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And in establishmentarian spirit, the commission also had to have as its chairman the über-monetarist Anna Schwartz, who along with Milton Friedman had staked her claim on the idea that good fiat monetary policy is indeed possible, if not yet exampled by any iteration of the Federal Reserve.
But in a spirit of intellectual ambition, the commission also included Texas Rep. Ron Paul.
In the end, two reports were released, the majority one authored by Schwartz. It passed on recommending a return to gold.
But the minority report, that of Paul and Lehrman, did recommend gold, and it remains to this day one of the scintillating documents of recent public policy. It might as well be a blueprint for 21st-century monetary reform.
My own hunch (and it was journalist Robert Novak’s too), as I expressed it in Econoclasts, was that the reason the Fed finally got serious about both not overprinting the dollar and not having wild gyrations in monetary production (the two things that bedeviled monetary policy since 1971), in other words trying to provide as much money as the real economy needed for growth, was that the Fed was scared it might be put out of business by the Gold Commission.
The order allowed the Secretary to issue silver certificates, if any were needed, during the transition period under President Kennedy's plan to eliminate Silver Certificates and use Federal Reserve Notes
Kennedy's plan to eliminate Silver Certificates and use Federal Reserve Notes
On June 4, 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve. Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation. In all, Kennedy brought nearly $4.3 billion in U.S. notes into circulation. The ramifications of this bill are enormous.
It's handled....but Greenspan.......wait
originally posted by: the2ofusr1
a reply to: gladtobehere
The Deep State is real ... So what can be done ? Well Lee Stranahan got a plan and he puts it into a kind of rant but he's a thinking guy ...watch this Puppy and share :>)
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.
SEC. 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
originally posted by: ClovenSky
The language appears to be that Kennedy was trying to take away the issuance of fiat from the fed. That he was instead trying to issue silver certificates that were tied to silver held by the government, so he was trying to tie our money to real physical assets again.
Maybe I am just blind in this instance. The search continues.
In 1961, at my direction, sales of silver were suspended by the Secretary of the Treasury. As further steps, I recommend repeal of those Acts that oblige the Treasury to support the price of silver; and repeal of the special 50-percent tax on transfers of interest in silver and authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes. I urge the Congress to take prompt action on these recommended changes.
The reason for the move was that the President had just signed legislation repealing the Silver Purchase Act. With this repeal, the Treasury Secretary could no longer control the issue of Silver Certificates on his own authority. However, the issuance of certificates could be controlled under the President's authority. Hence, for administrative convenience, President Kennedy issued Executive Order 11110.
Ironically, the purpose of the order and the legislation was to decrease the circulation of Silver Certificates, with Federal Reserve Notes taking their place. ...
To conserve on the silver needs of the Treasury, President Kennedy requested legislation needed to bring the issuance of Silver Certificates to an end and to authorize the Fed to issue small denomination notes (which it could not at that time). The Fed began issuing small denomination notes almost immediately after the legislation was passed. And in October 1964, the Treasury ceased issuing Silver Certificates altogether. If anything, E.O. 11110 enhanced Federal Reserve power and did not in any way reduce it.
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
To borrow Money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
originally posted by: ClovenSky
That wasn't from the article I posted but it appears to hold support from other sources.
originally posted by: seasonal
Or it sounds like the silver was pulled out of paper money and was going to be put into coins.