JFK vs. the Federal Reserve

http://www.freerepublic.com/forum/a3a1bfc482052.htm

Just a tid bit on JFK and his idea that there should be a competing currency printed by the US Mint and circulated by the US Treasury...

In summary, he used an executive order to allow the UST to print silver certificates, a legal currecny backed by silver holdings.

The tender was a success in some ways but also disallowed the Fed to control the worth of that money.

The article above gives legal reference, background, and eventual fate of the order and brings to light yet more history that I was never taught.

 

Golly, I was taught that Silver Certificates were in use when JFK was in diapers.

Here's the basic facts on the bills without comment on why's and wherefor's

http://en.wikipedia.org/wiki/Silver_Certificate

 

If you learned something in the 1920's then you learned that the Federal Reserve was enacted with the ability to print FIAT monies, monies back by good will, nice gestures, and faith...

This is fine, but when coupled with the SOLE ability or responsibility of printing money, the Fed Reserve controls the worth of your savings and you can do nothing about it. Competing currencies are healthy and worthy of circulation they are a bit protectionist, but who isnt when it comes to the fruits of their labor.

In times of economic down turn, dare I say depression, Gold or silver is often sought out as a shelter from the crashing currency. This is going to happen anyway. People will find a way to get into a bullion market to save their money regardless. I think the US should pass the bill introduced by Ron Paul allowing for competing currencies and give Americans the choice instead of allowing the PRIVATE corporation, the FEDERAL RESERVE to artificially control how much the dollar is worth, and disabling their omnipotent ability to collect interest on monies borrowed from.... well the FEDERAL RESERVE.