pafret Loc: Northeast

"JFK's Executive Order 11100 Abolishing the Federal Reserve"
by John P. Curran

“Article 1, Section 8 of the US Constitution specifically says that Congress is the only body that can "coin money and regulate the value thereof." The US Constitution has never been amended to allow anyone other than Congress to coin and regulate currency. So what’s the Federal Reserve?

In 1910 Senator Nelson Aldrich, then Chairman of the National Monetary Commission, in collusion with representatives of the European central banks, devised a plan to pressure and deceive Congress into enacting legislation that would covertly establish a private central bank. This bank would assume control over the American economy by controlling the issuance of its money. After a huge public relations campaign, engineered by the foreign central banks, the Federal Reserve Act of 1913 was slipped through Congress during the Christmas recess, with many members of the Congress absent. President Woodrow Wilson, pressured by his political and financial backers, signed it on December 23, 1913. The act created the Federal Reserve System, a name carefully selected and designed to deceive. "Federal" would lead one to believe that this is a government organization. "Reserve" would lead one to believe that the currency is being backed by gold and silver. "System" was used in lieu of the word "bank" so that one would not conclude that a new central bank had been created.

In reality, the act created a private, for profit, central banking corporation owned by a cartel of private banks. The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private Corporation. Black's Law Dictionary defines the "Federal Reserve System" as: "A Network of twelve central banks to which most national banks belong and to which state chartered banks may belong. Membership rules require investment of stock and minimum reserves." Privately-owned banks own the stock of the FED. Who owns the FED? The Rothschilds of London and Berlin; Lazard Brothers of Paris; Israel Moses Seif of Italy; Kuhn, Loeb and Warburg of Germany; and the Lehman Brothers, Goldman, Sachs and the Rockefeller families of New York. Did you know that the FED is the only for-profit corporation in America that is exempt from both federal and state taxes? The FED takes in trillions of dollars per year tax free! The banking families listed above get all that money.

The FED basically works like this: The government granted its power to create money to the FED banks. They create money, then loan it back to the government charging interest. The government levies income taxes to pay the interest on the debt. On this point, it's interesting to note that the Federal Reserve Act and the sixteenth amendment, which gave Congress the power to collect income taxes, were both passed in 1913. The incredible power of the FED over the economy is universally admitted. Any one person or any closely knit group who has a lot of money has a lot of power. Now imagine a group of people who have the power to create money. Imagine the power these people would have. This is exactly what the privately owned FED is!

An often overlooked aspect of John F. Kennedy's attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the Constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.

When Kennedy signed this Order, it returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency- money - without going through the privately owned Federal Reserve Bank. President Kennedy's Executive Order 11110 gave the Treasury Department the explicit authority: "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This means that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated.

It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America. Kennedy knew that if the silver-backed United States Notes were widely circulated, they would have eliminated the demand for Federal Reserve Notes. This is a very simple matter of economics. The USN was backed by silver and the FRN was not backed by anything of intrinsic value. Executive Order 11110 should have prevented the national debt from reaching its current level (virtually all of the nearly $20 trillion in federal debt has been created since 1963) if LBJ or any subsequent President were to enforce it. It would have almost immediately given the U.S. Government the ability to repay its debt without going to the private Federal Reserve Banks and being charged interest to create new "money". Executive Order 11110 gave the U.S.A. the ability to, once again, create its own money backed by silver and realm value worth something.

President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. Federal Reserve Notes continued to serve as the legal currency of the nation. According to the United States Secret Service, 99% of all U.S. paper "currency" circulating in 1999 are Federal Reserve Notes. It seems very apparent that President Kennedy challenged the "powers that exist behind U.S. and world finance."

Perhaps the assassination of JFK was a warning to all future presidents not to interfere with the private Federal Reserve's control over the creation of money. The Latin phrase, “Cui bono” ("To whose benefit?," literally "as a benefit to whom?”), is frequently applied in determining motive for a crime. Ask yourself, who had the most to lose if Kennedy had lived, and who benefited the most from Kennedy’s assassination? The answer is the same to both questions."
- http://rense.com/general76/jfkvs.htm
•••
"No man did more to expose the power of the FED than Louis T. McFadden, who was the Chairman of the House Banking Committee back in the 1930s. In describing the FED, he remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932: "Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it."

Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions, departments, or agencies. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers. Those 12 private credit monopolies were deceitfully placed upon this country by bankers who came here from Europe and who repaid us for our hospitality by undermining our American institutions.

The FED basically works like this: The government granted its power to create money to the FED banks. They create money, then loan it back to the government charging interest. The government levies income taxes to pay the interest on the debt. On this point, it's interesting to note that the Federal Reserve Act and the sixteenth amendment, which gave congress the power to collect income taxes, were both passed in 1913. The incredible power of the FED over the economy is universally admitted. Some people, especially in the banking and academic communities, even support it. On the other hand, there are those, such as President John Fitzgerald Kennedy, that have spoken out against it. His efforts were spoken about in Jim Marrs' 1990 book "Crossfire":

"Another overlooked aspect of Kennedy's attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.

Kennedy's comptroller of the currency, James J. Saxon, had been at odds with the powerful Federal Reserve Board for some time, encouraging broader investment and lending powers for banks that were not part of the Federal Reserve system. Saxon also had decided that non-Reserve banks could underwrite state and local general obligation bonds, again weakening the dominant Federal Reserve banks. In a comment made to a Columbia University class on Nov. 12, 1963, ten days before his assassination, President John Fitzgerald Kennedy allegedly said: "The high office of the President has been used to foment a plot to destroy the American's freedom and before I leave office, I must inform the citizens of this plight. In this matter, John Fitzgerald Kennedy appears to be the subject of his own book... a true "Profile of Courage."

Executive Order 11110
AMENDMENT OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY. By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:
SECTION 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended — (a) By adding at the end of paragraph 1 thereof the following subparagraph (j): "(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption," and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof. SECTION 2. The amendment made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made."
JOHN F. KENNEDY
THE WHITE HOUSE
June 4, 1963

Once again, Executive Order 11110 is still valid. According to Title 3, United States Code, Section 301 dated January 26, 1998: The 1974 and 1987 amendments, added after Kennedy's 1963 amendment, did not change or alter any part of Kennedy's EO 11110. A search of Presidential Directives has shown no reference to any alterations, suspensions, or changes to EO 11110."
- http://www.lust-for-life.org/

nwtk2007 Loc: Texas

[quote=pafret]
"JFK's Executive Order 11100 Abolishing the Federal Reserve"
by John P. Curran

“Article 1, Section 8 of the US Constitution specifically says that Congress is the only body that can "coin money and regulate the value thereof." The US Constitution has never been amended to allow anyone other than Congress to coin and regulate currency. So what’s the Federal Reserve?

In 1910 Senator Nelson Aldrich, then Chairman of the National Monetary Commission, in collusion with representatives of the European central banks, devised a plan to pressure and deceive Congress into enacting legislation that would covertly establish a private central bank. This bank would assume control over the American economy by controlling the issuance of its money. After a huge public relations campaign, engineered by the foreign central banks, the Federal Reserve Act of 1913 was slipped through Congress during the Christmas recess, with many members of the Congress absent. President Woodrow Wilson, pressured by his political and financial backers, signed it on December 23, 1913. The act created the Federal Reserve System, a name carefully selected and designed to deceive. "Federal" would lead one to believe that this is a government organization. "Reserve" would lead one to believe that the currency is being backed by gold and silver. "System" was used in lieu of the word "bank" so that one would not conclude that a new central bank had been created.

In reality, the act created a private, for profit, central banking corporation owned by a cartel of private banks. The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private Corporation. Black's Law Dictionary defines the "Federal Reserve System" as: "A Network of twelve central banks to which most national banks belong and to which state chartered banks may belong. Membership rules require investment of stock and minimum reserves." Privately-owned banks own the stock of the FED. Who owns the FED? The Rothschilds of London and Berlin; Lazard Brothers of Paris; Israel Moses Seif of Italy; Kuhn, Loeb and Warburg of Germany; and the Lehman Brothers, Goldman, Sachs and the Rockefeller families of New York. Did you know that the FED is the only for-profit corporation in America that is exempt from both federal and state taxes? The FED takes in trillions of dollars per year tax free! The banking families listed above get all that money.

The FED basically works like this: The government granted its power to create money to the FED banks. They create money, then loan it back to the government charging interest. The government levies income taxes to pay the interest on the debt. On this point, it's interesting to note that the Federal Reserve Act and the sixteenth amendment, which gave Congress the power to collect income taxes, were both passed in 1913. The incredible power of the FED over the economy is universally admitted. Any one person or any closely knit group who has a lot of money has a lot of power. Now imagine a group of people who have the power to create money. Imagine the power these people would have. This is exactly what the privately owned FED is!

An often overlooked aspect of John F. Kennedy's attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the Constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.

When Kennedy signed this Order, it returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency- money - without going through the privately owned Federal Reserve Bank. President Kennedy's Executive Order 11110 gave the Treasury Department the explicit authority: "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This means that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated.

It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America. Kennedy knew that if the silver-backed United States Notes were widely circulated, they would have eliminated the demand for Federal Reserve Notes. This is a very simple matter of economics. The USN was backed by silver and the FRN was not backed by anything of intrinsic value. Executive Order 11110 should have prevented the national debt from reaching its current level (virtually all of the nearly $20 trillion in federal debt has been created since 1963) if LBJ or any subsequent President were to enforce it. It would have almost immediately given the U.S. Government the ability to repay its debt without going to the private Federal Reserve Banks and being charged interest to create new "money". Executive Order 11110 gave the U.S.A. the ability to, once again, create its own money backed by silver and realm value worth something.

President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. Federal Reserve Notes continued to serve as the legal currency of the nation. According to the United States Secret Service, 99% of all U.S. paper "currency" circulating in 1999 are Federal Reserve Notes. It seems very apparent that President Kennedy challenged the "powers that exist behind U.S. and world finance."

Perhaps the assassination of JFK was a warning to all future presidents not to interfere with the private Federal Reserve's control over the creation of money. The Latin phrase, “Cui bono” ("To whose benefit?," literally "as a benefit to whom?”), is frequently applied in determining motive for a crime. Ask yourself, who had the most to lose if Kennedy had lived, and who benefited the most from Kennedy’s assassination? The answer is the same to both questions."
- http://rense.com/general76/jfkvs.htm
•••
"No man did more to expose the power of the FED than Louis T. McFadden, who was the Chairman of the House Banking Committee back in the 1930s. In describing the FED, he remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932: "Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it."

Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions, departments, or agencies. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers. Those 12 private credit monopolies were deceitfully placed upon this country by bankers who came here from Europe and who repaid us for our hospitality by undermining our American institutions.

The FED basically works like this: The government granted its power to create money to the FED banks. They create money, then loan it back to the government charging interest. The government levies income taxes to pay the interest on the debt. On this point, it's interesting to note that the Federal Reserve Act and the sixteenth amendment, which gave congress the power to collect income taxes, were both passed in 1913. The incredible power of the FED over the economy is universally admitted. Some people, especially in the banking and academic communities, even support it. On the other hand, there are those, such as President John Fitzgerald Kennedy, that have spoken out against it. His efforts were spoken about in Jim Marrs' 1990 book "Crossfire":

"Another overlooked aspect of Kennedy's attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.

Kennedy's comptroller of the currency, James J. Saxon, had been at odds with the powerful Federal Reserve Board for some time, encouraging broader investment and lending powers for banks that were not part of the Federal Reserve system. Saxon also had decided that non-Reserve banks could underwrite state and local general obligation bonds, again weakening the dominant Federal Reserve banks. In a comment made to a Columbia University class on Nov. 12, 1963, ten days before his assassination, President John Fitzgerald Kennedy allegedly said: "The high office of the President has been used to foment a plot to destroy the American's freedom and before I leave office, I must inform the citizens of this plight. In this matter, John Fitzgerald Kennedy appears to be the subject of his own book... a true "Profile of Courage."

Executive Order 11110
AMENDMENT OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY. By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:
SECTION 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended — (a) By adding at the end of paragraph 1 thereof the following subparagraph (j): "(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption," and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof. SECTION 2. The amendment made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made."
JOHN F. KENNEDY
THE WHITE HOUSE
June 4, 1963

Once again, Executive Order 11110 is still valid. According to Title 3, United States Code, Section 301 dated January 26, 1998: The 1974 and 1987 amendments, added after Kennedy's 1963 amendment, did not change or alter any part of Kennedy's EO 11110. A search of Presidential Directives has shown no reference to any alterations, suspensions, or changes to EO 11110."
- http://www.lust-for-life.org/[/qu



I'm an novice economist. Ok, I don't know much about "economics" related to banking. What would happen if the Fed was torn down, so to speak?

pafret Loc: Northeast

The interest paid to the Fed would accrue to the Treasury. We have a totally Fiat system of money, our paper is not attached to any form of precious metal, as is required by the Constitution. Essentially it is a "trust me, I'm good for it" situation. With the out of control spending of our Congress and the endless willingness of the Fed to allow us to run up debt we will never have money worth any more than toilet tissue. This is the primary reason there are no savings accounts any more. Who would leave money in a bank when it loses more value daily and receives no interest. Couple that with the never ending charges the banks make for holding your funds, plus the laws the Fed had gotten passed which make your money theirs if they gamble and lose in the markets.

Once The Treasury has re-established sound money, specie or coined money and paper backed by
precious metals -- the uncommon and highly valuable metals such as gold and silver, inflation will significantly reduce and instead of being driven, by worthless paper, it will go only up with scarcity of commodities.

The insignificant wage increases over the last thirty years have been negated by the increase in Fiat money floating around to fund every boondoggle the Congress thinks will get them re-elected. It has had the effect of driving everyone's purchasing power down and the Fed is the engine that drives this inflation. It also is the prime cause of wealth being funneled to the less than one percent of the wealthiest people since they hold most of the stock and bonds for which you, your children and your grandchildren will be paying taxes all of your lives, to cover the debt.

nwtk2007 Loc: Texas

I'm not holding my breath that the FED will ever be taken out. I'd say things are going to go on like this for a long time.

Peewee Loc: San Antonio, TX

fidelis

ABOLISH THE FED. It is neither federal since no branch of government has control or authority and it is not reserve since it has no funds.

woodguru

It's the FED that should be bailing out banks and wallstreet

Louie27 Loc: Peoria, AZ

No one or entity should bail out banks and wall street.

Radiance3

“Article 1, Section 8 of the US Constitution specifically says that Congress is the only body that can "coin money and regulate the value thereof." The US Constitution has never been amended to allow anyone other than Congress to coin and regulate currency. So, what’s the Federal Reserve?

Something very corrupt power took over our country’s national Treasury.
It started 1910 when Senator Nelson Aldrich Chairman of the National Monetary Commission devised a deceptive plan to undermine Congress’s authority during it recess time. The scheme colluded with European central banks established a Central bank with these private authorities to manage our national Treasury in their own hands.

This was the most outrageous and deceptive schemes that undermine the authority of Congress transferring the biggest monetary power of our government to the private hands of those greedy few individuals by deceptively creating a window dressing Federal Reserve bank owned by private richest few. Thus, our Federal Reserve now is not a government entity. It is a private entity under the cover-ups of the 12 Federal private Banks all over our country.

Every time the government spends money is under control by this Federal Reserve that has the authority to print paper and coin money lending it to the Federal government (us) and requiring interest payments to the banks, them. Results: We now owe them almost $21 trillion including the interest that they charge in using their printed paper money lent to us. These reserve banks don’t pay any taxes to the interest they charge us, and they earn free of tax.

Worst part is these so-called Fed Bankers are the Rothschilds of London, Lazard Brothers of Paris, Moses of Italy, Kuhn, Loeb and Warburg of Germany, the Lehman Brothers and Goldman Sachs, Rockefellers of NY. These are the groups of people who own us, the United States of America.

Every time the US government needs money, these bankers called Federal Reserve prints and coin money, lend it to the Federal Government earning tax free interest that we pay to them.
They also regulate status of our economy via inflation or no inflation. With higher inflation, the Federal Reserve owners charge taxpayers higher interest rates, now floating into 3% to 3.5%. All interest earned by these private entity banks are tax free. While we taxpayers pay taxes to the Feds to pay them.

President Kennedy’s desire to revise this via EO11110 was supposed to be the right one until he was assassinated. President Kennedy was perfectly correct in trying to remove this usurious illegal scheme against the American people.

Since the EO 11110 is still valid, did not change, or alter any part thereof, we the people must now demand a new EO to continue president Kennedy’s Executive Order 11110.

Or Congress with its constitutional authority must revoke all the illegal schemes put up by Senator Aldrich in 1910 completed and signed by president Woodrow Wilson in 1913.

Congress could undo this if we the people now being used and enslaved by these world’s richest bankers who got rich because of us the taxpayers being fooled by them. We the people must demand revision of our Federal Reserve System, where our tax money is held and deposited for the country’s operating funds, managed by our own Federal Government.

We must demand the revision of the Federal Reserve System, where we the people who pay taxes control the inflow and outflow of our federal reserve money.

Currently these riches bankers now own the whole world. It was reported that they have created a NWO, where all world powers are vested among them the few, and we the people are their forever their slaves. Then it was reported also that they regularly meet, designated LUCIFER who helped them in creating this very atrocious crimes against human being.

WE must stop this before the world collapse.

Radiance3

==================
We must revise our Federal System, independent from the most powerful elites who now hold our financial operations with so many conflict of interests, only to inure to the benefits of the richest private holders who control our economy, financial operations, and the overall wealth of our nation.

We must be independent of our own monetary operations solely under the control of our own Federal Government. This process will be independent, easy to follow every transaction that goes in and out with a very strict guidelines and accounting compliance on procedures of the Government Internal Control System. The GASB standards must be strictly enforced.

It will be easy to audit, and identify frauds and corruptions once the set up of accounting procedures, and internal control are well established.

We must demand from Congress to revise the current system, and establish, execute a new system where proper compliance of our monetary transactions are put into productive and secured operations that benefit the American people, and integrity of our national wealth.

Louie27 Loc: Peoria, AZ

There should never be a revision of the Fed Reserve system. It needs to be abolished once and for all.

Radiance3

===============
I AGREE WITH THAT. Abolishing the Reserve System takes a lot of detailed processes because they involve several areas of our financial systems, locally and worldwide.

Once we establish our own Federal Reserves, it will be easy to disclose compliance with the defined legally accepted accounting and auditing principles. Strict control procedures allows better trail of correcting and catching fraud and corruptions.

pafret Loc: Northeast

We have the same Federal Reserve that the Bank Consortium is using. It s called a printing press. Ours will only function when there is sufficient precious metal to back up the spending, not the current "tooth fairy" situation where we exchange our great grandchildren's lives for our spending.

Congress will have to return to carefully choosing what they will spend their limited income on instead of issuing bonds which are debt instruments they will never have to pay in their lifetimes.

Radiance3

===================
A bond is an instrument of debts. Every time our government needs money to spend on its operations, we issue bonds. The buyers could be private investors, corporate, banks, and foreign countries.

We mortgage our future or the next generation liable to pay for these bonds. It was reported that as of Sept 30, 2018, public debt is $15.3 trillion? When Obama left we owe $19,967 trillion. Each year we accrue interest payable to this debt. Current interest payable and accrued annually is $310 billion. This amount is added to the amount of our debts yearly.

This is disgusting. Our future and the future of the children are mortgaged on bonds. Currently government owns several trillion bond payable to bond holders. Private individuals, corporations, banks, or even foreign countries are holders of our debts, charging us interest rates for the bond issued by the government.

We live on debts. The greatest lender of this is the richest bankers like the Federal Reserve private owners. When interest rate goes up, the more debts we accrue on interest payable. Thus our debts grows even higher.

When inflation is up, the dumb Federal Reserve raises interest rates to control prices. Therefore our interest payable even gets bigger.

We over spend. During 2012, it was reported that government owned $38 trillion. The bankers make so much money lending to government to spend our operations.

Revising our monetary policy will take so much work and money to pay the lenders, or seems even impossible to do it now what we are stocked on so much debts. That is why the big bankers hold us to our necks, and we could not get out of it.

It is not easy to change our monetary policy. Our system could have started differently like spending only what we have. From taxes paid to the government. Now, where does our taxes go but funding our unfunded liabilities.

Government spending must be curtailed. Wait till the democrats win in Congress or even take the WH. They are voracious eaters and spenders that accumulate our national debts even much higher. Nobody knows. Those democrat mobsters yelling on the streets are so dumb to realize that our government is using our children' future as collateral to pay the debts they incur and spend. Those who yell don't even pay taxes, but free load. They are all democrats/progressives and liberals.

Vote for all Republicans on Nov. 6, 2018 election. No hungry eating democrats please.

nwtk2007 Loc: Texas

""When inflation is up, the dumb Federal Reserve raises interest rates to control prices.""

I don't see it that way. I see it as an attempt to make money when the economy is up. In fact, wouldn't it drive prices up?