What The Banksters Don’t Want You To Know
Here’s something you may have never seen before. Or if you have seen one you probably didn’t know what it was…
At the top of this unusual dollar bill it says United States Note instead of Federal Reserve Note. This is real, sovereign US currency issued by the Treasury department, not the privately-owned corporation called the Federal Reserve.
US Treasury notes, also known as Lincoln greenbacks, were first issued in 1862 to fund the Civil War effort of the Union. Even after the dollar became privatized by the Federal Reserve Act of 1913, greenbacks remained in circulation (capped at $346 million by statute in 1878). The last printing of greenbacks came in 1966 (1963 for small denominations), and none have been put in circulation since 1971.
Treasury notes (greenbacks) and Federal Reserve notes are both called “fiat” currencies because they are not backed by precious metals. But Treasury notes are debt-free, whereas Federal Reserve notes — being a privatized currency — are debt-based. This makes all the difference in the world. Our national debt, which has become such a big issue, results from having a privatized, debt-based currency: the Federal Reserve note.
If we were to abolish the Federal Reserve and reinstitute Treasury notes the national debt could be eliminated. A sizeable portion of our national debt is owned by the Federal Reserve itself. This is fictitious debt because the Fed purchases those government bonds with money they create out of nothing! So in abolishing the Federal Reserve, their fictitious debt holdings could be canceled as well. The rest of national debt, the part not owned by the Fed, could be paid off with Treasury notes.
For years my hero Dennis Kucinich has been proposing legislation along these lines. His latest version, called the NEED Act, would restore debt-free currency and fund large-scale infrastructure projects to jumpstart the economy. Debt-free currency can also fund single payer health care as was done in Canada.
But then why did the government ever give up greenbacks and go to privatized currency? The excuses had to do with taking politics out of monetary policy, and the idea that private banksters have more expertise in financial matters. The real reason is that politicians, then as now, are owned by the international banking elite.
By the way, it’s important to distinguish between the virtuous greenback proposals of Dennis Kucinich and the nefarious gold currency schemes touted by people like Ron Paul. Gold has always been the preferred currency of banksters and other elitists. Ron Paul’s dream of worldwide gold currency, along with his other dream of unregulated international trade, would spell global enslavement and the end of the middle class.