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On June 4, 1963,
a virtually unknown US Presidential decree, Executive Order 11110, was
signed with the authority to basically strip the Federal Reserve Bank of
its power to loan money to the United States Federal Government at
interest.
With the stroke of a pen, President Kennedy declared that the privately
owned Federal Reserve Bank would soon be out of business.
The Christian Law Fellowship has exhaustively researched this matter
through the Federal Register and Library of Congress. We can now safely
conclude that this Executive Order has never been repealed, amended, or
superceded by any subsequent Executive Order. In simple terms, it is
still valid.
When President John Fitzgerald Kennedy - the author of Profiles in
Courage - signed this Order, it returned to the federal government,
specifically the Treasury Department, the Constitutional power to create
and issue currency - money - without going through the privately owned
Federal Reserve Bank.
President Kennedy's Executive Order 11110 [the full text is displayed
further below] gave the Treasury Department the explicit authority: 'to
issue silver certificates against any silver bullion, silver, or
standard silver dollars in the Treasury'. This means that for every
ounce of silver in the U.S. Treasury's vault, the government
could introduce new money into circulation based on the silver bullion
physically held there.
Kennedy knew that if the silver-backed United States Notes were widely
circulated, they would have eliminated the demand for Federal Reserve
Notes. This is a very simple matter of economics. The USN was backed by
silver and the FRN was not backed by anything of intrinsic value.
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