I’m still reporting on the coup.
Well, it’s that time again. The U.S. Congress is facing the mystifying process of
raising the U.S. debt ceiling once again, complete with threats of government
shutdowns and national defaults on bond payments which no mortal human
Here is the first shot across the bow of the new Republican majority in Congress
from the king of the debt money system, Jamie Dimon, who was interviewed last
week by Maria Bartiromo.
I’ve spent most of my adult life documenting how we got here and what we can
do about it. My trilogy of feature-length documentaries on alternatives to the debt
money system has been strangling the U.S. economy can be found in “The
Money Masters” - 1996, “The Secret of Oz” - 2010, and “Jekyll Island, The Truth
Behind the Federal Reserve” – 2013.
“The Secret of Oz” won “Best Documentary” of 2010 at one international film
festival. To film all three of these films, I traveled to dozens of international sites
to explain the history of the development of the debt money system and its
alternatives. As a result, for many years I was one of the best-known experts in
the field and was regularly invited to international forums of experts in the field to
discuss latest developments.
I also ran for the Libertarian Party’s nomination for president of the United States
in the 2012 cycle, solely to broaden the awareness of the following solution.
The U.S. economy is today based on the Federal Reserve Note – commonly
known as the dollar. The physical bills look like this with the legend Federal
Reserve Note across the top. This is an image of a 1928 Federal Reserve Note,
the first one was printed in 1914.
But did you know that there is a form of U.S. paper money that has been legal
tender for much longer than the Federal Reserve Note? It’s called the United
States Note. They became legal tender in 1862, and they are still legal tender
today, 161 years later.
What’s the difference between the Federal Reserve Note and the United States
Note? The Federal Reserve Note is actually backed by interest-bearing
government debt, while the U.S. Note was issued interest free.
Also notice that every Federal Reserve Note from at least 1928 onwards has a
green seal to the right of the center portrait of the bill. The U.S. Notes have a red
seal. So, if you see a U.S. bill with a red seal don’t spend it! Save it because it is
worth 5 to 10 times the face value to collectors.
It’s a long and sordid story about how these two forms of United States money
came into being – a money battle that started during the U.S. Revolutionary War
with England – debt money Fed Notes vs debt-fee United States Notes. Today
both forms of money are still legal tender in the U.S. – it’s just you never hear
about the debt free one any more – the one with the red seal - and since they are
no longer printed, collectors have scooped all of them up, so you never see any
So, here’s the simple truth; any American President, or the Congress of the
United States, could stop issuing Federal Reserve notes – the bad money – and
start reissuing good money – U.S. Notes, and in about than 4 years more than
half of our national will – not just be reduced – but extinguished.