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Originally Posted by PANICPASS
During the financial crisis of the depression, in 1933 substance of gold, silver and real money was removed as a foundation for our financial system. In its place the substance of the American citizenry: their real property, wealth, assets and productivity that belongs to them was in effect, *pledged* by the government and placed at risk as the collateral for US debt, credit and currency for commerce to function
Senate Document No. 43, 73rd Congress 1st Session stated,
*Under the new law the money is issued to the banks in return for Government obligations, bills of exchange, drafts, notes, trade acceptances, and banker*s acceptances. The money will be worth 100 cents on the dollar, because it is backed by the credit of the nation. It will represent a mortgage on all the homes and other property of all the people in the nation. (Which lawfully belongs to these private citizens.)
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No, your opening sentence is incomplete:
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silver and real money was removed
(only from the govt and its employees)
as a foundation
(the govt's ability to pay off their debts)
for our financial system.
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The system exists as a result of private activity, not because of the Govt.
Also remember that prior to govt denying itself the use of gold and (later) silver
it could ONLY pay (off) debts with metal-based money.
Now it can use unbacked negotiable paper!!!
Someone must have sighed a breath of relief coming up with this solution.
HJR-192 relieves us of property but in exchange
as one of the Member's taglines says, "it's all for free" now.
Finally, your last paragraph;
that only happens when a private citizen does know the truth of what's going on.
as it is written we are destroyed for a lack of knowledge.
Let us continue to learn that we can teach others.