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Here is a summary of my November 17, 2013 interview on Erskine Overnight, on the Genesis Communications Network:

2m – Usury redefined from any amount of interest to an arbitrary amount set by law
3m – Actual U.S. federal debt exceeds world’s annual economic production, and derivatives estimated to be over 1000 trillion dollars
4m – Derivatives brought down Wall Street banks, unregulated credit default swaps
6m – States getting around their constitutionally mandated balanced budget requirements
7m – States and federal government should be issuing their own interest-free credit
7m – interest-free United States Greenbacks
8m – Despite more seeming competition in U.S., relative to Canada, top 6 U.S. commercial banks have over 70% of commercial deposits
9m – Bank for International Settlements in Switzerland, founded in 1930, as a bank for central bankers, with around 60 countries as members
15m – Money is supposed to primarily serve as a medium of exchange between producers
15m – Money is actually functioning primarily as a medium of power
18m – 1933 gold confiscation, 1934 silver confiscation, 40% backing by gold, confiscated gold may have been pledged to international interests
19m – Canada’s largest gold bank, Scotiabank, caught not having enough physical gold in their vaults
20m – China and India’s interest in gold
21m – Platinum also a great micro investment
26m – Bitcoins – started in January 2009, don’t know who was behind it, all transactions are public
27m – government plans to tax Bitcoin transactions – income and capital gains
27m – $150 million in total Bitcoins at start of 2013, up to $4.5 billion as of mid-November 2013
29m – Ron Paul Liberty Dollar success, and subsequent government crackdown
31m – Success of the Bank of North Dakota
31m – Bill to study state bank, passed by California’s House and Senate, but vetoed by supposed man of the people, Democratic Governor, Jerry Brown
32m – Local currencies
32m – States prohibited from coining their own currency
33m – States can issue their own interest-free credit
38m – New bail-in provisions, even worse than bailouts
39m – Difference between capitalism and free enterprise
40m – Over 95% of money today is numbers in a computer
41m – Coins are only debt-free money put into circulation by government, currently
41m – Compound interest, compounding the debt exponentially, mathematically doomed to fail, because producers cannot exponentially increase their value to debtors in the long-run
42m – Banks can charge a fee instead of charging usury
43m – Need to cut back unsustainable federal programs, because tax revenues don’t match up with spending obligations
49m – Estimated $16 trillion given to banks by TARP bailout, and $1 trillion went to European banks alone at the hands of the so-called United States Federal Reserve
50m – Out of around 190 countries in the world, only around 30-40 countries had no net debt, or there was no information for them

For more on Erskine, see my articles here.

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Peter DuesbergOn the August 25, 2013 episode of Exposing Faux Capitalism with Jason Erb on Truth Frequency Radio, I interviewed Dr. Peter Duesberg.

Hour 1: Interview with Dr. Peter Duesberg, the most prominent critic of the 20+-year AIDS scam. See here for the edited archive for this interview.

Hour 2: Constitutional credit, redefinition of usury, payday lender criminal interest charges under colour of law.

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Lyndon H. LaRouche, Jr.

When Lyndon LaRouche made his second appearance on The Alex Jones Show on June 30, 2011, he made a bogus claim about America’s monetary system.

At around 42 minutes into the second hour GCN archive, he claimed that Alexander Hamilton set up a system of national credit in the U.S., and not a monetary system, like in the UK.

However, it was Hamilton who lobbied for a privately owned central bank modeled after the private Bank of England, and it is the Constitution that says that Congress alone has the power to coin money, and that states can only make gold and silver legal tender in payment for debts.

I covered LaRouche’s first interview on the Alex Jones Show in my April 9, 2011 article, Lyndon LaRouche jumps off the deep end on Alex Jones.

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Painting, 1856, by Junius Brutus Stearns, Wash...

There are a lot of different things said about what the U.S. Constitution mandates regarding the monetary system, and to clarify, here is my analysis:

  • Congress has the sole public power to strike coins from any metal. The proof that it isn’t limited to gold and silver is the plain language, “coin money,” and the first Coinage Act of 1792, which provided for the coining of bronze coins as well as gold and silver.
  • Exercise of that power is optional, just as is their power to declare war.
  • Congress does not have the power to create any non coin-based money, based on an originalist interpretation of the Constitution and a strict interpretation of its enumerated power to coin money and the 10th Amendment.
  • Individuals and non-corporate associations of individuals retain the right to mint coins or issue paper currency, as per the 9th Amendment, so long as there is no counterfeiting.
  • States have the option of enacting legal tender laws, and if they do, gold and silver must be made legal tender in payment of debts.
  • People and even businesses are allowed to accept payment for goods and services in something other than gold and silver, regardless of legal tender laws, because of the distinction between payment for goods and services and payment of debts.
  • States are prohibited from issuing “bills of credit,” which specifically refers to paper currency. Due to the Tenth Amendment, the States retain powers not delegated to Congress, and, therefore, they have the power to issue credit that isn’t backed by anything, so long as there is no paper currency associated with it.

For my other writings about a constitutional monetary system, see The U.S. Constitution doesn’t say money should be gold or silver coin, and The Constitution doesn’t insist on a gold or silver-backed currency.

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Hammer and sickle

In criticizing the privately-owned Federal Reserve, some point to the establishment of a central bank as one of the 10 planks of the Communist Manifesto.

That’s true, but it’s not the whole story.

The fifth plank of The Communist Manifesto is:

Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.

Therefore, the Communist Manifesto doesn’t just call for a central bank, but a public central bank, and not just a public central bank, but a public central bank with an exclusive monopoly of credit.

Criticism of the Federal Reserve is justified on many levels, including constitutional and moral, but not on the basis of it being a plank of the Communist Manifesto.

The central United States Treasury is authorized by the Constitution, as is Congress’ exclusive public power to coin money, but the Founding Fathers certainly weren’t communists, since communism, as later espoused by Marx and Engels, is in complete opposition to the form of government the United States had which made it so economically successful.

Congress’ exclusive public power to coin money doesn’t prohibit private individuals or non-corporate associations of individuals from coining currency, nor from them accepting it as payment for goods and services or private debts. Nor does that power have to be exercised, just as its power to declare war doesn’t have to be exercised.

Nearly all detractors of the Federal Reserve I’ve heard from point to the failure of all three central banks under the Constitution of the United States, but fail to point out that they were all majority privately-owned, which is an important omission, since privately-owned entities tend to serve the interests of their shareholders and not some wider group, such as the general public.

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US national debt clock, 2008

In many jurisdictions, such as California, children who are entitled to receive child support payments are only entitled to simple interest on arrears.

The banksters, however, who create credit out of nothing, loan it out at compound interest.

Take the simple example of $10,000 owed over 10 years. With simple interest of 10%, as required in California, the child will be owed $20,000 10 years later.

With annual compound interest of 10%, the banksters will be owed $25,937.42, or 30% more. But hey, the banksters need that extra money to pay for their government lobbyists. After all, the children have the rest of their lives to pay off their individual compounding debt, and if that’s not enough, they can transfer it to their own children, as previous generations have.

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Elizabeth Warren, professor of contract law at Harvard, said the following in a May 11, 2009 interview with Charlie Rose:

Elizabeth Warren: “Can you read your credit card agreement?”

Charlie Rose: “No.”

Warren: “I can’t either. I teach contract law as well. It’s more than 30 pages long.”

Full video and transcript available here.

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