Andrew Jackson ended the Central Bank in the U.S. and paid off our debts by selling federal land. Perhaps we can pay off our debts by nationalizing
our natural resources and renting them out to the record profit making oil companies.
Technically speaking (correct me if I'm wrong), since the USD isn't backed by anything now, there is no intrinsic value. Therefore, the debt is
practically zero...just paper and ink plus whatever security measures they use. If the people's government takes over the printing press they can
print to repay the debt to the Fed too, can't they?
edit on 9-4-2014 by Kurius because: (no reason given)
Article VI of the U.S. Constitution
All Debts contracted and Engagements entered into, before the Adoption of this Constitution, shall be as valid against the United States under this
Constitution, as under the Confederation.
14th Ammendment to the US Constitution
Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for
services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt
or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all
such debts, obligations and claims shall be held illegal and void.
On the surface neither of these seem to apply to the situation.
According to the St. Louis FED
, only about $2.3 trillion of the approximately $17
trillion national debt is owned by the FED. To simply write off this debt would spell the end of the U.S. economy. I'm not sure we appreciate how many
mutual funds, retirement funds, social security promissory demand deposits, etc. are tied up in the scheme. The effects of such action (writing off
the debt as illegally incurred) would literally rivet the world economy. Without the proper approach it would not b e much different from a default.
With this single action the faith and credit of the United States would be destroyed.
What viable alternatives are available are beyond me. I would imagine congressional committees in conjunction with economists, scholars, professors,
etc, would be necessary to formulate some sort of creative alternative that strikes a balance between the interests of the American people, the
security of the Republic, the preservation of the political philosophy of the constitution, and the interests of business. I can not foresee a
plausible solution to the problem that doesn't also address the intrinsic deficiencies of other dubious aspects of contemporary politicoeconomics like
campaign finance, lobbying, and corporate personhood which are so prone to abuse and corruption.
I do hope SS
examines the events that led to the creation of the Federal Reserve Act, especially those pertaining to the Rockefellers, the
collapse of the Knickerbocker Trust company (as well as Rothchilds Anaconda Copper Co) and the Bank Panic of 1907, Senator Nelson Aldrich's familial
ties to John Rockefeller Jr. and his importance in creating the National Monetary Commission which led to the Federal Reserve Act the infamous Jekyll
Island meeting (would be great if you could get Mr. Griffin on air to speak about this), and the conspiratorial nature of the events surrounding these
points of data. Would also be great if they could delve into some of the findings of the Pujo Committee!
Not only is there a conspiracy of collusion by the banking magnates in the inception of the Federal Reserve, in violation of the Sherman Act, but
there are some obvious conflicts of interest which call into question whether Aldrich, Rockefeller and co. were in violation of Section 18 of the U.S.
I would also love for them to touch on the sentiments of some of the founding fathers of this nation in opposition to the central banking cartel,
Andrew Jackson; the failure and irresponsibility of Keynsian economic theory in principle and practice, examine the socio-economic and political
consequences that are inextricably connected to the passage of the Federal Reserve Act, which I contend was in violation of Federal law upon its
passage. (e.g. the great depression and bankruptcy of the nation, the social security act and it's failings, the gold confiscation act, the Nixon
edit on 9-4-2014 by mrphilosophias because: (no reason given)
edit on 9-4-2014 by mrphilosophias because: (no