Asset Based Receipt Monetary System

Asset Based Receipt Monetary System
to Save Our Country and World from Economic Collapse
and take Us All into Prosperity

Common Law Copyright
All rights reserved
by
Rodney M. Cluff

Congress shall:

1. Declare the Federal Reserve Act of 1913 a fraud on the American people and repeal the Federal Reserve Act thus eliminating the national debt. In it's place, Congress shall set up a United States Bank 100% owned by the government with its officers elected by the people with branches in each state with the branch officers elected by the people of that state.

2. Set a date, such as April 15th for the recall of all Federal Reserve Notes replacing them with new "United States Currency" that is not debt based, but instead asset based, with its value derived from the gross national product, based on all the products and services produced by the people. All debt will be paid off with the new United States Currency except credit card debt which will be cancelled. This will not create inflation because the new money will replace the old money, dollar for dollar. Interest on the debt will not be paid because no money was ever created to cover the interest in the old Federal Reserve monetary system.

3. Declare all fractional reserve banking to be illegal, including short selling on the stock market. Only the United States bank will be authorized to create new money, and all new money will go to the taxpayers as receipts for voluntary income taxes paid.

4. Revise the Internal Revenue Code to a simple voluntary 10% income tax paid on the gross income of salaried workers and the net income of businesses to the United States bank for the operation of the government, national, state and local. The United States bank will issue receipts for income taxes paid to the tax payers in the same amount as taxes paid in the form of NEW money issued to each tax payer at the tax payer's election of electronic money, United States paper currency, and/or gold and/or silver coin stamped by the United States mint with a face value greater than the intrinsic value of the gold or silver coins so as to encourage they to be spent into circulation. The NEW money given to taxpayers as receipts for taxes paid, will increase the income of tax payers in the amount of 2.38 times in every period of ten years. With the simplification and incentives for paying the voluntary income tax, the Internal Revenue Service shall be eliminated since there will be no need to enforce collection of a voluntarily paid incentive based income tax. All money will have a serial number and bar code associated with it and registered with it's owner in the United States bank. When the money is transferred by its owner to another owner, it's serial number and bar code will transfer with the money to the new owner.

5. Institute a tariff tax on all imported products and services to encourage growth of businesses in the United States and thus help achieve optimum employment of our workforce. This tariff will raise the cost of imports greater than those same products and services produced within the United States. All other taxes will be eliminated.

6. Invite all nations of the world to participate in the Asset Based Receipt Monetary System by offering to pay off all debts in their country on these conditions:

     1. Their country will accept a United States bank in their country with it's officers elected by their people.
     2. A date will be set to recall their national currency and replace it with United States Currency and pay off all debt except credit card debt, which will just be cancelled.
     3. All fractional reserve banking in their country will be declared illegal, as well as short selling on the stock market. Only the United States bank will be authorized to create new money, and all new money will go to the taxpayers as receipts for voluntary income taxes paid.
     4. Their citizens will agree to pay the United States bank in their country a voluntary 10% income tax paid on the gross income of salaried workers and on the net income of businesses which will fund their national, state and local governments. For the voluntary income tax paid, the United States bank in their country will issue receipts to the taxpayer in the same amount as taxes paid NEW money in the form of electronic money, United States paper currency, and/or gold and/or silver coin at the election of the taxpayer, minted by the United States mint with a face value greater than the intrinsic value of the coins thus minted so as to encourage their use to be spent into circulation.
     5. Congress will invite that country that has accepted the asset based receipt monetary system to join the Union so that their people can have representation in Congress. Upon joining the Union, all tariffs between their country and the United States will be dropped. All other taxes in their country will be eliminated.

7. Remove the United States from the United Nations and order the United Nations be removed from the United States.

8. Recall all our troops home from around the world to defend our country.