The End of National Currency (long article)

Council on Foreign Relations ^ | May/June 2007 | Benn Steil

[DeaconBenjamin2]

I just had this discussion with my daughter over the weekend. We compared a 1953 deuce which had the language “shall pay to the bearer on demand” with a 1995 model which did not. We also discussed why paper money includes the statement “This note is legal tender for all debts public and private.”

[brityank]

Thank you Bump. Lots of info to dig through, and little time to absorb it all.

[Toddsterpatriot]

The US Federal Reserve is basically controlled by 12 New York banking families.

Who told you that?

[Toddsterpatriot]

So if someone gives you an FRN, you have an option of trying to cash it in right away by presenting it to the person(s) whose signature is on it, demanding that they stop what they are doing and start mowing your lawn or painting your house or repairing your car until the full face amount of the FRN is satisfied by their labor (or goods and services) . . .

LOL! Where did it ever say that the signer of your FRN has any obligation to anyone?

Besides, it's illegal to force the government agents (employees) who created the FRN to mow your law, etc. They are protected.

So it's not an option. That was quick.

whereas the FRN is evidence of a lien remaining on the goods and services because they were purchased on credit.

A lien on who?

[canuck_conservative]

Start reading here:

http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=NoneDare&Entity=StandardOil

.... and be enlightened.

[Toddsterpatriot]

.... and be enlightened.

This book is one of the "classics" of the conspiracy genre, and has become something of an historical item in its own right. It was originally distributed as part of the 1972 presidential campaign of the "America Party", whose candidate, Rep. John G. Schmitz, wrote the introduction. Both Schmitz and author Gary Allen were closely tied to the John Birch Society, and there is a plug for the JBS at the end of the book.

Thanks for the laugh.

[canuck_conservative]

You laugh. Let me ask this.

The Federal Reserve was created in 1913, supposedly in response to the financial Panic of 1907. The reason given for its creation was to prevent any future financial crashes - that’s why the extraordinary transfer of Constitutional power from Congress to a non-governmental body.

And what happened? We got a crash anyway - the worst one in history. Contrary to the promises of the bankers upon its creation, the Fed was useless in stopping the Depression.

So, clearly, prevention of panics WASN’T the REAL reason behind the creation of the Fed, just a distracting lie. So what was the real reason?

So then you ask, “OK, who stood to benefit?”

Now it gets interesting.

(AND we’ve still got income tax, a supposedly “temporary” measure - what’s up with that?!!)

[Toddsterpatriot]

The Federal Reserve was created in 1913, supposedly in response to the financial Panic of 1907.

There were many panics and crashes before 1907.

And what happened? We got a crash anyway - the worst one in history.

You should look at the economy since the Great Depression.

So, clearly, prevention of panics WASN’T the REAL reason behind the creation of the Fed, just a distracting lie.

Clearly? Says who? The JBS?

So then you ask, “OK, who stood to benefit?”

Let me guess, the JBS?

(AND we’ve still got income tax, a supposedly “temporary” measure

Help me out, where did it say the income tax was supposed to be temporary?

[canuck_conservative]

“There were many panics and crashes before 1907.”

Yeah, exactly, and the proponents of the Federal Reserve said its creation would get rid of all those, that they happened only because there WASN’T a central bank around to stabilize the market.

“You should look at the economy since the Great Depression.”

Yeah, I’m looking - not one balanced budget, not one year debt-free. Just the way the bankers like it.

And if the Fed WAS capable of preventing financial panics - as was the original argument put forth in favor of its creation - we wouldn’t have had the 1930s, would we?

And Income Tax WAS originally introduced as a temporary measure, just to help pay for World War I.

You can at least do a little reading for yourself, I shouldn’t have to do all the work for you.

[Toddsterpatriot]

Yeah, exactly, and the proponents of the Federal Reserve said its creation would get rid of all those, that they happened only because there WASN’T a central bank around to stabilize the market.

Really? They said it would get rid of all of those? LOL!

How many panics and crashes in the 75 years before the Great Depression? How many panics and crashes in the 75 years since?

Yeah, I’m looking - not one balanced budget, not one year debt-free.

There were several balanced budgets. The Fed isn't in charge of the budget, BTW.

And Income Tax WAS originally introduced as a temporary measure, just to help pay for World War I.

LOL! A temporary tax introduced to pay for a war before the war started. That's FUNNY!

You can at least do a little reading for yourself

You first. Avoid JBS and goldbug sites, if you can.