a proposal, that it's sparking a controversy, that it was never intended to fly?
posted on 10/01/2002 10:43:04 PM PDT
I just added "Status of the Bill". Read it and tell me what you think about it.
posted on 10/02/2002 2:46:18 PM PDT
posted on 10/02/2002 2:53:20 PM PDT
To: dighton; Orual; aculeus; Poohbah; BlueLancer; Nick Danger
"This means something..."
To: general_re; Orual; aculeus; BlueLancer; Nick Danger; Poohbah
posted on 10/02/2002 3:25:41 PM PDT
I looked up the stuff you're talking about--these guys are off their chump...
posted on 10/02/2002 3:29:14 PM PDT
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