Friday, January 3, 2014

Since June 1933 All Federal Reserve notes And Federal reserve notes Are “Without Authority of Law”

Since June 1933 All Federal Reserve notes And Federal reserve notes Are “Without Authority of Law”

In section 1 of HJR-192 a very important sentence states; “Any such provision contained in any law authorizing obligations to be issued by or under the authority of the United States, is hereby repealed” this is most significant… under Section 16 of the Federal Reserve Act (see below) the Federal reserve notes issued under that section were expressly said to be obligations of the United States. Since June of 1933 the authority to issue those section 16 Federal reserve notes was repealed! Resulting in ALL Federal Reserve notes and Federal reserve notes are without authority of law.     

"Severe Penalties" Since 1933 Designation Of "Emergency" Legal Holiday For Members Of Federal Reserve System, National Banking Associations

Whereas defined pursuant to: 12 USC § 95 - Emergency Limitations And Restrictions On Business Of Members Of Federal Reserve System; Designation Of Legal Holiday For National Banking Associations; exceptions; “State” defined: Current through Pub. L. 113-36 (See Public Laws for the current Congress) (a) In order to provide for the safer and more effective operation of the National Banking System and the Federal Reserve System, to preserve for the people the full benefits of the currency provided for by the Congress through the National Banking System and the Federal Reserve System, and to relieve interstate commerce of the burdens and obstructions resulting from the receipt on an unsound or unsafe basis of deposits subject to withdrawal by check, during such emergency period as the President of the United States by proclamation may prescribe, no member bank of the Federal Reserve System shall transact any banking business except to such extent and subject to such regulations, limitations and restrictions as may be prescribed by the Secretary of the Treasury, with the approval of the President. Any individual, partnership, corporation, or association, or any director, officer or employee thereof, violating any of the provisions of this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $10,000 or, if a natural person, may, in addition to such fine, be imprisoned for a term not exceeding ten years. Each day that any such violation continues shall be deemed a separate offense. See:   

In theory the Federal Reserve Act of 1913 (Chapter 6, 38 Stat 251) was supposedly intended to provide a system of up to a maximum of twelve reserve banks as an adjunct to the previously existing but ‘Independent National Banks’ which were banks of issue. The various Federal reserve banks were organized and created by the pre-existing ‘National Banks in a reserve district as the stockholders of  the Federal reserve bank was to act as a reserve bank for the member banks in each district and as such there was no need for the Federal reserve banks to be banks of issue. But under section 18 of the Federal Reserve Act (38 Stat., 268, 269) the various Federal reserve banks could issue circulating notes of the same tenor and under nearly identical terms and conditions as the circulating notes of the ‘Independent National Banks.’

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