The Federal Reserve lies about United States Notes (Lincoln Greenbacks)
The Federal Reserve first starts off by telling the truth about United States Notes:
“U.S. notes, the first national currency, began circulating during the civil war; they were authorized by the Legal Tender Act of 1862. The Department of the Treasury issued these notes directly. Issuance was subject to limitations; the Congress established a statutory limitation of $300 million on the amount of U.S. notes outstanding and in circulation. Although this amount was significant in Civil War days, it is a very small fraction of the total currency now in circulation in the United States.“
Then, they tell a big lie:
“U.S. notes serve no function that is not already served by Federal Reserve notes.”
Completely false! U.S. Notes were issued interest-free by the government. The purpose they served was to not bankrupt the American people in funding the Civil War, by not subjecting them to an unpayable, interest-accruing debt, from the moment of creation, as Federal Reserve notes do.
They lie, not only mislead, since they give so many accurate details, only to lie about the most important distinguishing function of U.S. Notes from Federal Reserve notes — their interest-free issuance.
More analysis at http://fauxcapitalist.com/2009/10/30/the-federal-reserve-lie...
Yep, there's a difference.
Yep, there's a difference. Lincoln was free to print all the greenbacks he wanted without borrowing. The easier it is to counterfeit money, the easier it is to wage wars. That's not a good thing.
The Federal funds rate is currently pegged in the range of 0 to 0.25%. It is low interest rates that got us into the current economic mess. Outright counterfeiting would be a step in the wrong direction.
It Worked Because of the Gold Standard
The Notes only worked because there was a check on them in that they were not the only legal tender. Gold was in circulation and there was a premium discount on the notes.
What I have never figured out is that I have some 1960s US NOTES 2 dollar bills. It is my understanding that these were backed by US Treasury Silver behind the scenes - somehow. So they must not have been pure notes as in the Greenback sense.
Lincoln printed no interests notes without paying off bankers and Kenedy printed no interest notes without bankers involved. What ever happened to those two guys after they did this end run around the bankers.
Greenbacks were not
Greenbacks were not convertible to gold when they were issued. It took many years after the war against secession for the gold standard to be rehabilitated.
Silver certificates were redeemable for actual silver dollars at any bank. I was there. :-)
The thing about Kennedy and the Treasury notes is a misunderstanding that lead to a myth.
How about an audit
on Ben B?
Does The Fed Pay Taxes?
Yes!
This issue is very important. check out "seven financial conspiracies that have enslaved the american people" by sarah emery or "lightning over the treasury building" by john elsom
www.INFOWARS.com www.survivalblog.com www.campaignforliberty.com
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David Rockefeller in his book memoirs