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Pursuant to the Coinage Act of 1792, 16+ trillion dollars in public debt computes to an obligation to pay 800 billion ounces of gold, stamped into coin.
□ Problem #1 : Fort Knox depository holds (allegedly) 147.4 million ounces of gold bullion
□ Problem #2 : Worldwide supply is estimated at 5.3 billion ounces.
□ Problem #3 : At current mining rates, it will take 87,000 years to mine enough bullion to pay off the debt - IF - it were frozen right now.
□ Problem #4 : Clause 4, Amendment 14 forbids challenging the validity of the public debt - even when it is impossible to repay. If you do not repeal that clause, Congress cannot act.
....
Did Congress ever BORROW money? Or was it given an extension of credit? At usury?
And usury is mathematically unsustainable in a finite money token system.
Curious thing - no candidate has ever mentioned his support for repealing the 14th amendment....
Wow! The Coinage Act of 1792. It's a good thing nobody ever thought to ever amend any statute that was enacted by Congress in 1792.
Apparently you are well versed in law.
Do you know of any law that changes the value of a unit dollar?
Or that of an ounce of gold stamped into coin?
And such law(s) before 1933, and the STATE OF EMERGENCY?
Senate Report 93-549
War and Emergency Powers Acts
"A majority of the people of the United States have lived all of their lives under emergency rule. For 40 years (as of the report 1933-1973), freedoms and governmental procedures guaranteed by the Constitution have, in varying degrees, been abridged by laws brought into force by states of national emergency."
I presume you are not aware of the emergency rules that ABRIDGE the constitution these 79 years.
□ Problem #4 : Clause 4, Amendment 14 forbids challenging the validity of the public debt - even when it is impossible to repay. If you do not repeal that clause, Congress cannot act.
Curious thing - no candidate has ever mentioned his support for repealing the 14th amendment....
So that the U.S. government could announce that it would not repay its debts, you mean?
"Dollars, or units; each to be of the value of a Spanish milled as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard, silver."
"Eagles each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold."
--- Sec. 9, Coinage Act of 1792, January 1792
According to Title 31 of the U.S. code, a silver dollar complies with the original Coinage Act.
31 USC Sec. 5112. Denominations, specifications, and design of coins
(e)(1) ...weight 31.103 grams;
(e)(4) have inscriptions ... 1 Oz. Fine Silver ... One Dollar
FYI : a "double eagle" is a one ounce gold coin, face value $20.
" Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves..."
TITLE 12, USC sec. 411. Issuance to reserve banks; nature of obligation; redemption
" Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in LAWFUL MONEY on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank."
LAWFUL MONEY - "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold or silver coin of the United States..."
Title 12 United States Code, Sec. 152.
Of course, since the bankruptcy, Congress will not redeem their notes (IOUs) with lawful money, and have since amended the law to reflect that.
Last edited by jetgraphics; 08-30-2012 at 01:50 PM..
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