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<p>[QUOTE=&quot;jspankster, post: 1993526, member: 72331&quot;]We seem to forget that prior to and during the first several years after the creation of the Federal Reserve in 1913, there were several different types of &quot;currency&quot; in circulation.&nbsp; Research old paper money and you will find that we had &quot;National Currency&quot; backed by US bonds, Silver Certificates backed by silver, Gold Certificates backed by gold, and Federal Reserve Notes, which at that time were redeemable in &quot;lawful&quot; money at most Fed banks or the Treasury.&nbsp; Interestingly, &quot;lawful money&quot; was exactly that, silver or gold coin.&nbsp; These laws are still on the books and stem from provisions in the US Constitution.&nbsp; None of which were ever repealed and therefore remain the &quot;Supreme Law of the Land.&quot; </p><p><br /></p><p>Over time, however, the Federal Reserve System took over (monopolized) our &quot;currency&quot; by eliminating competing currencies. At the same time Congress passed &quot;legal tender&quot; laws that forced us to use and accept the fiat currency in place of Constitutional currency backed by silver and gold.&nbsp; Next they removed us from the Gold standard and finally by eliminating all trace of silver from our coinage and backing of paper &quot;notes.&quot; </p><p><br /></p><p>Another interesting topic to research is the legal definitions of &quot;notes&quot; as in Federal Reserve Notes.&nbsp; The word &quot;note&quot; actually means a &quot;debt obligation.&quot;&nbsp; This is what fiat currency is, a debt obligation.&nbsp; Unlike gold and silver, which must be mined, extracted and then turned into &quot;coinage&quot;, paper money is no longer backed by anything of value and is thus referred to as &quot;fiat&quot;.&nbsp; There actually is a cost to print the stuff and the banking cartel, the Federal Reserve System, then &quot;lends&quot; it to our government at interest.&nbsp; This is why we have a national debt.&nbsp; Before 1913, very little debt.&nbsp; As the Fed grew stronger and eliminated currency competition, our National debt grew, at first slowly and steadily to now reaching exponential growth ratios in regards to the printing of Federal Reserve Notes.&nbsp; In other words, the more Federal Reserve Notes our government borrows from the Fed, the larger our National debt grows.&nbsp; No surprise either that within the same year, same months and just days apart, Congress passed the Federal Income Tax Act.&nbsp; The Fed needed some mechanism to ensure we the people would pay the interest on their money.[/QUOTE]</p><p><br /></p>

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