Our Economic System
Our economic system no longer uses real money (gold and silver) as
defined by the constitution. We are now on a credit system backed by
nothing of value.
escaped from in England. That’s why there were provisions in the Constitution of the
United States of America to stop this type of banking system from taking root in our
nation. Article 1, Section 8, clause 5 states:
Article 1, Section 10 in part states:
“No state shall use any thing but gold and silver coin as tender in
payment of its debts;”
This eliminated the ability of a bank to "create" money. Money could only be
created when it was mined and minted.
The Mintage Act of 1792 established that a "Dollar" unit contained 371.25 grains
pure silver with the pure gold dollar weight equivalent fixed at 24.75 grains. This
established and exchange rate of 15:1 (silver to gold) with both metals coined
into legal tender for all debts. Under this Act free coinage was provided for. This
meant that any person could bring into the Mint their gold or silver bullion and
have it coined free of expense.
However, not everyone could carry around large quantities of metal for every
purchase that they needed to make. Thus the concept of the Note was
implemented. However, all Notes were to be backed by the legal tender of the
country, gold and silver.
Originally the Treasury printed the Notes. They were issued as UNITED STATES
NOTES and their inscription said:
"This note is a legal tender for one dollar. UNITED STATES will pay to
bearer one dollar."
With the creation of the Federal Reserve in 1913 the power to create money was
transferred from the Government to an external group of bankers. This is
documented in detail in the video presentation "The Money Masters"
The original inscription on a FEDERAL RESERVE NOTE(1913 - 1934) was:
"Redeemable in gold on demand at the UNITED STATES TREASURY or
in lawful money, at any FEDERAL RESERVE BANK. Will pay to the
bearer on demand one dollar."
On March 9, 1933, the U.S. declared bankruptcy, as expressed in President
Franklin Delano Roosevelt's Executive Orders 6073, 6102, 6111, and 6260.
President Roosevelt declared a National Emergency that made it unlawful for any
citizen of the United States to own gold. Our bankrupt nation went into
receivership and reorganized in favor of its creditor and new owners, a private
corporation of international bankers. Since then what is called the "United States
Government" became a privately owned corporation of the Federal Reserve/IMF.
Public Law 94-564 Legislative History, pg. 5936, 594531 U.S.C.A. 31431 U.S.C.A.
5112C.R.S. 11-61-101C.R.S. 39- 22-103.5
On June 5, 1933, Congress passed HJR-192. House Joint Resolution 192 was
passed to suspend the gold standard and abrogate the gold clause in the
national constitution. Since then no one in America has been able to lawfully pay
a debt. This resolution declared:
House Joint Resolution 192, 73d Congress, Sess.I, Ch. 48, June 5, 1933 (Public
Law No. 10).
Note: "payment of debt" is now against Congressional and "public policy" and
henceforth, "Every obligation...Shall be discharged."
As a result of HJR-192, and from that day forward (June 5, 1933), no one in this
nation has been able to lawfully pay a debt or lawfully own anything. The only
thing one can do is tender in transfer of debts, with the debt being perpetual. The
suspension of the gold standard, and prohibition against paying debts, removed
the substance for our common law to operate on, and created a void as far as
the law is concerned. This substance was replaced with a "Public National
Credit System" where debt is "Legal Tender" money. The Federal Reserve calls
it "monetized debt."
HJR-192 was implemented immediately. The day after President Roosevelt
signed the resolution, the treasury offered the public new government
securities, minus the traditional "payable in gold" clause.
The inscription on a FEDERAL RESERVE NOTE (1934 - 1968) changed as a result
to:
"This note is legal tender for all debts public and private and is
redeemable in lawful money at the UNITED STATES TREASURY, or any
FEDERAL RESERVE BANK. Will pay to the bearer on demand one
dollar."
In 1965 Congress passed the "Coinage Act of 1965" completely debasing the
Constitutional Coin; (gold & silver, i.e. Dollar). U.S. vs. Marigold, 50 U.S. 560, 13
L. Ed. 257.
At the signing of the Coinage Act on July 23, 1965, Lyndon B. Johnson stated, in
his Press Release that:
In 1967, in a brazenly unconstitutional act, Congress repudiated its obligation to
redeem silver certificates in silver coin or bullion.
In the book, Pieces of Eight, Dr. Edwin Vieira writes:
The resultant inscription changed on a FEDERAL RESERVE NOTE (1968 - Present)
to:
"This note is legal tender for all debts, public and private"
Now Today we live in a financial system where there is no money.
Through each successive step the value of the dollar has been debased and each
safeguard for it to retain value has been removed. In essence when we are dealing
in business transactions the value of the dollar is based on the good faith and credit
of the American people.
The most important thing we learned here is that debt can no longer be paid. It can
only be discharged. By discharge we mean that one debt must be exchanged for
another debt. This is also the reason for the expansion of our public and private debt.
With the understanding of how money is created by the Federal Reserve, we know
that the currency we use today is unconstitutional and valueless.
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