My complaint contrarily alleges:
Federal Reserve notes are incapable of serving the function
that true United States notes
serve in Johnson's petitions, of painlessly reducing the
United States' debt held by the public. True United States notes, but not
Federal Reserve notes, can adequately serve the functions of: (a) large, direct, prompt debt
reduction; (b) interest-free
financing ; (c) precise economic tailoring ("helicoptering"); and (d)
pay-as-you-go, collection-free, flat-tax funding.
The
Treasury and the Fed have not got their stories straight on this categorical
matter of fact. The Fed's perfunctory opposition
to United States notes is visceral, because
of the difference. See Part I,
footnote 7, and Bernanke's characteristic denigration of the nation's
constitutionally reserved fiat money power in Central
Bank Independence, Transparency, and Accountability (May 2010):
Anything "tantamount to giving the government the ability to demand the
monetization of its debt, [is] an outcome that should be avoided at all costs."
The
complaint further alleges financial
misinformation designed to suppress the benefits of United States notes, in
comments approving as accurate a series of estimates of the benefit to the government
of replacing $1 Federal Reserve notes with $1 dollar coins:
"Answering this question requires costing
the seigniorage benefits that automatically readjust when United States
currency, coin or note, mixes with and/or replaces Federal Reserve
currency. Thus, answering this question
on the small scales of coinage, implicitly answers it on every scale --
including complete conversion of the currency.
The benefits are so high, they
overwhelm the paltry benefits that the report labors over. Defendants had to exclude the face-value seigniorage accumulations from the
GAO report answering to the coin-swap question, else they would leap off the
page, trumpeting the prompt, debt-fixing
capacity of conversions from Federal Reserve to United States currency."
On this matter, the Fed and the
Treasury are in sync. The bunkum
benefits estimation model was created by the Fed.
Part III
will detail the colossal dollar understatements.
2. The
Categorical Greenback
Petition That Deserves Your Support
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