No More FRN's is the solution to Credit Crunch?

[jtabeb]

Read this on Naked Capitalism BLOG

Anonymous said...

Jumping ahead, here's the fix.....

The US Treasury stops issuing Federal Reserve Notes to the Federal Reserve Bank and stops accepting Federal Reserve Notes as tender for taxes then begin printing new Treasury Notes as legal tender (with no interest) and exchanges Federal Reserve Notes for new the Treasury Notes at 2cents on the dollar. Foreign government get 2cents in gold as an exchange.

Sounds Like JFK's Silver Certificates, no?
(Also Jibes with what Hudson was saying)

Me thinks we have model for our GUBMENT "solution"

Note: Housing futures now showing housing bottom in 2010 vice 2013, and indication of when the above is likely to occur? (Decline is still of same magnitude however, just shorter time to bottom)

Sounds plausible enough to me. (Don't they always issue a new currency when this stuff happens, Retenmark, Nuevo-Peso, New Italian Lire, Israeli New Shekel...)

"New Treasury Dollar" doesn't seem too far off.

Or Maybe "New US Treasury Dollar" or "NUSTD" or "STD" for short.

Hold on to that cash, it might just be useful as toilet paper someday.

(I wonder if MISH would trade me some gold for some of my TP?)

[Slimprofits]

Re: No More FRN's is the solution to Credit Crunch?

Sounds Like JFK's Silver Certificates, no?

Apologies about dragging your thread to a sub-topic, but I've never been able to fully wrap my head around this one.

There is a growing contigent of folks that conclude the issuance of the silver certificates was a groundbreaking, anti-Fed. Res. move made by JFK. Some go as far as to conclude this was one of the actions that led to his ultimate demise.

I think G. Edward Griffin (author of The Creature from Jekyll Island} nailed it though: THE JFK MYTH

The proponents of the JFK Myth assert that Kennedy was assassinated because he was about to issue Silver Certificates, thereby denying the bankers their customary interest payments on the nation's currency. However, the reality was just the opposite. Previously, the President could have issued Silver Certificates on his own authority; but, with the signing of EO 11110, he delegated that authority to the Secretary of the Treasury. At that time, the Secretary of the Treasury was Douglas Dillon from a well-known and powerful banking family. That means Kennedy surrendered the power to issue Silver Certificates and gave it to a member of the banking fraternity who could do with it as he pleased "without the approval, ratification, or other action of the President." Dillon, of course, would have strong motive to preserve the dominance of Federal Reserve Notes. The theory that Kennedy was getting ready to issue Silver Certificates is without evidence or logic.

[metalman]

Re: No More FRN's is the solution to Credit Crunch?

Apologies about dragging your thread to a sub-topic, but I've never been able to fully wrap my head around this one.

There is a growing contigent of folks that conclude the issuance of the silver certificates was a groundbreaking, anti-Fed. Res. move made by JFK. Some go as far as to conclude this was one of the actions that led to his ultimate demise.

I think G. Edward Griffin (author of The Creature from Jekyll Island} nailed it though: THE JFK MYTH

everyone loves a good conspiracy story. you have to go way back in history to get the full measure of the transfer of power from the treasury to the fed.