The US Federal Government Can Go Bankrupt Completely and Not Infect the Rest of the Country Because it's a CorporationSubmitted by Michaelwiseguy on Tue, 03/26/2013 - 01:02
The United States Federal Government is a Corporation and can be liquidated in a Chapter 7 Bankruptcy.
The 17 Trillion Dollar District of Columbia Corporation Debt Is Not National Debt!
The debt of the Federal Government Of The United States Of America Corporation as Enacted is theirs and theirs alone! The States Don't Have to Pay on It!
The District of Columbia Organic Act of 1871 aka “An Act to provide a Government for the District of Columbia (41st Congress, 3d Sess., ch. 62, 16 Stat. 419, enacted 1871-02-21) is an Act of Congress, which revoked the individual charters of the City of Washington, the City of Georgetown, and the County of Washington and created a new city government for the entire District of Columbia. The legislation effectively merged what had been separate municipalities within the federal territory into a single entity. It is for this reason that the city, while legally named the District of Columbia, is still commonly known as Washington, D.C. However, this act was abolished in 1874, and while the name did not change, the territorial Governor was replaced with a three-member Board of Commissioners appointed by the President. This system existed until 1974 when the District of Columbia Home Rule Act allowed for District residents to elect their own mayor.
District of Columbia Home Rule Act - As Amended Through 1997
The Stock Share Holders of the Washington D.C. Corporation are alone responsible for the 17 trillion dollar debt, made so by the Act of 1871 and subsequent Act revisions.
IS THE UNITED STATES GOVERNMENT A CORPORATION?
IF TRUE, SO WHAT?
© 2007 by G. Edward Griffin. Revised 2007 December 17.
"A CHARTER FOR CITY GOVERNMENT
My own analysis is different. While it is true that Washington DC was created by the Act of 1871, its territory was limited to the District of Columbia and it was defined as a municipal corporation, which means it was limited to the affairs of city government. Three years later, on June 20, 1874, a new Act was passed by Congress that abolished the original city government and replaced it with a three-man commission, appointed by the President with the consent of the Senate. Its scope as a municipality did not change. A third Act of Congress, dated June 11, 1878, clarified the powers of the Commission but retained all the essential features of the previous Act, especially those that defined the nature of the District of Columbia as a municipal administrative unit. The following overview, taken from a Supreme Court decision (District of Columbia v. Camden Iron Works, 181 U.S. 453 (1901) 181 U.S. 453) describes this evolution:
The 1st section of the act 'to provide a government for the District of Columbia,' approved February 21, 1871 (16 Stat. at L. [181 U.S. 453, 458] 419, chap. 62), provided: 'That all that part of the territory of the United States included within the limits of the District of Columbia be, and the same is hereby, created into a government by the name of the District of Columbia by which name it is hereby constituted a body corporate for municipal purposes, and may contract and be contracted with, sue and be sued, plead and be impleaded, have a seal, and exercise all other powers of a municipal corporation not inconsistent with the Constitution and laws of the United States and the provisions of this act.'
A governor and legislature were created; also a board of public works, to which was given the control and repair of the streets, avenues, alleys, and sewers of the city of Washington, and all other works which might be intrusted to their charge by either the legislative assembly or Congress. They were empowered to disburse the moneys received for the improvement of streets, avenues, alleys, sewers, roads, and bridges, and to assess upon adjoining property specially benefited thereby a reasonable proportion of the cost, not exceeding one third.
June 20, 1874, an act was passed entitled 'An Act for the Government of the District of Columbia, and for Other Purposes.' 18 Stat. at L. 116, chap. 337. By this act the government established by the act of 1871 was abolished and the President by and with the advice and consent of the Senate was authorized to appoint a commission, consisting of three persons, to exercise the power and authority vested in the governor and the board of public works, except as afterwards limited by the act.
By a subsequent act approved June 11, 1878 (20 Stat. at L. 102, chap. 180), it was enacted that the District of Columbia should 'remain and continue a municipal corporation,' as provided in 2 of the Revised Statutes relating to said District (brought forward from the act of 1871), and the appointment of commissioners was provided for, to have and to exercise similar powers given to the commissioners appointed under the act of 1874."
It also follows, The Federal Reserve Act of 1913 created a Banking Corporation with Stock Share Holders.
The accumulated debt held on the Federal Reserve Corporation's balance sheet belongs to The Stock Share Holders of the Federal Reserve Corporation, and the owners of its Member Banks, period.
District of Columbia Act of 1871 Defacto formed 1
District of Columbia Act 1871 De Facto formed 2
District of Columbia Act 1871 De Facto formed 3