There were various banknotes in the 19th century and their existence and confusion was a selling point for establishing the Fed. But back then the fed was a money printing concession for US Dollars backed by gold.
The US is poised as is the rest of the world to go to a gold plus commodity plus asset-liability formulated valuation of currency set by the Basel III protocol and the Babylon II software implemented by international banking. This global currency reset has either happened in the last week or will happen in the near future.
Once the effects of the global currency reset are felt, there will be no need for Federal Reserve Notes. The US can go back to using US Dollars as legal tender. Other currencies are still available such as Disneyland Dollars or in Canada the Calgary dollar or Toronto dollar but they are never allowed to be used as legal tender.
What Ron Paul is alluding to is that the Fed can and does make economic decisions for the rest of us, often in error, using its fiat powers. But once the dollar is backed by a valuation formula, the hands of the Fed will be tied and it becomes once again merely a printing press or money digitizer based on increasing the money supply by internationally accepted formula.
What the Fed can continue to do under its powers and what it does now that most of the world including the American people don’t know is operate private placement platforms (actually they are managed buy-sell platforms that mimic PPP albeit poorly so far) or ‘Fed Platforms’ for financing international trade, and of course for off balance sheet spooky stuff.
The Fed has evolved into an international agency with its tentacles of regulating transactions everywhere in the international banking system. It has in fact become a global multinational agency and is no longer tied to American control. Like Ford, GM, Shell, the Fed is everywhere and no longer is uniquely a US agency operation.
Most people don’t know the above because the Fed operations are mostly conducted in secret. Its government operations however are public, that is the management of the US Debt. The Fed operates in Canada, Europe, Hong Kong....you name it, it’s everywhere. It’s definitely a NWO entity now.
>>a gold plus commodity
LOL.
Got Tungsten?
And, how exactly does one go about sending pieces of eight through the internet?
The Petro-dollar stands without Rand or any other apple that fell so close to the Idiot tree.