David Webb How to End the Fed

David Webb How to End the Fed

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Ken Ivory What happens when you emit bills of credit?

7:00 PM

AI Overview

According to Article I, Section 10 of the United States Constitution, states are prohibited from emitting bills of credit.

What are bills of credit?

Bills of credit are a type of paper currency issued by a state, backed solely by the state's creditworthiness and intended to circulate as money. They are essentially promissory notes that rely on the state's promise to pay.

Why are states prohibited from emitting them?

The prohibition in the Constitution is intended to ensure that only the federal government manages currency issuance. This was seen by the Framers as essential, notes vLex. Before the Civil War, allowing states to issue bills of credit resulted in a fragmented monetary system that hindered national commerce and identity.

What happens if a state emits bills of credit?

If a state were to issue bills of credit in violation of the Constitution, it would likely face legal challenges and potential nullification of the issuance. The issuance of bills of credit can also lead to issues like inflation and economic instability, as seen during the colonial period when such issues drove inflation to dangerous levels.

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Ken Ivory Constitution Help Center What happens when you emit bills of credit

7:04 PM

AI Overview

If a state were to issue "bills of credit," which are essentially a form of paper currency, it would be violating a direct prohibition in the U.S. Constitution.

Here's why and what it entails:

Constitutional Prohibition: Article I, Section 10 of the U.S. Constitution explicitly states that "No State shall ... emit Bills of Credit".

Historical Context: This prohibition stems from the experience under the Articles of Confederation, where states printing their own currencies caused economic instability and difficulties in interstate trade. The Founders aimed to establish a unified national economy with a stable currency managed by the federal government.

Definition of Bills of Credit: Bills of credit, in this context, refer to paper currency issued by a state, backed solely by the state's creditworthiness and intended to circulate as money.

Consequences: A state attempting to issue its own bills of credit would face legal challenges based on the Constitution's prohibition. This would likely lead to court cases challenging the constitutionality of the state's action.

In summary, if a state were to emit bills of credit, it would be engaging in an unconstitutional act and would likely face legal repercussions. This power is reserved to the federal government to ensure a stable and unified national currency.

V1751306431251399

Google AI Overview

In March 2020, the Federal Reserve Board reduced reserve requirement ratios to zero percent for all depository institutions. This means that, currently, banks in the United States are not required to hold reserves against deposits. This change was implemented as a response to the COVID-19 pandemic to encourage lending and stimulate the economy.

2020 Reserve Requirements:
Prior to March 26, 2020, reserve requirements varied based on the size and type of deposit.
For example, in 2020, the first $16.9 million of net transaction accounts was exempt, and a 3% reserve ratio was applied to amounts between $16.9 million and $127.5 million.
However, the Federal Reserve Board reduced reserve requirement ratios to zero on March 26, 2020, effectively eliminating reserve requirements.
Current Reserve Requirements:
As of the latest information, the reserve requirement for all depository institutions remains at zero percent.
This means banks are not mandated to hold reserves against their deposits.
While reserve requirements are zero, banks still need to manage their liquidity and maintain sufficient reserves for operational needs and regulatory compliance.2:01 PM Customer Support (System Message)

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2:01 PM CV1751306431251399

Bailout (2012)

IMDb
https://www.imdb.com › title
john titus bailout imdb from www.imdb.com
Fed up with corrupt "bail-out" banks five Chicagoans drive to Vegas with stacks of cash to give themselves a long-overdue bailout of their own! Along the way the discover first hand how hard the foreclosure crisis is on American people.
John Titus hasn't paid his mortgage in months because he believes the banks destroyed his promissory note trying to cover up their corruption. Fed up with the extensive fraud that led to the financial collapse, he's bought a Winnebago and is heading to Las Vegas to give himself a bailout. Along with musician Sergio Mayora, Journalist Nicole Erhardt, Comedian John Fox and Unemployed Sidekick Ruben Castillo, John will embark on a journey from Chicago to Las Vegas with stops in Phoenix, Roswell, Dallas, St Louis, and The Kentucky Derby. As the "Dukes of Moral Hazard" demonstrate the consequences of their actions, the gang will encounter foreclosures firsthand through testimonials for affected Americans. John wants everyone he meets who has been affected that "we're going to teach the American People how to stick it back to the banks, and stick it to 'em hard."
—Anonymous

2:02 PM 

Reserve Requirements

Federal Reserve Board (.gov)
https://www.federalreserve.gov › reservereq
Reserve Requirements. As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020.2:02 PM

V1751306431251399

Google AI Overview

An ample reserves regime is a monetary policy framework where the central bank maintains a large supply of reserves in the banking system, allowing it to primarily influence interest rates by adjusting the interest it pays on those reserves, rather than actively managing the quantity of reserves through open market operations. This approach, adopted by the Federal Reserve in 2019, ensures that short-term interest rates stay within the target range set by the Federal Open Market Committee (FOMC).

Here's a more detailed explanation:
Key Feature:
The central bank sets administered interest rates, like the interest rate on reserves (IORB) and the interest rate on overnight reverse repurchase agreements (ON RRP), to influence the federal funds rate, which is the target rate for monetary policy.
How it Works:
Banks can borrow and lend reserves to each other overnight to manage their balances. By adjusting the interest rates it offers on reserves, the central bank incentivizes or disincentivizes banks from lending or borrowing, effectively steering the federal funds rate.
Contrast with Limited Reserves:
In a limited reserves regime, the central bank needs to actively manage the supply of reserves through open market operations to influence interest rates. In an ample reserves regime, the quantity of reserves is large enough that the central bank can effectively use administered rates to control interest rates.
Why it's Used:
The ample reserves regime allows for more precise control over interest rates and reduces the need for frequent interventions in the market to manage the supply of reserves.
Maintaining Ampleness:
The central bank needs to ensure the supply of reserves remains ample, meaning it's large enough to allow for efficient interest rate control. The Fed uses tools like its balance sheet and quantitative tightening (QT) to maintain this balance.
Example:
The Federal Reserve uses the federal funds rate (FFR) as its main policy rate, and it keeps it within a target range using administered interest rates like the IORB and ON RRP, which are set by the FOMC according to the Federal Reserve Board (.gov).2:13 PM The Fed - Implementing Monetary Policy in an "Ample ...

Federal Reserve Board (.gov)
https://www.federalreserve.gov › notes › feds-notes › i...
by J Ihrig · 2020 · Cited by 6 — When implementing monetary policy in an ample-reserves regime, the Fed primarily relies on its administered interest rates to keep the FFR ...

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Google AI Overview

James Corbett, through his website CorbettReport.com and his documentary "Century of Enslavement: The History of the Federal Reserve", heavily criticizes the Federal Reserve and its role in the US financial system.

Key Points of Criticism and Views:
Secret Origins and "Creature from Jekyll Island": Corbett emphasizes the secret origins of the Federal Reserve at Jekyll Island, referring to it as the "Creature from Jekyll Island". He argues that the secrecy surrounding its creation allowed for its establishment and operation, keeping the public largely unaware of its existence and workings for decades.
Corrupt Debt-Based Money System: He views the Federal Reserve as being at the heart of a "corrupt debt-based money system" that needs to be abolished.
Federal Reserve Act and Control of Money Supply: Corbett argues that the Federal Reserve Act signed in 1913 effectively transferred control over the American money supply to a "cartel," described as a "well-organized gang of crooks".
Failure to Achieve Price Stability: He believes the Federal Reserve has failed in its mandate to maintain price stability, citing inflation as evidence.
Manipulation and Blacklisting of Information: Corbett has also discussed the issue of information about the Federal Reserve being potentially manipulated or blacklisted on platforms like YouTube, citing a situation where search results for "federal reserve" and "Century of Enslavement" were allegedly impacted.
Impact on Freedom and Choice: He contends that the financial structures, like college loans and job demands, can limit individuals' freedom and choices, illustrating the effects of the financial system.
"Century of Enslavement" Documentary:
This 90-minute documentary explores the history of the Federal Reserve, drawing on sources like Carroll Quigley's writings.
It serves as a "masterful deconstruction" of the "Creature from Jekyll Island" and argues for the necessity of getting rid of the Federal Reserve.
The film explores questions like the origins of the Federal Reserve system, its relationship to the federal government, how it creates money, and why the public is generally uninformed about these matters.
The documentary is available through various platforms, including YouTube, archive.org, and BitChute.
Overall, Corbett's perspective on the Federal Reserve is highly critical, portraying it as a secretive and powerful institution responsible for significant economic issues and a corrupt monetary system.4:23 PM Customer Support (System Message)

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The Corbett Report
https://corbettreport.com › the-feds-doomsday-book-ha...
May 26, 2024 — Thomas Massie had previously co-sponsored the Federal Reserve Board Abolition Act. Massie says with a grin: ”What's fascinating to me is that 10 ...

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Doomsday Book

corbettreport.com
https://www.corbettreport.com › cache › Dooms...
PDF
Jun 21, 2022 — Your request is being treated as a request under the Federal Reserve Bank of New York's. (the “New York Fed”) Freedom of Information Policy (the ...4:25 PM Book https://www.corbettreport.com/cache/DoomsdayBook.pdf4:28 PM

Book

Contact Us we have the book.

I would like to access the Federal Reserve Bank of New York manual known as the “Doomsday Book”. The “Doomsday Book” is a compendium of legal opinions, in some cases stretching back decades, that explore the legal limits of the Federal Reserve in the event of a financial crisis.