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JFK vs.
Federal Reserve
From: Catherick@aol.com
On June 4, 1963, a virtually
unknown Presidential decree, Executive Order 11110, was signed by President John
Fitzgerald Kennedy with the intention to 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. This matter has been exhaustively
researched by the Christian Common Law Institute through the Federal Register
and Library of Congress, and the Institute has conclude that President Kennedy's
Executive Order has never been repealed, amended, or superceded by any
subsequent Executive Order. In simple terms, it is still valid.
When John Fitzgerald Kennedy,
author of Profiles in Courage, signed this Order, it returned to the federal
government, specifically to 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 gave the
Treasury Department the explicit authority: "to issue silver certificates
against any silver bullion, silver, or standard silver dollars in the Treasury"
[the full text is displayed below]. 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 therein. As a result,
more than $4 billion in United States Notes were brought into circulation in $2
and $5 denominations. Although $10 and $20 United States Notes were never
circulated, they were being printed by the Treasury Department when Kennedy was
assassinated.
Certainly it's obvious that
President Kennedy knew that the Federal Reserve Notes being circulated as "legal
currency" were contrary to the Constitution of the United States, which calls
for issuance of "United States Notes" as interest-free and debt-free currency
backed by silver reserves in the U.S. Treasury. Comparing a "Federal Reserve
Note" issued from the private central bank of the United States (i.e., the
Federal Reserve Bank a/k/a Federal Reserve System), with a "United States Note"
from the U.S. Treasury (as issued by President Kennedy's Executive Order), the
two almost look alike, except one says "Federal Reserve Note" on the top while
the other says "United States Note". In addition, the Federal Reserve Note has a
green seal and serial number while the United States Note has a red seal and
serial number. Following President Kennedy's assassination on November 22, 1963,
the United States Notes he had issued were immediately taken out of circulation,
and Federal Reserve Notes continued to serve as the "legal currency" of the
nation.
Kennedy knew that if the
silver-backed United States Notes were widely circulated, they would eliminated
the demand for Federal Reserve Notes. This is a simple matter of economics. USNs
were backed by silver and FRNs were (still are) backed by nothing of intrinsic
value. As a result of Executive Order 11110, the national debt would have
prevented from reaching its current level (almost all of the $9 trillion in
federal debt has been created since 1963). Executive Order 11110 also granted
the U.S. Government the power to repay past debt without further borrowing from
the privately owned Federal Reserve which charged both principle and interest
and all new "money" it "created." Finally, Executive Order 11110 gave the U.S.A.
the ability to create its own money backed by silver, again giving money real
value.
Perhaps President Kennedy's assassination was a warning to future
presidents not to interfere with the private Federal Reserve's control over the
creation of money. For, with true courage, JFK had boldly challenged the two
most successful vehicles that have ever been used to drive up debt: 1) war
(i.e., the Vietnam war); and, 2) the creation of money by a privately owned
central bank. His efforts to have all U.S. troops out of Vietnam by 1965
combined with Executive Order 11110 would have destroyed the profits and control
of the private Federal Reserve Bank.
Executive Order 11110, the
AMENDMENT of EXECUTIVE ORDER No. 10289, as amended RELATING to the PERFORMANCE
of CERTAIN FUNCTIONS AFFECTING the DEPARTMENT of the TREASURY:
By virtue of the authority vested
in me by section 301 of Title 3 of the United States Code, it is ordered as
follows:
SECTION 1. Executive Order No.
10289 of September 19, 1951, as amended, is hereby further amended (a) By adding
at the end of paragraph 1 thereof the following subparagraph (j): "(j) The
authority vested in the President by paragraph (b) of section 43 of the Act of
May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue silver certificates
against any silver bullion, silver, or standard silver dollars in the Treasury
not then held for redemption of any outstanding silver certificates, to
prescribe the denominations of such silver certificates, and to coin standard
silver dollars and subsidiary silver currency for their redemption," and (b) By
revoking subparagraphs (b) and (c) of paragraph 2 thereof. SECTION 2. The
amendment made by this Order shall not affect any act done, or any right
accruing or accrued or any suit or proceeding had or commenced in any civil or
criminal cause prior to the date of this Order but all such liabilities shall
continue and may be enforced as if said amendments had not been made. JOHN F.
KENNEDY THE WHITE HOUSE, June 4, 1963
As said, Executive Order 11110 is
still valid. According to Title 3, United States Code, Section 301 dated January
26, 1998: Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as
amended by:
EO 10583, dated December 18, 1954,
19 F.R. 8725; EO 10882 dated July 18, 1960, 25 F.R. 6869; EO 11110 dated
June 4, 1963, 28 F.R. 5605; EO 11825 dated December 31, 1974, 40 F.R.
1003; EO 12608 dated September 9, 1987, 52 F.R. 34617
The 1974 and 1987 amendments, added
after Kennedy's 1963 amendment, did not change or alter any part of Kennedy's EO
11110. A search of Clinton's 1998 and 1999 EO's and Presidential Directives has
shown no reference to any alterations, suspensions, or changes to EO 11110.
The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private
Corporation. Black's Law Dictionary defines the "Federal Reserve System" as:
"Network of twelve central banks to which most national banks belong and to
which state chartered banks may belong. Membership rules require investment of
stock and minimum reserves." privately owned banks own the stock of the FED.
This was explained in more detail in the case of Lewis v. United States, Federal
Reporter, 2nd Series, Vol. 680, Pages 1239, 1241 (1982), where the court said:
"Each Federal Reserve Bank is a separate corporation owned by commercial banks
in its region. The stockholding commercial banks elect two-thirds of each Bank's
nine member board of directors." In short, Federal Reserve Banks are locally
controlled by their member banks.
Also, according to Black's Law
Dictionary, these privately owned banks are "allowed" to issue money: "The
Federal Reserve Act, created Federal Reserve banks which act as agents in
maintaining money reserves, issuing money in the form of bank notes, lending
money to banks, and supervising banks as administered by Federal Reserve Board
(q.v.)." Thus the privately owned Federal Reserve (FED) banks are allowed to
actually issue (create) the "money" we use.
In 1964, the House Committee on
Banking and Currency, Subcommittee on Domestic Finance, at the second session of
the 88th Congress, put out a study entitled Money Facts which contains a good
description of what the FED is: "The Federal Reserve is a total moneymaking
machine. It can issue money or checks. And it never has a problem of making its
checks good because it can obtain the $5 and $10 bills necessary to cover its
check simply by asking the Treasury Department's Bureau of Engraving to print
them." Any one person or any closely knit group that has a lot of money has a
lot of power. Imagine a group of people with the power to create money. Imagine
the power these people would have. This is exactly what the privately owned FED
is!
No man did more to expose the power of the FED than Louis T. McFadden,
who was the Chairman of the House Banking Committee back in the 1930s. In
describing the FED, he remarked in the Congressional Record, House pages 1295
and 1296 on June 10, 1932:
Mr. Chairman, we have in this
country one of the most corrupt institutions the world has ever known. I refer
to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve
Board, a Government Board, has cheated the Government of the United States and
he people of the United States out of enough money to pay the national debt. The
depredations and the iniquities of the Federal Reserve Board and the Federal
reserve banks acting together have cost this country enough money to pay the
national debt several times over. This evil institution has impoverished and
ruined the people of the United States; has bankrupted itself, and has
practically bankrupted our Government. It has done this through the
maladministration of that law by which the Federal Reserve Board, and through
the corrupt practices of the moneyed vultures who control it.
Some people think the Federal
Reserve Banks are United States Government institutions. They are not Government
institutions, departments, or agencies. They are private credit monopolies,
which prey upon the people of the United States for the benefit of themselves
and their foreign customers. Those 12 private credit monopolies were deceitfully
placed upon this country by bankers who came here from Europe and who repaid us
for our hospitality by undermining our American institutions.
The FED basically works like
this: The government granted its power to create money to the FED banks. They
create money, then loan it back to the government charging interest. The
government levies income taxes to pay the interest on the debt. On this point,
it's interesting to note that the Federal Reserve Act and the sixteenth
amendment, which gave congress the power to collect income taxes, were both
passed in 1913. The incredible power of the FED over the economy is universally
admitted. Some people, especially in the banking and academic communities,
support it. On the other hand, there are those like President John F. Kennedy,
that have spoken out against it. His efforts were lauded about in Jim Marrs'
1990 book Crossfire:
Another overlooked aspect of
Kennedy's attempt to reform American society involves money. Kennedy apparently
reasoned that by returning to the constitution, which states that only Congress
shall coin and regulate money, the soaring national debt could be reduced by not
paying interest to the bankers of the Federal Reserve System, who print paper
money then loan it to the government at interest. He moved in this area on June
4, 1963, by signing Executive Order 11110 which called for the issuance of
$4,292,893,815 in United States Notes through the U.S. Treasury rather than the
traditional Federal Reserve System. That same day, Kennedy signed a bill
changing the backing of one and two dollar bills from silver to gold, adding
strength to the weakened U.S. currency.
Kennedy's comptroller of the
currency, James J. Saxon, had been at odds with the powerful Federal Reserve
Board for some time, encouraging broader investment and lending powers for banks
that were not part of the Federal Reserve system. Saxon also had decided that
non-Reserve banks could underwrite general obligation bonds, again weakening the
dominant Federal Reserve banks."
In a speech made to Columbia
University on Nov. 12, 1963, ten days before his assassination, President John
Fitzgerald Kennedy said: "The high office of the President has been used to
foment a plot to destroy the American's freedom and before I leave office, I
must inform the citizen of this plight." In this matter, John Fitzgerald Kennedy
appears to be the subject of his own book... a true Profile of Courage.
According to the Constitution of the United States, (Article 1 Section 8), only
Congress has the authority to coin Money, regulate the Value thereof, and of
foreign Coin, and fix the Standard of Weights and Measures. However, since 1913
this Article has been ignored by creation and existence of the Federal Reserve
Act, which has given a private owned corporation the power and authority to
"create" and coin the money of United States. The Federal Reserve is comprised
of 12 private credit monopolies who have been given the authority to control the
supply of the "Federal Reserve Notes," interest rates and all the other monetary
and banking phenomena.
The way the Federal Reserve
works is this: 12 private credit monopolies "create", (print), Federal Reserve
Notes that are then "lent" to the American government. This is a circular affair
in that the government grants the FED power to create the money, which the FED
then loans back to the government, charging interests. The government levies
income taxes to pay the interest on the debt. It is interesting to note that the
Federal Reserve Act and the sixteenth amendment which gave congress the power to
collect income taxes, were both passed in 1913. The Federal Reserve Notes are
not backed by anything of "intrinsic" value. (i.e., gold or silver).
On June 4, 1963, President,
John Fitzgerald Kennedy signed a Presidential decree, Executive Order 11110,
which stripped the Federal Reserve Banking System of its power to loan money to
the United States Federal Government at interest. This decree meant that for
every ounce of silver in the U.S. Treasury's vault, the U.S. government could
introduce new money into circulation based on the silver bullion physically held
therein. As a result, more than $4 trillion in United States Notes were brought
into circulation in $2 and $5 denominations. $10 and $20 United States Notes
were never circulated but were being printed by the Treasury Department when
Kennedy was assassinated. Kennedy knew that if the silver backed United States
Notes were widely circulated, they would have eliminated the demand for Federal
Reserve Notes. By giving the U.S. Treasury the Constitutional authority to coin
U.S. money once again, EO 11110 would thus prevent the national debt from rising
due to "usury" that the American people are charged for "borrowing" (i.e.,
using) FRN's.
Kennedy knew that, if Congress coined and regulated money, as the
Constitution states, the national debt would be reduced by not paying interest
to the 12 credit monopolies. This in itself would have allowed the American
people freedom to freely use all the money they have earned, enabling the
economy to grow. Now, Executive Order 11110 is still in effect, even though no
U.S. President has had the courage to follow it. As Americans, it is our duty to
question the Federal Reserve System and the power that we have given it by
electing presidents that lack the courage of John Fitzgerald Kennedy.
More on JFK's Executive Order
11110: President Kennedy, The Fed
And Executive Order 11110
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