The Federal Reserve Vs. The United States President? I’m sure you’re asking yourself what is this about? Well, let’s get a little background first. JFK was remembered for a lot of things, mostly for the avoiding Cuban Missile Crisis. One tidbit of history that seems to escape JFK movies and documentaries was his goal to bring America’s wealth back into the pocket books of its people.
How did he plan to do this you ask? Simple, put the Federal Reserve out of business. It’s a popular misconception that the Federal Reserve is a government institution. Not True. The Federal Reserve is a private bank that loans the government money at interest. The government in turn charges you an income tax, which it a violation of the 16th Amendment, to pay back the money it borrowed. All the while the Feds get rich by charging the government interest on money it prints out of thin air.
On June 4, 1963, President Kennedy signed Executive Order 11110 that is little remembered, but still stands today. This Executive Order authorized the Secretary of the Treasury to print Silver Certificates for every ounce of silver the government owned. These new United States Notes where backed by something of real value and interest free to the government, effectively cutting the Fed out of the picture. Five months later Kennedy was assassinated and no more silver certificates were issued. On March 25, 1964, C. Douglas Dillon, the 57th Secretary of the Treasury announced that silver certificates would no longer be redeemable in silver dollars. However, according to the U.S. Treasury’s website these silver certificates are still legal tender, even though the government is not obligated to issue out any silver.
This is reminiscent of the Gold Reserve Act of 1934, which required citizens to turn in all their gold and gold certificates to the U.S. Government and be issued paper money of “equal value”. This is the point where I ask you the reader to stop and ponder about this for a second:
If paper money was invented to represent specific amounts of gold and silver that was being kept by the government, then why wouldn’t the government give you gold and silver for your paper money in return?
The answer is control. If the Feds could only print up enough dollars to equal the government’s gold and silver reserve then they couldn’t charge interest because they didn’t own the gold and silver. The government could print it’s out money based on its gold and silver holdings. Therefore, no Feds= no interest= no income tax = no IRS= more of your money staying home.
As a side note when we go to war, guess where the government gets those $$$. That’s right another loan from the Feds. I know some of you are thinking, “The President has to ask Congress for the money, right”. Well, what the President is really asking Congress is to sanction passing the bill to you and me. All of those billions and billions of dollars for war are loans, which the taxpayers have to repay.
Kennedy wasn’t the first president to go against the mighty Feds. During the Civil War President Lincoln needed money to finance the war. The Bankers who ran the Fed offered Lincoln a loan with 24%-36% interest. Lincoln refused. Eventually, Lincoln was advised to have Congress pass a law authorizing the Treasury to print money. When this law was passed Lincoln printed $4 million worth of interest free “Greenbacks”, which paid the troops and bought war supplies. Shortly, after the war was over Lincoln was assassinated.