09 January 2013

Trillion Dollar Coin

Whether the Federal Reserve creates debt money, or the Treasury creates fiat money, both methods are inflationary. However, who gets to control the creation of money is a definite source of contention with potentially deadly results.

Could the US get a $1tn platinum coin?
09 Jan 2012
A petition urging the creation of platinum coin worth $1tn (£624bn) has attracted nearly 7,000 signatures and the support of some heavyweight economists such as Nobel prize-winning economist and New York Times columnist Paul Krugman, and Philip Diehl, the former director of the United States Mint. Experts say the plan would be lawful and should allow the government to keep spending if President Barack Obama fails to convince lawmakers to raise the "debt ceiling" - a cap, set by Congress, on the US government's borrowing ability. This brinksmanship could threaten the US's credit rating if the country's debt reaches or breaks through this ceiling. Walden said he feared the practice would be "very inflationary".

Crossfire, The Plot That Killed Kennedy by Jim Marrs, 1989, Excerpts
Another overlooked aspect of Kennedy's attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the Constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve system, who print paper money then loan it to the government at interest.

He moved in this area on June 4, 1963, by signing Executive Order 11,110 which called for the issuance of $4,292,893,815 in United States notes through the U.S. Treasury rather than the traditional Federal Reserve System. A number of "Kennedy bills" were indeed issued but were quickly withdrawn after Kennedy's death.

Considering that the battle over U.S. monetary control by a monolithic central bank is an issue that dates back to the founding of the Republic, some assassination researchers believe Kennedy's little-noted efforts to reform the money supply and curtail the Federal Reserve System may have cost him much more than just the enmity of the all-powerful international bankers.

Mayer Amschel Rothschild, 1743-1812, International Banker
Give me control of a nation’s currency, and I care not who makes its laws.

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