A Proposed Constitutional Amendment for an Honest Currency Managed in an Honest Banking System

March 1, 2018
It is extremely important that the average citizen understand our present system of debt-based currency issuance, which most people, unfortunately, do NOT understand, although it amounts to nothing more than a simple extortion racket clothed in a lot of financial mumbo jumbo: YOU (hereinafter referred to as the Serf) sign a promissory note of some kind, a mortgage, a business ‘loan’, or you swipe a credit card or acquiesce to some other credit instrument to THEM (hereinafter referred to as the Neofeudal Lords); they then create the money out of nothing (“ex nihilo”), and you pay it back over a lifetime with blood, sweat, labor, creativity, and tears; (here comes the truly diabolical part) then, they EXTINGUISH the principal portion hidden in every single one of your ‘loan’ payments while skimming off the interest portion to keep and play with (hey, they gotta pay for those mansions in the Hamptons somehow); this extinguishment of principal reduces the money supply and thus compels the population as a whole to take out more ‘loans’ from them in order to keep a requisite quantity of currency in circulation for advancing business and trade.
Let me simplify it even further: You are a Serf on a tread mill of eternal bogus debt to Neofeudal Lords.
The more debt, the greater the quantity of currency in circulation, the less the purchasing power of the dollar, the higher the consumer price index (most importantly, the higher the costs of production), the more our manufacturing capacity is gutted by outsourcing, the harder you must work to maintain a standard of living.
If we can spend mystifying trillions of dollar on a worthless war on terror—which, surprise-surprise, only creates more terror and fills the coffers of the money-changers—we can afford to do something different and beneficial for American citizens! We can afford to allocate our productivity in ways that benefit us all, not just the 0.1%.
No offense, but it really is time to wake up!
To Hell with Fractional-Reserve ‘Debt’-Based Banking Constitutional Amendment
by Dennis Spain
January 29, 2018
(1) Rescind the Federal Reserve Act of 1913 and replace all Federal Reserve notes and check book balances in all U.S. banking institutions (and any other domestic credit-creating institutions) on a 1-to-1 basis with U.S. Treasury-issued dollars and U.S. Treasury-denominated bank balances.
(2) Honor only the repayment of principal on all presently existing financial contracts in the U.S. Federal Reserve banking system and prohibit interest payments on these fraudulent contracts. Payments on principal for these presently existing financial contracts are not to be extinguished from the money supply, as is heretofore the case, but are to be distributed to deposit account holders in these Federal Reserve institutions in amounts proportional to their existing account balances based on year-to-date average balances.
(3) Prohibit all future lending by any banking or financial institution in the present federal reserve banking system of funds which do not originate from actual savings of the holders of the new U.S. Treasury dollar notes and U.S. Treasury denominated bank balances and stringently require any interest charges to be determined solely by the two parties involved in these valid loan contracts. (A valid loan contract is an actual lending of the previous savings of one party to another party for a stipulated time period and does not involve credit creation via accounting entries only, i.e. ex nihilo creation of purchasing power.) The prohibition of credit creation by the federal reserve banking system is to be applied as well to any transactions entered into with the World Bank, the International Monetary Fund (IMF), and the Bank of International Settlements (BIS). Existing financial contracts in which true lending of actual previous savings has occurred are exempt, however, from the provisions of this paragraph and are to be honored as valid financial contracts in which actual financial consideration was given by both parties to the contract. Banks and credit unions are hereby returned to their honest functioning as holders of 100% demand deposits and true intermediaries between savers and potential borrowers in which savings are transferred in the manner of honest lending.
(4) Fund infrastructure projects nationwide which cross state borders with U.S. Treasury-issued currency in amounts proportional to the population of each state affected and without leaving any state’s cross-border infrastructure needs unfunded. These infrastructure projects are to be authorized by Acts of Congress and can include, but not exclusively of other examples of infrastructure, roads, airports, harbors, bridges, waterways, levees, pipelines, electric utility lines, high speed rail, pollution control, etc. all such projects being put out to bid to private companies on a competitive basis. All United States currency issuance is placed solely and directly under the control of the House of Representatives acting as an authorizing agency for the issuance of such currency, unburdened with interest, by the United States Treasury. It will be the strict responsibility of the House of Representatives to oversee the spending and accounting of expenses on these projects and to hold accountable the fulfillment of all contracts associated with these infrastructure projects.
(5) Fund the U.S. Military, the Federal Courts, Law Enforcement Agencies, the U.S. Postal Service, and any other existing constitutional Federal Agencies with U.S. Treasury-issued currency. The House of Representatives is responsible for strict oversight for such expenditures.
(6) Fund Disability and Medical Insurance for all U.S. citizens with Treasury-issued currency, awarding contracts to private firms for such services on an openly competitive basis and in such a manner as to apportion the created funding according to each State’s population and under strict oversight by the House of Representatives.
(7) Continue to fund Social Security retirement liabilities separately by a tax on workers’ incomes throughout their working life and absolutely sequester these funds from any outflow payments other than to retirees, with continuing oversight by the Social Security Administration. After a certain age to be determined by federal law any participant who has contributed to the program of Social Security funding is eligible for retirement annuities based on a worker’s accumulated payments irrespective of his/her present employment status or present income.
(8) Abolish the Federal Income Tax and institute a federal sales tax with a varying yearly tax rate adjusted by the U.S. Congress in session, the sole aim of such adjustments being to maintain a stable Consumer Price Index based on data collected by the Federal Government. Any such sales taxes taken in by the Federal Government are simply extinguished from the currency supply solely to keep the Consumer Price Index stable or decreasing and are not utilized for any further funding.
(9) There are to be only two federal taxes levied on the American citizenry: (1) sales taxes, receipts of which are extinguished to prevent inflation; and (2) social security taxes applied to retirement accounts. Federal income taxes on individuals, corporations and business enterprises are abolished. Thus, there is no need for the Internal Revenue Service. That agency is hereby abolished and the 16th Amendment to the U.S. Constitution voided.
(10) The adoption of this amendment does not prohibit the use by the citizens of the United States of any alternative currencies they should choose to use in their private or commercial transactions.

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