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Why isn't the FED (Federal Reserve System) a choice? THEY are the ones who decide how much money will be printed. They are neither the federal government or a bank, in the traditional sense of the term.
Surfman: In reading the choices I would say that the Fed is part of the category, "the Banks" But it is not just the Fed. Again, read up on the fractional banking system. When the bank gives you a loan, all they are required to have in their control is whatever the regulators have decided is the reserve requirement. Let's say that's 10% So if they have the assets, they just create money by writing you a check as a loan for whatever the amount agreed upon. They have created money.
In America's case, the people are the sovereigns, not subjects of government. Government is their servant, not their master.
The "Great" Revolution of 1776 was the elevation of each individual from subjugation to a sovereign to full equality - no one was more "noble" than another by class or birth. Thus any change in status was not up, but down. Once you fixate on that point, the rest follows.
This is further emphasized by the promise of the Republican form of government, in Art. 4, Sec. 4, USCON.
Unless consent was given to step down in status, and surrender rights, the American producer has the POWER and the RIGHT to make his own medium of exchange that "holds value" for a future trade. An example of such private mediums is the humble coupon denominated in a good or service. It may only have a cash value of 1/20 cent, by law, but it holds face value until discharged by the obligated party.
A coupon for a "free" Micky D burger has little standing in the law, but it trades for a burger, and that has value to the diner. And one cannot deflate, inflate, speculate or denigrate the value of that coupon to something else.
A local laborer may issue notes denominated in hours of labor and trade them for his necessities. In effect, the more he wishes to spend, the more he pledges to work.
A local business may issue notes denominated in that which the business can produce or perform. This bypasses the necessity to beg for credit from usurers and deal in the current monies system of rehypothecated and repudiated debt-credit notes.
In both cases, the money token only exists until tendered and discharged. Thus the medium keeps proportionality with the marketplace. The more labor and production available to be traded, the more notes are in circulation with which to trade and buy that labor and production.
Of course, such a system basically torpedoes the "dollar bill," and would vaporize paper fortunes overnight.
But there's hope that the people wake up and realize that only THEY have the power to CREATE money... not government ... not bankers.
I think the question should have been worded slightly different.
Who owes the debt which a fiat currency inherently creates?
The people.
The bankers (the wealthy) are the ones benefiting the most by a central bank. This is why the rich and powerful met on Jekyll Island using aliases and secrecy. If the people knew what they were planning they would have been tarred and feathered. Instead, the Aldrich Act was voted into place quietly... much like the NDAA.
Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundred[s] of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written... - BC Forbes
For objective comprehension, I use Bouvier's Law Dictionary.
"…most of the matter in the English law dictionaries will be found to have been written while the feudal law was in its full vigor, and not fitted to the present times, nor calculated for present use, even in England. And there is a great portion which, though useful to an English lawyer, is almost useless to the American student. What, for example, have we to do with those laws of Great Britain which relate to the person of their king, their nobility, their clergy, their navy, their army; with their game laws; their local statutes, such as regulate their banks, their canals, their exchequer, their marriages, their births, their burials, their beer and ale houses, and a variety of similar subjects?"
You can go on your 10-paragraph rants all you want, thinking you're clever, but it doesn't change the flawed premise your views are built upon.
Thank you for your kind words of support.
Dictionary definitions do not go obsolete, nor spoil.
You did not present any facts in rebuttal, therefore you must concur.
And resorting to personal attacks and insults are high praise (I blush).
Thank you, again.
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