http://www.dailypaul.com/128682/hey-the-gig-is-up-federal-reserve-act-has-a-backout-clause
By: Submitted by Daddy WarBucks on Thu, 03/11/2010
WATCH NOW: The GIG is UP:Money, the Federal Reserve and You. by Populist lawyer, Gary Fielder.
http://www.gigisup.net/Default.aspx
The Federal Reserve Bunk
http://dmc.members.sonic.net/sentinel/naij2.html
By Harry V. Martin
Copyright FreeAmerica and Harry V. Martin, 1995
Article I, Section 8, Clause 5, of the United States Constitution provides that Congress shall have the power to coin money and regulate the value thereof and of any foreign coins. But that is not the case. The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
The Federal Reserve System was established by President Woodrow Wilson in 1913. The premise used by President Wilson and his financial advisors for the establishment of the Federal Reserve System was to "supplant the dictatorship of the private banking institutions" and "to stabilize the inflexibility of national bank note supplies". The previous system of banking was "feudal" in nature, in which private bankers control communities and could issue their own bank notes. They had little regulations concerning reserve assets and loan policies. Banking was a patch-quilt of institutions scattered across the face of the nation with no central policy.
http://dmc.members.sonic.net/sentinel/naij2.html
CONCLUSION
No Congress, no President has been strong enough to stand up to the foreign-controlled Federal Reserve Bank. Yet there is a catch - one that President Kennedy recognized before he was slain - the original deal in 1913 creating the Federal Reserve Bank had a simple backout clause. The investors loaned the United States Government $1 billion. And the backout clause allows the United States to buy out the system for that $1 billion. If the Federal Reserve Bank were demolished and the Congress of the United States took control of the currency, as required in the Constitution, the National Debt would virtually end overnight, and the need for more taxes and even the income tax, itself. Thomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
Join and organize to END the FED.
http://endthefedusa.ning.com/
The article is reproduced in accordance with Section 107 of title 17 of the Copyright Law of the United States relating to fair-use and is for the purposes of criticism, comment, news reporting, teaching, scholarship, and research.
By: Submitted by Daddy WarBucks on Thu, 03/11/2010
WATCH NOW: The GIG is UP:Money, the Federal Reserve and You. by Populist lawyer, Gary Fielder.
http://www.gigisup.net/Default.aspx
The Federal Reserve Bunk
http://dmc.members.sonic.net/sentinel/naij2.html
By Harry V. Martin
Copyright FreeAmerica and Harry V. Martin, 1995
Article I, Section 8, Clause 5, of the United States Constitution provides that Congress shall have the power to coin money and regulate the value thereof and of any foreign coins. But that is not the case. The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
The Federal Reserve System was established by President Woodrow Wilson in 1913. The premise used by President Wilson and his financial advisors for the establishment of the Federal Reserve System was to "supplant the dictatorship of the private banking institutions" and "to stabilize the inflexibility of national bank note supplies". The previous system of banking was "feudal" in nature, in which private bankers control communities and could issue their own bank notes. They had little regulations concerning reserve assets and loan policies. Banking was a patch-quilt of institutions scattered across the face of the nation with no central policy.
http://dmc.members.sonic.net/sentinel/naij2.html
Federal Reserve Acthttp://www.federalreserve.gov/aboutthefed/section31.htm
Section 31. Reservation of Right to Amend
1. Reservation of Right to Amend
The right to amend, alter, or repeal this Act is hereby expressly reserved.
CONCLUSION
No Congress, no President has been strong enough to stand up to the foreign-controlled Federal Reserve Bank. Yet there is a catch - one that President Kennedy recognized before he was slain - the original deal in 1913 creating the Federal Reserve Bank had a simple backout clause. The investors loaned the United States Government $1 billion. And the backout clause allows the United States to buy out the system for that $1 billion. If the Federal Reserve Bank were demolished and the Congress of the United States took control of the currency, as required in the Constitution, the National Debt would virtually end overnight, and the need for more taxes and even the income tax, itself. Thomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
Join and organize to END the FED.
http://endthefedusa.ning.com/
The article is reproduced in accordance with Section 107 of title 17 of the Copyright Law of the United States relating to fair-use and is for the purposes of criticism, comment, news reporting, teaching, scholarship, and research.
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