Though most people use the word "dollar" when referring to Federal Reserve notes, FRNs are not dollars. Ask any judge to rule that a paper note is a dollar and he will demur. No, FRNs are worthless paper.
Though FRNs are "legal tender", they are not lawful money.
LAWFUL MONEY - "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold or silver coin of the United States..."
Title 12 United States Code, Sec. 152.
Recapping, a unit dollar is a silver coin containing at least 3/4
ounce (troy) of silver. A one ounce gold coin is equivalent to 20
silver dollars (per Coinage Act of 1792). To complicate things, the
Congress demonetized silver in 1873 (See William Jennings Bryan's
"Cross of Gold" speech for the public's take on the scam.) Once silver
was demonetized, and the money supply shrank, there was economic chaos
for the last quarter of the 19th century, and helped instigate the
acceptance of an elastic currency, known as the "Federal Reserve Act"
of 1913.
As originally enacted (see Title 12 USC sec. 411), a Federal Reserve
note was a promise (obligation) to pay face value, on demand. In 1933,
the Congress repudiated that promise. Since 1933, no instrumentality
of the Federal Reserve corporation nor the U.S. Treasury will redeem
notes with lawful money.
So why didn't Congress dissolve in bankruptcy, in 1933?
Well, the creditor is not stupid. If the Congress dissolved the U.S.
corporation, there's nothing to grab. Even Washington, District of
Columbia reverts back to Maryland state. The solution was clever :
make Congress trustees of the bankruptcy - - - like making foxes the
guardians of the chicken coop.
Since trusteeship is the highest obligation recognized in law, and
supersedes all others, Congress no longer bothered with job #1
(Declaration of Independence) - securing the private property rights
of the people. In its place, Congress concocted the socialist solution
- make the American people underwriters of the bankruptcy, via Social
Security. That's what the Federal Insurance Contribution Act really
does. It makes all participants into "Human resources" who have
pledged themselves and their property as surety on those pesky
worthless paper notes.
NOW, the FRNs became YOUR obligation, and under the law of notes, you
could not object to their tender.
Why is that important to know?
"Federal reserve notes are legal tender in absence of objection
thereto."
MacLeod v. Hoover (1925) 159 La 244, 105 So. 305
Before FICA/Social Security, free Americans could object to the tender
of notes instead of lawful money (gold or silver coin). After FICA/
Social Security, serfs could no longer object.
In case you are unaware, ALL RELIGIONS condemn usury. (Ezekiel 18:13
KJV defines it as a capital offense). Usury is not excessive interest,
but ANY FEE, in money, for the use / loan of money. And for those who
prefer a logical argument, usury is impossible to pay in a finite
money token system (like America's constitutional gold/silver coin).
The reason is simple. Though individual contracts for usury appear
benign, the total aggregate usury creates a debt (principle and
interest) that exceeds the sum total of all money tokens. In short, a
proportion of debtors must default (and lose collateral) simply
because the money does not exist.
Aren't impossible contracts illegal, immoral and stupid?
Sigh. Congress has no monopoly on gross stupidity.
And, no, Congress can't just "print up some money". The Constitution
says so.
Article 1, Section 8. U.S. Constitution.
The Congress shall have Power
...To borrow Money on the credit of the United States;
...To coin Money, regulate the Value thereof, and of foreign Coin, and
fix the Standard of Weights and Measures;
Article 1, Section 10. U.S. Constitution.
No State shall
... coin Money; emit Bills of Credit; make any Thing but gold and
silver Coin a Tender in Payment of Debts; pass any
... Law impairing the Obligation of Contracts, ...
What few realize is that Congress never had the power to CREATE money.
If it did, why would it need the power to borrow it? In fact, what we
perceive as "munny", is not money, at all. It's all debt. In essence,
it's an extension of credit, at usury.
The "sad truth" is that the obligation to pay is denominated in
dollars (gold or silver), but we haven't used dollars since 1933.
(Good ole FDR stole all the lawful money from the "free Americans" and
gave them worthless notes. What a great man!)
Let's relate the debt in terms of lawful money (gold or silver).
If we use the Coinage Act of 1792 as our basis, a 40 trillion "dollar"
private debt means that debtors have to find :
2,000,000,000,000 ounces of gold bullion to stamp into coin, or
30,000,000,000,000 ounces of silver bullion to stamp into coin.
The United States Bullion Depository Fort Knox, Kentucky, claims that
present gold holdings amount to 147.3 million ounces.
At $20 dollars per ounce of gold (Coinage Act of 1792), all that gold
translates to 2.9 billion dollars.
See the problem?
An obligation to pay 40 Trillion, with only enough bullion for 2.9
billion dollars (gold).
What if we "acquired" the whole world's supply of gold?
http://en.wikipedia.org/wiki/Gold
"At the end of 2001, it was estimated that all the gold ever mined
totaled 145,000 tonnes."
1 tonnes = 35,273.9619 ounces (avoirdupois)
World Gold supply = 5,114,724,475.5 ounces. (5 Billion)
We need 2 trillion ounces !
(Or if we only count the 9.4 Trillion "national debt", we need 470 000 000 000 ounces. 470 billion.)
What about silver?
According to the Silver Institute, world supply of silver in 2004 was
about 880 million ounces. If America "acquired" the world's silver, it
would only amount to $1,066,666,666.67 (1 billion, roughly)
D'Oh! We need 30 trillion ounces of silver.
Why hasn't the whole economic scam collapsed?
We, as human resources, are voluntary slaves, whose person and
property are pledged as collateral. And via socialist taxation and
interest charges, our working lives are spent enriching those who are
at the top of the usury pyramid. These parasites live the "good life"
while we spend the majority of our working lives for their benefit.
Don't expect any statesman, politician or law to save your bacon.
The Constitution forbids States from passing any ... Law impairing the
Obligation of Contracts.
You entered into a legally binding compact with usurers (abominations
proscribed by all religions), so you're out of luck.
One possible solution - leave "voluntary" national socialism and
usury.
If Americans stopped participating in Socialist Insecurity and
canceled all contracts for usury or with usurers, the scam would
cease. Not only would usurers be ruined, but the Congress would lose
99% of its power to meddle in our affairs. (You would be amazed at the
POWER granted to Congress by your consent, via your account with
Social Security.)
That's why no candidate for public office will ever dare mention that
(a) Social Security is an abomination, (b) there is no possibility of
a "balanced budget", since there are NO DOLLARS in circulation, and
(c) if elected, HE'S A STOOGE for the usurers who persecute us.
Unfortunately, human nature being what it is, no recipient of bribery
(entitlements are nothing but bribery) will bite the hand that feeds
them. Worse, millions will gladly sell themselves and their
grandchildren into eternal servitude to the usurers who hold the reins
of power, cycle us through each economic boom / bust, take our labor
and property, and merely want us to be grateful that they allow us to
regrow our skin after being "skinned alive".
Recommendations for the short term:
Wise Ant saith: gather your supplies for the impending "cruel winter"
and hide it from the Gestapo Grasshoppers
who will compel you to share it with them.
Linear Mode
