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Posts Tagged ‘interest-free money’

“The World’s Most Listened to Late Night Talk Show”, Coast to Coast AM, with its estimated 3 million weekly listeners, has recently presented the case for sovereign, debt-free currency, over the gold standard.

On May 23, 2010, Joseph P. Farrell, author of Babylon’s Banksters, presented his case. From the show description:

One is a closed system, based on scarce resources, energy or money. The other is an open system, in which energy is in abundant supply, “and where money in turn reflects this by being a creation of the state, and therefore a debt-free instrument of exchange,” he detailed.

Any bank including the Federal Reserve can never issue interest, they can only lend money into circulation, so that there’s never enough money to pay the interest on the principle, he continued. A state, however, can issue debt-free money yet past US Presidents such as Lincoln, Garfield, and Kennedy all ended up assassinated after they tried to change the banking system, Farrell pointed out.

Then, on June 28, investigative journalist Jim Marrs, author of Rule by Secrecy and The Rise of the Fourth Reich, presented his case. From the show description:

He referred to the US as a “zombie nation” because citizens and the country itself are trillions of dollars in debt. JFK ended up dead not longer after he issued $4.2 billion in currency that was printed by the Treasury instead of the Federal Reserve, which in reality is a group of 12 banks that charge interest, he noted.

Read how the illegal Federal Reserve lies about United States Notes (Lincoln Greenbacks), and about private central bank misinformation.

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The Federal Reserve first starts off by telling the truth about United States Notes:

U.S. notes, the first national currency, began circulating during the civil war; they were authorized by the Legal Tender Act of 1862. The Department of the Treasury issued these notes directly. Issuance was subject to limitations; the Congress established a statutory limitation of $300 million on the amount of U.S. notes outstanding and in circulation. Although this amount was significant in Civil War days, it is a very small fraction of the total currency now in circulation in the United States.

Then, they tell a big lie:

“U.S. notes serve no function that is not already served by Federal Reserve notes.”

Completely false! U.S. Notes were issued interest-free by the government. The purpose they served was to not bankrupt the American people in funding the Civil War, by not subjecting them to an unpayable, interest-accruing debt, from the moment of creation, as Federal Reserve notes do.

They lie, not only mislead, since they give so many accurate details, only to lie about the most important distinguishing function of U.S. Notes from Federal Reserve notes — their interest-free issuance. Sarah Emery, in her 1887 work, Seven Financial Conspiracies Which Have Enslaved the American People, states: “the enactments of July 17, 1861, and February 12, 1862, authorizing the issue of $60,000,000 treasury notes, not bearing interest and payable for all debts, public and private.

The function they serve that isn’t already served by Federal Reserve notes is that not a single penny of interest was ever due on them, nor will ever be due, by the American people to the bankers or the government.

Furthermore, Federal Reserve member banks are unable to draw United States Notes whenever they please, unlike Federal Reserve notes. As the U.S. Treasury states,

A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.

While the Federal Reserve gives some very factual information on its website, such as the fact that they don’t ‘print’ any money, in this case, however, they told a lie about U.S. Notes — their interest-free competitor.

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