social-experiment / art-project / conscious-rEvolution!
What the Fed has done to us.........and will keep doing to us if we don't do something........
This is an excellent article which is hard to disagree with.........
Will the Federal Reserve Create the New Socialist Man?
Daily Article by Karen De Coster and Eric Englund
"Government cannot make man richer, but it can make him poorer." – Ludwig von Mises
Personal character and money are linked. No, we are not implying that a person of great wealth is necessarily an individual with high character. All one needs to do is look at the moral sewer known as Wall Street in order to comprehend how a whole host of elites have traded their souls for mind-boggling sums of money.
The linkage between character and money has everything to do with self-ownership. Aside from one's body, the most personal property one may possess is the fruit of one's labor. In a capitalist society, typically, this labor gets rewarded in the form of money — a paycheck. Hence, a person's sense of value and self-worth is significantly influenced by how society values his labor — with money not only being that most personal asset, but also being the measuring rod. In days gone by, an individual developed character by learning that an honest day's work would be rewarded with honest money (i.e., gold). Never has there been a more stable measure of value than gold.
In 1913, at the behest of the richest and most powerful banking elites in the world, an agent of social decay was established in the United States. Indeed, the Federal Reserve was founded. The stabilizing influence of gold money, gradually, was replaced by government fiat. Consequently, the character of Americans depreciated in lockstep with its fiat currency.
Paul Cantor describes this phenomenon in his provocative essay Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics. To wit:
Inflation is that moment when as a result of government action the distinction between real money and fake money begins to dissolve. That is why inflation has such a corrosive effect on society. Money is one of the primary measures of value in any society, perhaps the primary one, the principal repository of value. As such, money is a central source of stability, continuity, and coherence in any community. Hence to tamper with the basic money supply is to tamper with a community's sense of value. By making money worthless, inflation threatens to undermine and dissolve all sense of value in a society.
Over the past ninety-three years, since the founding of the Federal Reserve, the dollar has depreciated by over 95%. With money no longer being a stable repository of value – thanks to inflation – a predictable shift in the American character has occurred. Gone are the low-time-preference days where hard work and savings paved the road to a better life for parents and children.
As our fiat money perniciously lost value, time preferences shifted upwards as it made more sense to spend a depreciating currency today than save for the future. And, better yet, what is more seductive than to borrow ever-depreciating fiat money – as heavily encouraged by the Federal Reserve – and pay the principal back with money that has become worth even less? Gradually, savings becomes a vice, profligacy a virtue, and the character of a people regresses to a permanent state of adolescence — as all sense of value is forgone in favor of instant gratification.
Without a doubt, the measuring rod of money is broken. Indeed, money is loaned into existence by the Federal Reserve's banking cartel. Fractional-reserve banking allows it to be created out of thin air. Who needs a gold standard for self-measurement when any adult with a pulse can borrow and spend hundreds of thousands of dollars on McMansions, luxury automobiles, flat screen TVs, country club memberships, and spare-no-expense vacations? What a wonderful life the Federal Reserve has brought to Americans! Easy money and credit bring immediate indulgence. As long as you have absolutely no fear of debt, you too can look extremely successful without ever having had to save a dime. Accordingly, this has given rise to America's new insolvent class: the two-thousandaires.
Let's delve a little further into the characteristics of a two-thousandaire. To be sure, they appear successful — with the nice house, great cars, enormous entertainment center, boutique clothes, and most of it purchased on credit. For the most part, two-thousandaires do not have high-paying jobs. They just live beyond their means. Moreover, these debt-ridden adults live from paycheck to paycheck. There are no savings to fall back upon when that rainy day comes. Just imagine having hundreds of thousands of dollars in debt and only $2,000 in cash savings. Not to worry. This is what credit cards and home equity lines of credit are for. The Federal Reserve will always ride to the rescue with more fiat money and credit.
Americans are stepping up to mainline this new kind of drug known as debt. Instant money, after all, is something that provides on-the-spot gratification and pacifies their anxieties about their status in the social order. Indeed, one can have it all, at the drop of a (fiat) coin, and without the standard save-and-wait period which earlier generations experienced.
Consumerism, then, is funded either by an honorable means — via the fruits of one's productive labor — or by a coercive monopoly of the money-making function through the endorsement of a banking cartel that exploits a fractional reserve banking system to expand the money supply. This enables, as Jörg Guido Hülsmann remarks, "the accumulation of debt beyond the level debts could reach on the free market." This illusion of prosperity is the sort of state-created decadence that we criticize.
Ultimately, this dependency on credit is tantamount to being dependent upon the state. With hundreds of thousand of dollars of debt, and little savings, two-thousandaire parents serve as negative role models demonstrating that financial independence and self-reliance are unimportant. Children see that parents simply muddle through life trying to pay bills for all of the goodies while praying that no medical, home, or other expenses emerge unexpectedly. The lesson children learn is that one must not think about the consequences of one's actions — moral relativity takes root. If mom or dad loses a job, then the family can always turn to the state for welfare and credit relief. Accordingly, it is the state that provides solutions — not parents.
America's middle class, as personified by the two-thousandaire, is on the cusp of absolute moral and financial collapse. With the demise of the gold standard and the rise of fiat money, the character of a people has been hollowed out. Strong indicators of this include the trend toward relativism along with the abandonment of the basic self-ownership concept of being responsible for one's own body. Modern moral developments are such that one's body merely becomes a vessel seeking one form of amusement after another. Life itself becomes a video game. The game goes on as long as it is fueled by the central bank's easy money and credit policies.
As adherents to Austrian economics know, the Federal Reserve-induced economic boom must turn to bust. People who have lived high, yet have truly earned nothing, will not fare well in the coming bust. Such cash-strapped and indebted families will head toward financial collapse and thus will turn to the state for welfare and credit relief. As to welfare, parent and child become virtual wards of the state. And, tragically, a person's self-worth shall now be measured by whether or not some faceless bureaucrat deems him worthy to receive a welfare check. Dependency on the state will become deeper and more entrenched. Bureaucrats will promise security and democratically sanctioned wealth transfers (i.e., welfare) in exchange for votes and loyalty.
With regard to credit relief, bankruptcy has long been a safe haven for those engaged in Fed-fueled financial irresponsibility. The purpose of Chapter 7 bankruptcy law has been to give a person who is overburdened with debt a clean slate by wiping out his or her debts. Chapter 7 has thus continually granted debtors a "fresh start" by clearing out their debts and allowing for the preservation of the assets they acquired while undertaking the debt. It's a win-win situation for the financially irresponsible.
On October 17, 2005, new bankruptcy laws went into effect that subjected filers to a means test, thus throwing potential Chapter 7 debtors into Chapter 13 reorganization status. According to the Administrative Office of the Courts, Chapter 7 filings, historically, have averaged about 100,000 per month. In October 2005, the month the new laws went into effect, the number of filings reached 555,531 as filers rushed to dump their debt before the deadline, otherwise they'd be forced into the more difficult, reorganization requirement. The following month, with the easy debt-dumping made somewhat harder, only 5,762 Chapter 7 filings surfaced. The message is that the Federal government can create the problem in the first place – through the sanction of a legal monopoly — and further distort the problem through its creation of moral hazard among the most fiscally reckless debtors within society. Then the Feds can take away that which they granted by an arbitrary swipe of the pen via administrative law and thus change the face of the game once again.
The loan markets are profoundly distorted due to the nature of fiat money machinations. Because of this intervention, lending is now dramatically different. It is no longer necessary to know your borrowers. The bank – sustained by its cat-and-mouse scheme of fractional-reserve banking — has a huge incentive to fund the loan, and then sell the loan off to intermediaries who package the loans into mortgage-backed securities. In turn, this toxic junk is sold to mutual funds, insurance companies and other institutions starved for yield. The debt-o-rama grabs hold, and as for the borrowers, there is no longer a fear of debt.
In this case, consumerism is not funded through the increase in capital accumulation and production, or rather, bona fide prosperity. Ludwig von Mises stressed that easy credit could not be equated with prosperity:
"It is not real prosperity. It is illusory prosperity. It did not develop from an increase in economic wealth. Rather, it arose because the credit expansion created the illusion of such an increase. Sooner or later it must become apparent that this economic situation is built on sand."
Prosperity, in fact, has come to be replaced by illusions as debtors ride the roller coaster of cheap money and become more highly-leveraged, thus dissolving their financial independence. Long-range planning ceases to progress, and in fact it abruptly retards as the debtors become more focused on daily survival. They abstain from long-term strategy in order to sustain current, day-to-day operations. Hence the government-coerced shift of time preferences from low to high as we move from an economy of saving and capital investment to one of spend-and-consume. Consequently, we witness the decline of savings, wealth, and legitimate entrepreneurial investment — all of which are necessary for the advancement of a free market economy.
Is it possible that the two-thousandaire is merely a precursor to the "new man" (a pliant, unthinking being) Mao and Lenin attempted to socially engineer via central planning? It would seem that the communists had it backwards thinking that banning money was integral to transforming mankind. For it certainly appears that easy money and credit do the trick in eroding the human spirit, morality, and basic decency, along with intellectual and financial independence.
Monetary central planning, as perpetrated by the Federal Reserve, provides the key to hollowing out and creating a pro-statist populace. So when the bust occurs, watch out for the two-thousandaire — he is going to vote to pick your pocket.
Karen De Coster, CPA, has an MA in Economics, and is an accounting and finance professional in Detroit. See her website and blog at www.karendecoster.com. Send her mail. See her articles. Eric Englund has an MBA from Boise State and works in the risk management field. He is the publisher of The Hyperinflation Survival Guide by Dr. Gerald Swanson. You are invited to visit his website. Send him mail. Comment on the blog.
Sources and recommended reading:
Cantor, Paul. "Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics." The Review of Austrian Economics 7, No. 1 (1994): 3-29.
Grant, James. The Trouble with Prosperity: A Contrarian's Tale of Boom, Bust, and Speculation. 1996. New York: Random House.
Hülsmann, J.G. The Cultural and Spiritual Legacy of Fiat Inflation.
Mises, L. von (1931), "The Causes of the Economics Crisis: An Address," On the Manipulation of Money and Credit, Ludwig von Mises Institute (2002), Auburn, pp. 188.
Will the Federal Reserve Create the New Socialist Man?
Daily Article by Karen De Coster and Eric Englund
"Government cannot make man richer, but it can make him poorer." – Ludwig von Mises
Personal character and money are linked. No, we are not implying that a person of great wealth is necessarily an individual with high character. All one needs to do is look at the moral sewer known as Wall Street in order to comprehend how a whole host of elites have traded their souls for mind-boggling sums of money.
The linkage between character and money has everything to do with self-ownership. Aside from one's body, the most personal property one may possess is the fruit of one's labor. In a capitalist society, typically, this labor gets rewarded in the form of money — a paycheck. Hence, a person's sense of value and self-worth is significantly influenced by how society values his labor — with money not only being that most personal asset, but also being the measuring rod. In days gone by, an individual developed character by learning that an honest day's work would be rewarded with honest money (i.e., gold). Never has there been a more stable measure of value than gold.
In 1913, at the behest of the richest and most powerful banking elites in the world, an agent of social decay was established in the United States. Indeed, the Federal Reserve was founded. The stabilizing influence of gold money, gradually, was replaced by government fiat. Consequently, the character of Americans depreciated in lockstep with its fiat currency.
Paul Cantor describes this phenomenon in his provocative essay Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics. To wit:
Inflation is that moment when as a result of government action the distinction between real money and fake money begins to dissolve. That is why inflation has such a corrosive effect on society. Money is one of the primary measures of value in any society, perhaps the primary one, the principal repository of value. As such, money is a central source of stability, continuity, and coherence in any community. Hence to tamper with the basic money supply is to tamper with a community's sense of value. By making money worthless, inflation threatens to undermine and dissolve all sense of value in a society.
Over the past ninety-three years, since the founding of the Federal Reserve, the dollar has depreciated by over 95%. With money no longer being a stable repository of value – thanks to inflation – a predictable shift in the American character has occurred. Gone are the low-time-preference days where hard work and savings paved the road to a better life for parents and children.
As our fiat money perniciously lost value, time preferences shifted upwards as it made more sense to spend a depreciating currency today than save for the future. And, better yet, what is more seductive than to borrow ever-depreciating fiat money – as heavily encouraged by the Federal Reserve – and pay the principal back with money that has become worth even less? Gradually, savings becomes a vice, profligacy a virtue, and the character of a people regresses to a permanent state of adolescence — as all sense of value is forgone in favor of instant gratification.
Without a doubt, the measuring rod of money is broken. Indeed, money is loaned into existence by the Federal Reserve's banking cartel. Fractional-reserve banking allows it to be created out of thin air. Who needs a gold standard for self-measurement when any adult with a pulse can borrow and spend hundreds of thousands of dollars on McMansions, luxury automobiles, flat screen TVs, country club memberships, and spare-no-expense vacations? What a wonderful life the Federal Reserve has brought to Americans! Easy money and credit bring immediate indulgence. As long as you have absolutely no fear of debt, you too can look extremely successful without ever having had to save a dime. Accordingly, this has given rise to America's new insolvent class: the two-thousandaires.
Let's delve a little further into the characteristics of a two-thousandaire. To be sure, they appear successful — with the nice house, great cars, enormous entertainment center, boutique clothes, and most of it purchased on credit. For the most part, two-thousandaires do not have high-paying jobs. They just live beyond their means. Moreover, these debt-ridden adults live from paycheck to paycheck. There are no savings to fall back upon when that rainy day comes. Just imagine having hundreds of thousands of dollars in debt and only $2,000 in cash savings. Not to worry. This is what credit cards and home equity lines of credit are for. The Federal Reserve will always ride to the rescue with more fiat money and credit.
Americans are stepping up to mainline this new kind of drug known as debt. Instant money, after all, is something that provides on-the-spot gratification and pacifies their anxieties about their status in the social order. Indeed, one can have it all, at the drop of a (fiat) coin, and without the standard save-and-wait period which earlier generations experienced.
Consumerism, then, is funded either by an honorable means — via the fruits of one's productive labor — or by a coercive monopoly of the money-making function through the endorsement of a banking cartel that exploits a fractional reserve banking system to expand the money supply. This enables, as Jörg Guido Hülsmann remarks, "the accumulation of debt beyond the level debts could reach on the free market." This illusion of prosperity is the sort of state-created decadence that we criticize.
Ultimately, this dependency on credit is tantamount to being dependent upon the state. With hundreds of thousand of dollars of debt, and little savings, two-thousandaire parents serve as negative role models demonstrating that financial independence and self-reliance are unimportant. Children see that parents simply muddle through life trying to pay bills for all of the goodies while praying that no medical, home, or other expenses emerge unexpectedly. The lesson children learn is that one must not think about the consequences of one's actions — moral relativity takes root. If mom or dad loses a job, then the family can always turn to the state for welfare and credit relief. Accordingly, it is the state that provides solutions — not parents.
America's middle class, as personified by the two-thousandaire, is on the cusp of absolute moral and financial collapse. With the demise of the gold standard and the rise of fiat money, the character of a people has been hollowed out. Strong indicators of this include the trend toward relativism along with the abandonment of the basic self-ownership concept of being responsible for one's own body. Modern moral developments are such that one's body merely becomes a vessel seeking one form of amusement after another. Life itself becomes a video game. The game goes on as long as it is fueled by the central bank's easy money and credit policies.
As adherents to Austrian economics know, the Federal Reserve-induced economic boom must turn to bust. People who have lived high, yet have truly earned nothing, will not fare well in the coming bust. Such cash-strapped and indebted families will head toward financial collapse and thus will turn to the state for welfare and credit relief. As to welfare, parent and child become virtual wards of the state. And, tragically, a person's self-worth shall now be measured by whether or not some faceless bureaucrat deems him worthy to receive a welfare check. Dependency on the state will become deeper and more entrenched. Bureaucrats will promise security and democratically sanctioned wealth transfers (i.e., welfare) in exchange for votes and loyalty.
With regard to credit relief, bankruptcy has long been a safe haven for those engaged in Fed-fueled financial irresponsibility. The purpose of Chapter 7 bankruptcy law has been to give a person who is overburdened with debt a clean slate by wiping out his or her debts. Chapter 7 has thus continually granted debtors a "fresh start" by clearing out their debts and allowing for the preservation of the assets they acquired while undertaking the debt. It's a win-win situation for the financially irresponsible.
On October 17, 2005, new bankruptcy laws went into effect that subjected filers to a means test, thus throwing potential Chapter 7 debtors into Chapter 13 reorganization status. According to the Administrative Office of the Courts, Chapter 7 filings, historically, have averaged about 100,000 per month. In October 2005, the month the new laws went into effect, the number of filings reached 555,531 as filers rushed to dump their debt before the deadline, otherwise they'd be forced into the more difficult, reorganization requirement. The following month, with the easy debt-dumping made somewhat harder, only 5,762 Chapter 7 filings surfaced. The message is that the Federal government can create the problem in the first place – through the sanction of a legal monopoly — and further distort the problem through its creation of moral hazard among the most fiscally reckless debtors within society. Then the Feds can take away that which they granted by an arbitrary swipe of the pen via administrative law and thus change the face of the game once again.
The loan markets are profoundly distorted due to the nature of fiat money machinations. Because of this intervention, lending is now dramatically different. It is no longer necessary to know your borrowers. The bank – sustained by its cat-and-mouse scheme of fractional-reserve banking — has a huge incentive to fund the loan, and then sell the loan off to intermediaries who package the loans into mortgage-backed securities. In turn, this toxic junk is sold to mutual funds, insurance companies and other institutions starved for yield. The debt-o-rama grabs hold, and as for the borrowers, there is no longer a fear of debt.
In this case, consumerism is not funded through the increase in capital accumulation and production, or rather, bona fide prosperity. Ludwig von Mises stressed that easy credit could not be equated with prosperity:
"It is not real prosperity. It is illusory prosperity. It did not develop from an increase in economic wealth. Rather, it arose because the credit expansion created the illusion of such an increase. Sooner or later it must become apparent that this economic situation is built on sand."
Prosperity, in fact, has come to be replaced by illusions as debtors ride the roller coaster of cheap money and become more highly-leveraged, thus dissolving their financial independence. Long-range planning ceases to progress, and in fact it abruptly retards as the debtors become more focused on daily survival. They abstain from long-term strategy in order to sustain current, day-to-day operations. Hence the government-coerced shift of time preferences from low to high as we move from an economy of saving and capital investment to one of spend-and-consume. Consequently, we witness the decline of savings, wealth, and legitimate entrepreneurial investment — all of which are necessary for the advancement of a free market economy.
Is it possible that the two-thousandaire is merely a precursor to the "new man" (a pliant, unthinking being) Mao and Lenin attempted to socially engineer via central planning? It would seem that the communists had it backwards thinking that banning money was integral to transforming mankind. For it certainly appears that easy money and credit do the trick in eroding the human spirit, morality, and basic decency, along with intellectual and financial independence.
Monetary central planning, as perpetrated by the Federal Reserve, provides the key to hollowing out and creating a pro-statist populace. So when the bust occurs, watch out for the two-thousandaire — he is going to vote to pick your pocket.
Karen De Coster, CPA, has an MA in Economics, and is an accounting and finance professional in Detroit. See her website and blog at www.karendecoster.com. Send her mail. See her articles. Eric Englund has an MBA from Boise State and works in the risk management field. He is the publisher of The Hyperinflation Survival Guide by Dr. Gerald Swanson. You are invited to visit his website. Send him mail. Comment on the blog.
Sources and recommended reading:
Cantor, Paul. "Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics." The Review of Austrian Economics 7, No. 1 (1994): 3-29.
Grant, James. The Trouble with Prosperity: A Contrarian's Tale of Boom, Bust, and Speculation. 1996. New York: Random House.
Hülsmann, J.G. The Cultural and Spiritual Legacy of Fiat Inflation.
Mises, L. von (1931), "The Causes of the Economics Crisis: An Address," On the Manipulation of Money and Credit, Ludwig von Mises Institute (2002), Auburn, pp. 188.
Tags: dependancy, federal, intervention, reserve, state
Replies to This Discussion
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Permalink Reply by Pete on -
Interestingly, I have discovered that JFK was all too aware of the machinations of the Federal Reserve and attempted to rid the US of Fed meddling.
On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid.
When President John Fitzgerald Kennedy - the author of Profiles in Courage -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 [the full text is displayed further below] 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.
“United States Notes" were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. We compared a "Federal Reserve Note" issued from the private central bank of the United States (the Federal Reserve Bank a/k/a Federal Reserve System), with a "United States Note" from the U.S. Treasury issued by President Kennedy's Executive Order. They almost look alike, except one says "Federal Reserve Note" on the top while the other says "United States Note". Also, the Federal Reserve Note has a green seal and serial number while the United States Note has a red seal and serial number.
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.
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 $9 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.
Again, according to our own research, just five months after Kennedy was assassinated, no more of the Series 1958 "Silver Certificates" were issued either, and they were subsequently removed from circulation. 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. It seems very apparent that President Kennedy challenged the "powers that exist behind U.S. and world finance". With true patriotic courage, JFK boldly faced the two most successful vehicles that have ever been used to drive up debt: 1) war (Viet Nam); and, 2) the creation of money by a privately owned central bank. His efforts to have all U.S. troops out of Vietnam by 1965 combined with Executive Order 11110 would have destroyed the profits and control of the private Federal Reserve Bank.
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
xoxox
Once again, Executive Order 11110 is still valid. According to Title 3, United States Code, Section 301 dated January 26, 1998:
Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as amended by:
EO... 10583, dated December 18, 1954, 19 F.R. 8725;
EO... 10882 dated July 18, 1960, 25 F.R. 6869;
EO... 11110 dated June 4, 1963, 28 F.R. 5605;
EO... 11825 dated December 31, 1974, 40 F.R. 1003;
EO... 12608 dated September 9, 1987, 52 F.R. 34617
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 Clinton's 1998 and 1999 EO's and Presidential Directives has also shown no reference to any alterations, suspensions, or changes to EO 11110.
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Permalink Reply by Pete on
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So, what can be done? My father taught me that you should always stand up for what is right, even if you have to stand up alone.
If "We the People" don't take some action now, there may come a time when "We the People" are no more. You should write a letter or send an email to each of your elected representatives. Many of our elected representatives do not understand the FED. Once informed they will not be able to plead ignorance and remain silent.
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.
Ask your representative, in light of that information, how it is possible for the Federal Reserve Act of 1913, and the Federal Reserve Bank that it created, to be constitutional. Ask them why this private banking cartel is allowed to reap trillions of dollars in profits without paying taxes. Insist on an answer.
Thomas Jefferson said, "If the America people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered."
Jefferson saw it coming 150 years ago. The question is, "Can you now see what is in store for us if we allow the FED to continue controlling our country?" "The condition upon which God hath given liberty to man is eternal vigilance; which condition if he breaks, servitude is at once the consequence of his crime, and the punishment of his guilt."
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Permalink Reply by Eyes Wide Open International on -
Excellent article post Pete, and follow-up guys!! Thank you or getting the truth out!! Ron G. [aka...Moss]
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Permalink Reply by Michelle on -
We need to form new communities of our own for our survival because pretty soon here in America, food might not be transported to grocery stores. Our Federal Reserve is printing up money without gold backing it. As a result, our government is devalue-ing the American dollar. The bad part is that the majority of the American people are not doing anything about this. Congressmen & women are not trying to unravel the seeds of misconduct in all areas of our government. I wish I was in charge, I would force our government to start all over again keeping humanity co-equality & a better sense of community in mind & heart. For example: We can take out a loan with no interest rate. Anotherwords, if you borrowed money from the bank, you would only owe what you borrowed. There would be no deposit required. I'd work with the person as far as what he/she pay back in monthly payments. For example if the borrower, borrowed the money to buy cows for breeding than I'd have to wait a good year & a half before the I'd start expecting the monthly payments. Which is more reasonable than making payments right away in the following month plus no interest. I'd set a standard pay with no increase, if I was President I would pay a politician only $40,000 per year. I would expect no more that $50,000 per year. I don't feel a politician deserves $100,000 or more per year! It would teach politicians to live within their means. If I were President of the USA, I wouldn't expect the people to pay for my gas to get to all the required places I'm expected to visit! I don't need a personal jet or a limo to drive me around. I'd buy a motorhome & travel in it. I'd pay for my own gas. (Plus, it would be fun to own my own motorhome! I'd install a washer/dryer unit in it so I can have all the ammenities.) Plus, I don't feel we need big government! I feel we should have a Local Control Organization in each county/community. Have a statesman or stateswoman visit me from each county if they need help.
The American government is so uncaring the way it is right now. I would replace the greed mongers with those who care more about protecting all life. Co-equality.
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Permalink Reply by Michelle on
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In our own communities (commune), we would grow our own fruits & vegetables & exchange them between us. Say for example, you & your children are craving for a baked potato & you did not grow that in your garden but you have a friend that did. And you know that friend craves a watermelon & you grow that in your garden; you both just exchange the food one for the other. (He'd give you a few more potatoes since the watermelon is huge compared to a potatoe. Say enough potatoes for a couple of meals for you & your children.) Anotherwords, we'd look out for each other. We'd have to work hard, but we'd make it together. Another example would be if you have alot of old clothes you'd like to get rid of or quilting material laying around your house you don't want; I could easily sew a blanket together for someone in the community that needs one. We'd have to live like the Amish for a while until we developed a new & better governmental system of sorts. We'd each do our part. Life would be made easier. And having more like-minded caring people makes a whale of a difference! Hugs & Smiles, Michelle
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Permalink Reply by ShereeKrider on -
The link below is something I wrote in my blog at the U.S. Marijuana Party Website.
Ironically it was about this time that the stock market was falling.....
I honestly believe that in order to survive the upcoming mayhem, we must retreat to the life of our forefathers.
Quit buying the goods (of corporate America)!!!!!!
http://www.usmjparty.com/component/idoblog/viewpost/108.html
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Permalink Reply by Unforgiven on
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First I want to thank you for inviting me here, I believe things happen for a reason.... and for some strange reason I feel I have found where I belong? This is an awsome site! WOW ! ! ! How did you find me ? As for my comment on this artical, well, I'm guilty ! I never looked at credit this way before? And it's so simple , Guess I got to high on my spendings and missed it? I am now aware ! I will join your (ours) fight and you can count on me for whatever is in my power, if not in my power I will make it so, some how, some way, not tomorrow but today ! I haven't been this excited since I was 8 years old and got my first surfboard, that was my freedom ! Ah, but time goes by so quikly. But here I am given a new found freedom..... Unforgiven ( JoAnne )
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This was absolutely amazing im reading the text book that you can download online now, awesome stuff thanx for the post
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