posted on Aug, 5 2011 @ 06:23 PM
reply to post by burdman30ott6
Bottom line, under the current system those "colorful pieces of numbered paper" can be exchanged for goods and/or services.
In the USA only three percent of the "Money" is colored paper. The rest is
bank loans. The USA banks are now operating at
an effective zero reserve.
That means all those bank contracts
like business loans and mortgages are null and void if the judges had the gonads to follow the letter of the law and the precedent that was set by
As to what will happen.
The state of North Dakota has already set up a "State Bank" and is doing great.
...The Federal Reserve, too, has declared that it cannot help the states with their budget problems...
Inspired by North Dakota’s example, twelve states have now introduced bills to form state-owned banks or to study their feasibility. Eight of these
bills have been introduced just since January, including in Oregon, Washington State, Massachusetts, Arizona, Maryland, New Mexico, Maine and
California. Illinois, Virginia, Hawaii and Louisiana introduced similar bills in 2010. www.webofdebt.com...
A group of State Representatives in New Hampshire, state motto: "Live Free Or Die," have introduced a voluntary, parallel Gold/Silver money
bill for the Granite State.... goldmoneybill.org...
For most people the "underground economy" is going to get into full swing. By the time Reagan was president 1/3 of US taxes were lost because of
exchanges within the underground economy.
This is why Obamacare had the change to the tax code that later got removed. It would have required businesses to send 1099 forms for all purchases of
goods and services over $600 annually both to each vendor and to the IRS. It would have been a real headache for small businesses.
The game plan of the big players is to usher in "Global Governance" by 2025 which no doubt will include a global central bank and global
This is why the world is being treated to a financial crisis.
To complete their plans they must also have a global tax. That was what "Global Warming" hoax was all about. A method to push everyone into a
global tax paid to the UN or World Bank. Don't worry they have not given up on that plan, they are just regrouping.
WHY a tax?
This article also explains that given we are stuck with a fiat currency and the FED more than doubled the money supply, why the USA has not seen
No wonder Amendment 16 - Status of Income Tax Clarified was Ratified 2/3/1913, a few months before the Federal Reserve Act.
...Given the previous hyperinflation, clearly there was ample reason for currency revulsion. So you can consider this argument a necessary but not
sufficient precondition. What makes the universal acceptance stick is that government accepts its own money to expunge liabilities to it. In plain
English, fiat money has value because it is the only money you can use to pay taxes. ....The fact that this money is also the medium of exchange
only entrenches its use. So the tax liability is a necessary pre-condition for fiat currency to work, something I will return to....
One they manage to get a "Global Tax" we are going to be seeing the end of sovereign nations.