It’s so easy:
1. Use U.S. Notes to pay the Fed the entire national debt. You can do it in one hour by a stroke of the president’s pen. (Google Kennedy and his executive order to do just that.) They are legal currency, un-backed, but issued by the treasury, and therefore no interest need be paid on it. Now sit back and watch the private bankers who are called the Federal Reserve have to figure out what to do with all that money without crashing its value - popcorn and soda time.
2. Abolish the Federal Reserve - neither federal nor a reserve. Use said US notes as one form of legal currency.
3. The other form of legal currency will be gold and silver backed, with full convert ability at anytime at current market conversion rates. Of the two currencies, which do you think the people will prefer? The gold backed, which sticks it to the Fed - they printed green worthless money, they get back red worthless money - beat them at their own game.
Sounds like a plan.
The Fed doesn't hold the entire national debt.
They are legal currency, un-backed, but issued by the treasury, and therefore no interest need be paid on it.
The $20 FRN in my hand has interest to be paid on it? Who owes me? How much?
Now sit back and watch the private bankers who are called the Federal Reserve have to figure out what to do with all that money without crashing its value
The Fed is part of the government.
Abolish the Federal Reserve - neither federal nor a reserve
Only if you ignore $4.2 trillion in bond holdings.
The other form of legal currency will be gold and silver backed, with full convert ability at anytime at current market conversion rates.
At current rates? Not at fixed rates?