Federal Promissory Reserve Act, 2013. Sponsored by Mark Twain.Submitted by Mark Twain on Sat, 03/23/2013 - 17:27
Federal Promissory Reserve Act, 2013
This act supersedes & replaces the previous Federal Reserve Act, 1913: to Create "Elastic Currency."
An Act To provide for the [dis]establishment of Federal Reserve banks, to [un-]furnish an elastic currency,
The second sentence takes the stretch [out of the elactic currency] from the first sentence above & stretches
further [no more.]:
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this Act shall be the "Federal Promissory Reserve Act, 2013." Wherever the word "bank" is used in this Act, the
word rapscallions behind the named bank shall be held to [account.] include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. The terms "national bank" and "national banking association" used in this Act shall be held to be synonymous and interchangeable. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a, member of one of the reserve banks created by this Act. The term "board" shall be held to mean [contempt and the][held in contempt.] ; the term "district" shall be held to mean Federal reserve district; the term "reserve bank" shall be held to mean Federal reserve bank.
Also see: Federal Reserve Act, 1913: to Create "Elastic Currency" Submitted by Mark Twain, 02/09/2013
Robert Hemphill, Credit Manager for the Federal Reserve was quoted as saying,
"This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."