Somewhere my memory is that there is some provision in the founding documents of the Fed that would allow the US To buy the Federal Reserve for one million dollars. I do not know the source, however, and I am not certain I trust it or my recollection.
Somewhere my memory is that there is some provision in the founding documents of the Fed that would allow the US To buy the Federal Reserve for one million dollars. I do not know the source, however, and I am not certain I trust it or my recollection.
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Your question sent me down a short little bunny hole, and I came up with the following long eared creature.
Pete, it would seem that your memory clang was ringing a real bell - except one figure I saw cited (below) is $450 million!
Excerpt from an AMAZING ARTICLE ON THE FED!!!
http://www.apfn.org/apfn/fed_reserve.htm
“...How do taxpayers stop financing those whose purpose it is to destroy us? First, expose their activity, then demand change.
THE SOLUTION
Currently all we do is exchange FED money (interest attached) for real U.S. money (interest-free) dollar for dollar as Kennedy tried to do. We should not be required to pay interest on our own currency. According to Benjamin Franklin, this was one of the primary reasons we fought the Revolutionary War. Today we are still fighting the same family of bankers (Reference 4, Reference 1, P. 211, 212).
The U.S. Government can buy back the FED at any time for $450 million (per Congressional record). The U.S. Treasury could then collect all the profit on our money instead of the 300 original shareholders of the FED. The $4 trillion of U.S. debt could be exchanged dollar for dollar with U.S. non- interest bearing currency when the debt becomes due. There would be no inflation because there would be no additional currency in circulation. Personal income tax could be cut if we bought back the FED and therefore, the economy would expand. According to the Constitution, Congress is to control the creation of money, keeping the amount of inflation or deflation in check. If Congress isn’t doing their job, they should be voted out of office. Unfortunately, voters can’t vote the FED or its Chairman out of office.
If the government has a deficit, we could handle it as Lincoln and Kennedy did. Print money and circulate it into the economy, but this time interest-free. Today the FED, through foreign banks, owns much of our debt and therefore controls us. The FED will cease to exist as taxpayers become informed and tell other taxpayers. The news media and Congress will have no choice but to meet the demands of grass roots America. (Reference 1, P. 17, 22)...”