debit based Fed issued fiat currency is replaced with credit based Congress issued fiat currency
but on a selective basis and not straight redemption
bill already on the floor in Congress and requires only simply majority to take effect
Background:
JPM is the largest shareholder in the Fed, a private organization 'bank'
Fed holds little to no gold compared to US Department of Treasury
Fed's main assets are US Bonds denominated in Fed dollars
so called 'Petro Dollar' makes Fed note effectively an oil backed currency, assume the same for US issued dollar
Fed notes have no redemption rights for hard assets like gold and silver or other value, just a paper IOU
Quantitative Easing by the Fed continues to undermine the value of Fed issued currency
Fed reserves right to capriciously change interest rates on their IOUs [Fed issued notes]; think ARM
Fed and member banks run massive operation losses accounted as 'deferred assets' to balance their books
Fed has never been audited and refuses all requests to do so
cash based business; drug, weapons, and human trafficking cartels, hold huge reserves of Federal Reserve notes
much more, but let's start with this
US Congress issues credit based fiat currency; a.k.a., US Notes
What happens next?
discuss
