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To Hell with Fractional-Reserve ‘Debt’-Based Banking Constitutional Amendment
(It is extremely important that the average citizen understand our present system of debt-based currency issuance, which most people, unfortunately, do NOT understand, although it amounts to nothing more than a simple extortion racket clothed in a lot of financial mumbo jumbo: YOU (hereinafter referred to as the Serf) sign a promissory note of some kind, a mortgage, a business 'loan', or you swipe a credit card or acquiesce to some other credit instrument to THEM (hereinafter referred to as the Neofeudal Lords); they then create the money out of nothing ("ex nihilo"), and you pay it back over a lifetime with blood, sweat, labor, creativity, and tears; (here comes the truly diabolical part) then, they EXTINGUISH the principal portion hidden in every single one of your 'loan' payments while skimming off the interest portion to keep and play with (hey, they gotta pay for those mansions in the Hamptons somehow); this extinguishment of principal reduces the money supply and thus compels the population as a whole to take out more 'loans' from them in order to keep a requisite quantity of currency in circulation for advancing business and trade.
Let me simplify it even further: You are a Serf on a tread mill of eternal bogus debt to Neofeudal Lords.
The more ‘debt’, the greater the quantity of currency in circulation (there is no other way to create it under the present system), the less the purchasing power of the dollar, the higher the consumer price index (most importantly, the higher the costs of production), the more our manufacturing capacity is gutted by outsourcing, the harder you must work to maintain a standard of living.
If we can spend mystifying trillions of dollar on a worthless war on terror---which, surprise-surprise, only creates more terror---we can afford to do something different and beneficial for American citizens! We can afford to allocate our productivity in ways that benefit us all, not just the 0.1% in the financier class.)
The amendment proper:
(1) Rescind the Federal Reserve Act of 1913 and replace existing Federal Reserve notes and check book balances in all U.S. banking and credit-creating institutions on a 1-to-1 basis with U.S. Treasury-issued dollars and U.S. Treasury-denominated bank balances. Bankers are prohibited from creating credits to themselves in anticipation of the date of passage of this amendment, and any strategies employed by them involving ex nihilo credit creation specifically to take advantage of the transition to U.S. Treasury-issued dollars or U.S Treasury-denominated bank balances will be considered treason to the American people and punished accordingly.
(2) The principal portion of installment payments on presently existing financial loan contracts which originated via credit creation by institutions in the Federal Reserve system are not to be extinguished from the money supply, as is heretofore the case, but are to be distributed annually to existing individual U.S. citizens holding accounts in those respective Federal Reserve institutions in possession of the financial contract, in amounts proportional to the product of the minimum daily account balance for the preceding year and the number of days the account was active. Interest payments continue to redound to the parties which hold the promissory notes of existing financial contracts.
(3) Henceforward, credit creation by banking and financial institutions in the United States is prohibited. Loans are required to originate from previous savings of U.S. Treasury dollar notes and U.S. Treasury-denominated bank balances which are to be held in specific sequestered accounts designated solely for lending by the various financial institutions, with interest charges to be determined by the contracting parties. Deposits in the form of checkable accounts or savings accounts are kept separate and are redeemable on demand. Any existing financial contracts involving the transfer of earnings or savings into various funds, trusts, pensions, and retirement accounts and whose payments do not originate via direct credit creation remain fully in effect. All holdings of United States Treasury bonds existing at the time of passage of this amendment qualify as valid debts of the U.S. government.
(4) Fund the U.S. government directly via Treasury-issued currency authorized by the Congress in its yearly federal budget. The borrowing of money from banking institutions to pay for federal government expenditures, including the issuance of Treasury Notes and Bonds to the Federal Reserve system of banks, financial institutions, or individuals, is prohibited.
(5) Abolish the Federal Income Tax on individuals, corporations, and business enterprises and institute a federal sales tax with a varying yearly tax rate adjusted by the U.S. Congress in session, the sole aim of such adjustments being to maintain a stable or decreasing Consumer Price Index based on data collected by the Federal Government. Any such sales taxes taken in by the Federal Government are extinguished from the currency supply to keep the Consumer Price Index stable or decreasing and are not utilized for further funding. The Sixteenth Amendment to the U.S. Constitution is hereby voided.
(6) The adoption of this amendment does not prohibit the use by the citizens of the United States of any alternative currencies they should choose to use in their private or commercial transactions.