11 votes

Was JFK Really Taking on the Fed? Pro and Con.

Perhaps someone can explain this. "Debunkers" say that he was actually retiring silver certificates, but many truth advocates say that he threatened the Fed by allowing the Treasury to print a metal-backed note. I am hoping someone can boil it down so we can see if this was one of the reaons he was murdered. It is a complicated issue and I am having trouble deciding who is right.

Not that it is necessary to show a motive for a conspiracy. Pulling out of Vietnam and detente with Russia would have been enough.

Pro (well-known essay, JFK was challenging the Fed):
http://john-f-kennedy.net/thefederalreserve.htm

'When President John Fitzgerald Kennedy - the author of Profiles in Courage -signed this Order, it returned to the federal government, specifically 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 [the full text is displayed further below] gave the Treasury Department the explicit authority: "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." 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 there."

Con (Wiki entry on Executive Order 11110):
http://en.wikipedia.org/wiki/Executive_Order_11110

"A 2010 article in Research magazine discussing various controversies surrounding the Federal Reserve stated that "the wildest accusation against the Fed is that it was involved in Kennedy's assassination."[16] Critics of the theory note that Kennedy called for and signed legislation phasing out Silver Certificates in favor of Federal Reserve Notes, thereby enhancing the power of the Federal Reserve; and that Executive Order 11110 was a technicality that only delegated existing presidential powers to the Secretary of the Treasury for administrative convenience during a period of transition."

Thanks!

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Republicae's picture

No but JFKs own words prove

No but JFKs own words prove that the theory doesn't hold up to scrutiny...again, read his Congressional Economic Report of 1963.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

:)

.

Republicae's picture

EO1110 did nothing against

EO1110 did nothing against the FED, in fact, you will find that JFK was a friend of the FED, empowering them to finally issue Federal Reserve Notes in small denominations, something it was forbidden to do prior to the steps he took. In fact, he urged Congress in his Economic Report of 1963 to remove silver, stating that it served no useful monetary function. Silver certificates and eventually silver coins were removed from circulation, the debasement began in 1964 until the complete removal of circulating silver.

1963 Congressional Economic Report:

"Silver

I again urge a revision in our silver policy to reflect the status of silver as a metal for which there is an expanding industrial demand. Except for its use in coins, silver serves no useful monetary function.

In 1961, at my direction, sales of silver were suspended by the Secretary of the Treasury. As further steps, I recommend repeal of those Acts that oblige the Treasury to support the price of silver; and repeal of the special 50-percent tax on transfers of interest in silver and authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes. I urge the Congress to take prompt action on these recommended changes."

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Why are you de-emphasizing the last clause?

"...so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes."

The less silver needed in reserve to back silver certificates, the more available for coinage, which could have included $20 and $100 dollar pieces. In other words, real money. Please provide links for the points in your argument as no authority is carried by any of us as anonymous posters. I'm afraid you are relying a bit too much on blanket assertions. You are a little thin on links, which I would like to see.

Release the Sandy Hook video.

Republicae's picture

I"m not, what does that

I"m not, what does that paragraph actually say:

"In 1961, at my direction, sales of silver were suspended by the Secretary of the Treasury. As further steps, I recommend repeal of those Acts that oblige the Treasury to support the price of silver; and repeal of the special 50-percent tax on transfers of interest in silver and authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes. I urge the Congress to take prompt action on these recommended changes."

But, for the entire Annual Message to the Congress: The Economic Report of the President
January 21, 1963, here ya go: http://www.presidency.ucsb.edu/ws/?pid=9342

Why is he making the recommendations that he is? He tells you why in that paragraph when he says, very clearly, he wishes to repeal the Acts that obligate the Treasury to support the price of silver, repeal the 50% tax on transfers of interest in silver, authorize the FED to issue $1 Federal Reserve Notes and the reason for all that is he wants to gradually withdraw silver certificates from circulation and the use of silver that has been release for coins. He was saying that he wanted not only silver certificates removed, but also silver coins removed from circulation. There was a good reason he wanted to do this, it was because the market price of silver, particularly for industrial usage was making the government lose massive amounts of money on redeeming Silver Certificates and issuing silver coins.

Below shows you what was happening in the silver market and essentially the reason that JFK recommended the removal of silver certificates and silver coins.

"During the 1960s the Treasury moved from being a net buyer of silver to being a net seller of silver. In 1960, the Treasury sold 22 million ounces of silver in bullion form, and used another 46 million ounces in coinage. The next year the Treasury had to sell 63 million ounces of bullion and use another 56 million ounces to replace silver coins that had been taken out of circulation by investors. That year, 1961, the Treasury realized that it would run out of silver for use in coinage and as a reserve against silver certificates unless it took drastic measures to begin phasing silver out of currency. In 1961, the Treasury ordered $5 and $10 silver certificates out of circulation, which freed up silver reserves and reduced the public’s call on Treasury silver. In November 1961 the government also suspended silver bullion sales by the Treasury at the formerly fixed price of 91 cents.

Once the Treasury stopped selling at that price, market quotes for silver quickly rose. In June 1963 the Treasury replaced the $1 silver certificate with Federal Reserve notes. By 1963, silver prices reached $1.29, the monetary value of silver in coinage. At prices above this level, holders of silver certificates would have been able to redeem them for more valuable silver, under the now-defunct silver certificate legislation. (The other trigger price the Treasury worried about was $1.38, at which level it would have become profitable to recycle coinage for its silver content.)

During this transition period, the U.S. Treasury had to keep the silver market well supplied, so that the silver market would remain calm until silver had been completely withdrawn from currency. In late 1963 the Treasury resumed its silver bullion sales, as part of this effort. Over the six years between 1960 and 1965, the Treasury sold a total of 342 million ounces of silver bullion and used another 814 million ounces of silver in coinage. In total, the Treasury used 1,156,000,000 ounces of its silver reserves. Much of this silver, especially the bulk of its used in coins, was quickly bought up by investors. Government steps to remove silver from the currency led investors to conclude that the price of silver would rise sharply once the Treasury no longer was supplying the market with such large volumes of the metal.

Fabrication demand continued to rise sharply. Industrial use, excluding coinage, rose at a 9% pace per year, from 212.9 million ounces in 1959 to 355.8 million ounces in 1965. Including coinage, which grew rapidly during this same time due to the investor run on coins, total fabrication demand rose 16% per annum. Mine production, in contrast rose only 1.9% per year from 195.6 million ounces in 1959 to 218.4 million ounces in 1965.

Secondary recovery of silver was starting to expand, in part spurred by the realization that with the passing of Treasury silver sales and coinage programs the market would need to recover increasing amounts of silver from scrapped items. It was clear to market participants that silver prices had been restrained by the Treasury’s willingness to fill the gap between market supplies and industrial demand, and that once the Treasury’s silver was gone, additional supplies would have to be found elsewhere. Coin melt rose from 10 million ounces in 1960 to 30 million ounces in 1965. Silver recycling from other items rose from 40 million ounces in 1960 to 57 million ounces in 1965."

https://www.silverinstitute.org/site/silver-price/silver-pri...

As far as blanket assertions, I am not sure just how much more specific one can get except to use the very words that JFK used in his speech to Congress. That is very clear, there is precious little room for conjecture when he clearly states he wants Congress to gradually remove both silver certificates and silver coinage from circulation.What amazes me is just how many people really have such an intense desire that this theory be true that they completely overlook all the information that so completely and clearly debunks it.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

:(

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