Wednesday, February 6, 2008

Executive Order 11110.

We can consider this post as the second and final part of the last one I wrote, titled "the big bank". For this reason I strongly suggest to read at first "the big bank" just because I'd like you to have a correct and complete point of view. I ended my last article with a question: why a Government Treasury or a State, with its own sovereignty, should not arrange the production, stamp and supply of money without the intermediation of any private bankers? This crazy idea is the base of the Executive Order 11110 that President Kennedy signed in 1963. Ok, let's try to understand the general contents of EO 11110: the Order gave the Treasury Department the explicit authority "to issue silver crtificates against any silver bullion, silver, or standard silver dollars in the Treasury". This means that for every ounce of silver in the U.S. treasury vault, the Government could introduce new money into circulation based on the silver bullion physically held there. When President Kennedy signed this Order, it returned to the Federal Government, specifically the Treasury Department, the Costitutional power to create and issue currency - money without going through the privately owned Federal Reserve Bank. As a result, 4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 were never circulated but were been printed by the Treasury Department when the President was ASSASSINATED. We can do a little game to better understand the fact, if you take from your wallet a $5 banknote you can read on the front between the two 5 on top: Federal Reserve Note, on the $5 issued after the Order 11110 you could read United States Note. That's a fuckin big difference my friends. United States Notes were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation, Kennedy knew that if the silver-backed United States Notes were widely circulated, they would have eliminated the demand for Federal Reserve Notes, this meant bankruptcy for Federal Reserve (the New York Fed risked to close). Just five months after the President was assassinated no more silver certificates were issued either, and they were subsequently removed from circulation.
Writing this post I'm not trying to discover who killed such a man. I have no idea about who was the man or the organization that made this terrible act. The most interesting thing is what this great President made during his life and his work. The Executive Order 11110 is one of the most important document we can read to have a better idea about what's going on inside our corrupted and bad smelling economy. Thank you for your time and attention.

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