Debt-Free United States Notes Were Once Issued Under JFK And The U.S. Government Still Has The Power To Issue Debt-Free Money

"If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good." Thomas Edison

Debt-Free United States Notes Were Once Issued Under JFK And The U.S. Government Still Has The Power To Issue Debt-Free Money

The Wall Street Pentagon Papers: Biggest Scam In World History Exposed: Are The Federal Reserve’s Crimes Too Big To Comprehend? | The Public Record

The Wall Street Pentagon Papers: Biggest Scam In World History Exposed: Are The Federal Reserve’s Crimes Too Big To Comprehend? | The Public Record

Federal Reserve shipped $12 billion in cash to Iraq

The Federal Reserve sent nearly $12 billion in cash, mainly in $100 bills, to Iraq from 2003 to 2004. According to Representative Henry Waxman (D-CA), Oversight and Government Reform Committee Chairman, the Federal Reserve Bank in New York had to pack 181 million individual bills including more than 107 $100 bills on to wooden pallets to be shipped to Iraq. The cash weighed more than 363 tons and was loaded onto C-130 cargo planes to be flown into Baghdad.

A few months earlier, Ron Paul had questioned Ben Bernanke on this and other items; Bernanke called all the allegations "bizarre."

Who owns the Federal Reserve?

"Who Owns the Federal Reserve?" Interesting charts with information from the August 1976 House Committee report on Banking, Currency and Housing.

Dennis Kucinich (D-OH) introduces monetary reform bill

On December 17, 2010, Dennis Kucinich introduced a radical bill in the House, "The National Emergency Employment Defense Act of 2010" (the NEED Act). The bill would allow Congress to create and regulate money, taking this power away from the private central bank. It calls for the creation of money by private financial institutions as interest-bearing debt to cease once and for all. The government would issue debt-free money to pay for infrastructure projects and to pay down the debt.

This is a fascinating bill just from the standpoint that monetary policy should be the primary concern of government at this moment. The fact that private banks are in control of our money supply is a tremendous robbery perpetrated on a daily basis against the American people. However, the question I have regarding this bill is whether Congress can be trusted with something as important as our money supply. I don't think they can do worse than the Federal Reserve which only serves the interests of the bankers. However, Congress is indebted to a variety of interests and we have to wonder if they can handle the responsibility of money creation that is solely in the interests of the American people.

In 2003 Paul Krugman predicted money printing and soaring interest rates

"[M]y prediction is that politicians will eventually be tempted to resolve the crisis the way irresponsible governments usually do: by printing money, both to pay current bills and to inflate away debt. And as that temptation becomes obvious, interest rates will soar."

This was written in 2003. We know now, in 2010, that the Federal Reserve is printing money and is monetizing the debt, but they have been able, thus far, to keep interest rates down. Disaster has been delayed for a long time. How bad will it be when interest rates begin to rise out of the control of the central bank's ability to print more money? When they lose control, how high will interest rates soar and will the US government be able to borrow any money at all, for any price? What will happen to US small business, homeowners, and local governments when their interest payments skyrocket? Will we see international bankers repossessing nearly every tangible asset in the US? And is that the goal?

"A Fiscal Train Wreak," Paul Krugman, New York Times, March 11, 2003