The whole national debt is 13 trillion. What is the current money supply? I think it is considerably less.
Not all the debt is held by Americans.
Most is held by banks and insurance companies for a reason.
Does this propose to forcibly extinguish the debt?
How would a citizen go about cashing in his Reserve Notes? (Yes, I can prove where they came from)
“Step 2: Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.”
And I bet you think you are a conservative and this is not a parody?
So you would at the stroke of a pen expropriate the wealth of every stockholder in banks in the United States. Are you sure you are not Obama?
The banks of course would shut down since they can not earn a profit if they can not make loans. Listen Obama I knew profit was a dirty word to you but this is extreme even for you.
With no banks to make business loans to existing small businesses, the economy would implode, unemployment would rise to 1930s levels. But then again Obama we have long suspected this was your goal for the US economy.
But NaturalBornConserative aka Obama, real conservaties will not fall for your plan to expropriate stockholder wealth, drive banks out of existence and implode the economy.