Upgrade Today! Streaming real-time quotes from only $9.99
Trade Free for 60 Days
Free Zone | User's Groups | Zeev's Turnips Patch-No Politics (ZEEV)

Public Reply | Private Reply | Keep | Last ReadNext 10 | Previous | Next
Posted by: federal reserves Member Level  Date: Sunday, June 01, 2003 7:39:15 PM
In reply to: None Post # of 659412  Send a link via email Share on Facebook Tweet this post
President Kennedy, Executive Order 11110

From The Final Call, Vol15, No.6, on January 17, 1996 (USA)

On June 4, 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve. Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation. In all, Kennedy brought nearly $4.3 billion in U.S. notes into circulation. The ramifications of this bill are enormous.

With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business. If enough of these silver certificats were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything. Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the gevernment the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver.

After Mr. Kennedy was assassinated just five months later, no more silver certificates were issued.

Public Reply | Private Reply | Keep | Last ReadNext 10 | Previous | Next
Favorites Add Zeev's Turnips Patch-No Politics (ZEEV) To Favorites Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist

© 2010 InvestorsHub.Com, Inc.