Monday, January 4, 2010

This is how we take America back from the Federal Reserve...

Taken from a blog link listed lower:

Please review this one possible solution, via Constitutional Amendment, which has the advantage that the financial class is bought out and mollified, while empowering productive industries and individuals.

American Freedom Note Amendment

The fractional-reserve banking system, established by the Federal Reserve Act of 1913 to oversee a debt-based currency, is obsolete and detrimental to the needs of the American people in the 21st Century. The very act of creating money by debt-assumption on the part of the citizenry gives unwarranted power to a financial elite and erodes the very foundations of the American Republic. The constantly increasing debt with its associated interest acts as a millstone around the neck of industry and stifles economic creativity, while rewarding the well-connected elite generously.

Therefore----
By amendment to the US Constitution, establish a new currency, the American Freedom Note.

All debt instruments (loan contracts, bonds, govt debt, etc.) originating in Federal Reserve banks, all existing Federal Reserve Notes and checking account balances, are exchanged for American Freedom Notes. Creditors forgo liens and are cashed out 100%. Debtors are exonerated, and assume 100% ownership of any encumbered assets, including---and most importantly--- the productive assets of the country (factories, farms, productive enterprises in general).

A fixed quantity of AFNs results from this system-wide exchange, and this currency is associated with the value of all previously encumbered assets. This new money supply can be loaned at interest rates determined freely in the marketplace, with the strict proviso that no fractional-reserve lending is allowed from that point forward under penalty of fraud.

Over time a natural deflation occurs and the American Freedom Notes, fixed in quantity by this Amendment, acquire increasing purchasing power.

Debt forgiveness, greed forgiveness. The financial elite are bought out, the rest of us indentured servants are freed, and most importantly, no blood in the streets and the American experiment in liberty with its enshrinement of the rights of the individual continues with renewed character!