The never ending presumptions for people who don't understandOriginally Posted by pumpkin
“For 90% of our country’s history, we only borrowed for extraordinary purposes…to wage war, plug holes during severe downturns or to acquire territory,”
Bill White, former mayor of Houston, believes that our country has veered way off course with our federal debt. http://finance.yahoo.com/blogs/daily...123408710.html
White in the video above is correct that borrowing money to keep the government functioning normally is deceitful and goes against the “fiscal constitution” that our forefathers created, and the fiat they are paying you with.
And what are we borrowing? Federal Reserve Notes from a private bank called the Federal Reserve Bank. The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and set up the Federal Reserve System, and granted it the legal authority to issue Federal Reserve Notes, known as the U.S. Dollar, and Federal Reserve Bank Notes as legal tender.
This private credit is not lawful money here in the United States. Re-read 12 U.S. Code § 411 - Issuance to reserve banks; nature of obligation; redemption | LII / Legal Information Institute
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
You might as well let Wal-Mart print the money.
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