However, the Federal Reserve Act was passed in 1910. Is there some sort of explanation for why this would seem to require a time machine? Truly curious.
https://www.federalreserve.gov/aboutthefed/fract.htm federal reserve act was passed by congress in 1913.
My apologies. I indeed had the chronology wrong. For this I have no explanation. Maybe confusing the year of the Jekyll Island meeting? Dunno.
Carry on.
well by 1933 Gresham law ran its course and the gold was removed finally and instead we were put onto sdr. .1 bch to anyone who can tell me what sdr is lol.. The president convince all of America to deposit their paycheck each week into a "special" account where by if we were so convinced by this we had made progress and saved USA. So no longer will gold be the backing of the usa dollar as per law but SDR. Special Drawing Rights. This was after most of the gold had been siphoned out of circulation and our friendly international banker mob had proceeded to demand payment all on the same week. The bankers holiday legislation was passed at midnight while congress had left for Christmas break.. each year the executive continues the war powers act citing exigent circumstances. SO still to this day we only have demand deposit account banking options.. LOL!
1935 SSA passed whereby members can join for certain later benefits. Contracts are issued to be paid in money that no longer had the same protections for the regulations of the value of said money. So while congress is making deals to pay money they no longer are so concerned with the quality of said money. This is absurd btw!
1938 The proposed bankruptcy by congress was accepted by the courts and law and equity remedies became blended as equity.
1939 Public salary tax act passed for taxation of federal employees
1940 Buck act passed to allow taxation in the states of citizens as fed employees (bet me a bitcoin I will prove it lol).
1942 backup withholding began and the circulating tax known as the federal reserve note was clearly identified in confidential committee printsby that name. While these comments were delivered the question of non-taxpayers who clearly have a right to money came up. It was answered that any non-taxpayers are able to file a tax return and have each dollar spent each year returned to them if they can show receipts. This was how congress avoided the injury that a federal reserve note puts on an end user who is a non-taxpayer. [in 1942 this is a concern since approx 40% of the population was still a non-tax payer under the income tax due to the amount of people that had not yet gotten a social security number. So it is known in 1942 that not having access to money by right constitutes an injury.
1963 Kennedy re-institutes the US note. On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest.
The US note status is ascribed to the federal reserve note. they both circulate as legal tender but a federal reserve notes cannot be both at any one time. Thus the circulating tax "commodity money" can be either a us note or a private credit instrument loaned into existence at all times. So a legal distinction can increase the quality of the issue. This is the first time Gresham's law can be used to oust the Privateers engaged in bottomry yet no one knows how to properly endorse commercial paper these days. It was a master stroke by Kennedy since it would use the same force (law) that got us into this mess to get us out!
