Its not Federal
And there are no reserves.
It’s a private corporation counterfeiting a nation’s currency and a blatantly unconstitutional long con job imho.
I have nothing against banks, not even central banks, but not private owned ones printing species at interest.
That is the definition of a bottomless pit.
Remember in 1913 their pitch was
“ to prevent booms and busts” ,,,
then it proceeded to produce the biggest boom roaring 20’s style
followed by this nation’s largest depression.
.Kennedy introduced the silverbacked Treasury notes as good interest free currency to drive the suicidal interest accumulating federal reserve notes out of the market
And we know what happened next.
.jmo.
You pay interest on your FRNs? Or you collect it?
I believe Judy Shelton kicked around the idea of gold backed 5 year Treasury bonds. Naturally it was a bipartisan rejection of her nomination to the Fed. Still glad she was nominated, smoked out more GOP frauds, i.e. Kennedy in Louisiana.
“Kennedy introduced the silverbacked Treasury notes as good interest free currency to drive the suicidal interest accumulating federal reserve notes out of the market”
That’s basically the exact opposite of what Kennedy actually did.
His ideas on silver were spelled out in his January 22, 1962 “Message to the Congress Presenting the President’s First Economic Report”:
“A revision of silver policy. Silver—a sick metal in the 1930’s—is today an important raw material for which industrial demand is expanding steadily. It is uneconomic for the U.S. Government to lock up large quantities of useful silver in the sterile form of currency reserves. Neither is any constructive purpose served by requiring that the Treasury maintain a floor under the price of silver. Silver should eventually be demonetized, except for its use in coins.
(1) As a first step in freeing silver from government control, the Secretary of the Treasury at my direction suspended sales of silver on November 29. This order amounted to the withdrawal of a price ceiling on silver which had been maintained by Treasury sales at a fixed price.
(2) The next step should be the withdrawal of the Treasury’s price floor under domestically produced silver. Accordingly, I recommend repeal of the Acts relating to silver of June 19, 1934, July 6, 1939, and July 31, 1946; this step will free the Treasury from any future obligation to support the price of silver.
(3) I also recommend the repeal of the special 50 percent tax on transfers of interest in silver; this step will foster orderly price movements by encouraging the development of a futures market in silver.
(4) Finally, I recommend that the Federal Reserve System be authorized to issue Federal Reserve notes in denominations of $1; this will make possible the gradual withdrawal from circulation of $1 and $2 silver certificates, and the use of the silver thus released for coinage purposes.
The Federal Reserve is a scam. It issues fake currency that we use. But it also controls the REAL currency only available to the highest-level of the elite. Families with generational wealth going back centuries have money backed by gold, platinum, and other precious metals, along with assets like land, diamonds and oil reserves.
Such people have wealth that cannot be truly measured in conventional ways. But, it’s not an exaggeration to say they are multi-trillionares. Some could be considered quadrillionares.