Save Our Country and World From Economic Armageddon!

We, the American taxpayers, can save our country and world from economic collapse by urging Congress to implement the Asset Based Receipt Monetary System.

The solution to our monetary and financial crises is to take back our banking system.

Copy and Paste the following letter to your congressman/senator NOW to ask them to save our country from eminent economic collapse brought on by the escalating debt we have got ourselves into with the bankers.

You can find all our representatives to Congress here.

If you want to change the letter, you can do so. But make your wishes known to your representative NOW, because our country hasn't time much longer before it is destroyed by an economic Armageddon, unless we do something to change it NOW!

Dear Congressman,

I am urging you to fix the awful financial mess our country is in. Millions of Americans have lost their homes and businesses to foreclosure, and more than 20 states and 100's of cities and counties are on the the brink of bankruptcy.  Congress bailed the banks out of their financial boondoggles and now the banks and fellows are using the money to buy up our State and local government infrastructure.  They are also buying back taxes on property with the bail out money.  So now unemployed people are losing their homes not only to foreclosures on their homes and businesses because they are unable to get the financing for business and people are also losing their jobs and thus unable to pay their mortgages and are now defaulting on their property taxes.

Congress created this financial mess.  Congress can fix it.  There may still be time to avert the financial Armageddon we are headed into, if Congress will act soon to correct the financial mess we are in.

We can learn from history how to do this, even from our enemies. When Hitler was elected Chancellor of Germany, they were in the depths of the Great Depression as were we. So he asked his manufacturers why they weren’t manufacturing. They said, “The Banks won’t lend us any money.” He then asked the farmers why they weren’t producing crops. They said, “The Banks aren’t lending us any money.” So Hitler fixed the problem by taking over their national bank and getting money out to his people. In just a couple of years, they had a booming economy and were able to host the Olympics. The truth of history is this: We Americans were suckered into World War II to repossess Germany for the bankers and their minions because Hitler put his people first.

In Billions for the Bankers, Debts for the People (1984), Sheldon Emry commented:

"Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today."

Now, today China owns their national bank and so have financial control over their economy for the benefit of their country.  Yet our own country is in debt to the international bankers who use the money for their benefit to create booms and busts, which they use to repossess people's property, which is NOT good for the people.  The reason is:  Congress gave the bankers control of our money supply in the Federal Reserve Act of 1913.  So the bankers manipulate the money to their benefit.  What is only good for the bankers, is NOT good for the people, because with their monetary ponzi scheme they are bankrupting our whole country. 

Congress MUST get back control of the money supply from the bankers, or else there will be total CHAOS soon.

President Obama said he couldn't tell the bankers what to do. But Congress can. In the constitution, Congress is given the power in the constitution by the people to make money and regulate the value of it so that there are no booms and busts.  The bankers are fond of creating booms and busts so they can repossess everyone’s property. This is not GOOD for the people.  To remedy this, Congress MUST immediately set up a banking system where there is no inflation nor deflation of the money supply.  For the benefit of the people, Congress should create a new monetary system where money is issued as an asset, not as debt.  Inflation of the money supply is the admission of too much money into circulation. Deflation of the money supply is not placing enough money into circulation. The current banking system inflates the money supply by approving too many loans, and creates deflation by not approving enough loans.  This is purposely done to create busts so they can repossess real property for worthless money they create out of nothing.  The current Federal Reserve monetary system creates money only as debt.

Congress has no power given it in the constitution to delegate the regulation and management of our money supply to any private institution.  But it did so anyway, fraudulently, in 1913 in the creation of the Federal Reserve Bank corporation, a private entity owned mostly by foreigners, principally from England, Switzerland, Netherlands and Germany.

Near Christmas in 1913, after all those that opposed the Federal Reserve Act had gone home for Christmas, those that were for it, stayed behind and passed the Federal Reserve Act. This was a fraudulent act, because Congress was not even in session. President Wilson later rued the day he signed the Federal Reserve Act, because it gave the monetary power to the international bankers that use it to rule the world.

Learn more about the history of money creation here. 

One important omission in this history is that the main cause for the extreme inflation of the continental script during and immediately after the Revolutionary War, was that the Bank of England flooded our economy with counterfeit continental script.

Another time in history when a privately-owned central bank flooded an economy causing hyper-inflation was at the end of World War I, in the German Weimar Republic.  The head of the privately owned Reichsbank central bank of Germany, Schacht, admitted in his 1967 book, The Magic of Money, that it was the privately-owned Reichsbank, not the German government, that was pumping new currency into the economy by making massive amounts of currency available for borrowing in wild speculation that caused the hyper-inflation.  When Hitler was elected Chancellor of Germany, he corrected this problem by taking over the bank and issuing debt-free, interest-free money to the German people.

The United States Federal Reserve’s monetary system is a gigantic Ponzi scheme where money is created only as debt. In fact, Congress has entered into a racketeering arrangement with a private corporation, the Federal Reserve, by mortgaging our whole country to this bank, and blackmailing Americans into paying Income Tax to pay for the interest on the National Debt.

On the face of each dollar bill, it says, “Federal Reserve Note,” which is a debt instrument. If no-one borrowed any money from the banks, there would be NO money in circulation, and hence we would have no economy. In fact, if all the debt was paid off in the United States, there would be NO money in circulation, because money is created only as debt in the Federal Reserve monetary system.

Yet, because the interest money that bankers charge for their debt is NEVER created, every year a greater and greater number of people and businesses have to go bankrupt just to pay the interest. So the bank gets real property for worthless paper that it created out of thin air. It is a Ponzi scheme because as debt is paid off, that money ceases to exist, and so just to keep enough money in circulation, more and more debt has to be created every year and borrowed from the bank just to keep money in circulation enough to have an economy. The Federal government has ended up being the borrower of last resort in this ponzi scheme just to keep enough money in circulation to keep the economy going. The danger is that soon the National Debt will be so great that the interest payments will be bigger than income from taxes to pay for it, and at that point, our nation will go into default.

An even greater danger looms for our country once we go into default on the National Debt. For example, if I don’t pay the mortgage on my home, the bank repossesses it. The same happens with countries. The fact is, Congress has literally mortgaged our whole country to the Federal Reserve Bank and the debt is skyrocketing.  Since in the Federal Reserve monetary system, money is created ONLY as debt, if Congress should balance the budget or quit borrowing ever greater amounts of money from the Federal Reserve, our economy would go into a deep depression, because as debt is paid off, it ceases to exist.  In the Federal Reserve ponzi monetary system, where money is created only as debt, ever greater amounts of debt have to be entered into just to keep enough money in circulation in order to have an economy.  If no-one borrowed any money from the Federal Reserve banking system, there would be NO money in circulation and hence no economy.  Since ever greater amounts of debt has to be entered into in their monetary system, the Federal Government has ended up being the borrower of last resort, just to keep enough money in circulation to have an economy.  The Federal Reserve monetary system was created to eventually bankrupt the country and will bankrupt any country that uses this debt-based system.  In February 2011, our country's debt-to-Gross National Product Ratio reached 102%.  As of December 2024, the GDP ratio was 123.1%. Greece defaulted on their national debt when their debt-to-Goss National Product Ratio reached 140%.  The danger is that when the Federal government goes into default in the very near future, the Federal Reserve and it’s associated central banks around the world will attempt to repossess our whole country.

This is the modus operandi of the central bankers since the 1700’s when Amchel Rothschild set up the first central bank in Germany. His business was to lend money to the government. The interest he made was used to build up enemy countries where he also had his sons set up central banks. Whenever a country defaulted on their national debt to his central bank, he would use other countries to take them over. Ever since then, all wars have been the result of his monetary scheme. The international bankers even today finance BOTH sides of every war, so that they can determine the outcome to their advantage.

Even so, with the Federal Reserve today, they use the $1 trillion plus they make off the American economy every year in interest to build up countries around the world that they could possibly use to take over our country when we finally go bankrupt and default on the national debt.

WHAT SHOULD WE DO?

Congress should immediately declare the Federal Reserve ponzi scheme a fraud on the American people, repeal the Federal Reserve Act and in it's place set up a new national United States Bank with its officers elected by the people, with branches in each state with branch officers elected by the people of the state the branch office is located in so that our new National Bank is 100% owned by our government with no privately owned portion.  Since the Federal Reserve Act will be repealed, the Federal Reserve Bank will cease to exist as well as the national debt owed to it will be thus cancelled.  Additionally, all fractional reserve banking must be declared illegal, because this is how 90% of the money is currently created, as debt lent out by local banks.  Henceforth, our national money will be created only as an asset based receipt monetary system.

An Asset Based Receipt Monetary System

Congress could set a date, such as April 15 to issue the new United States money.  All debt will be paid off, except credit card debt, which will just be cancelled, and no interest on debt will be paid since no money was ever created to pay the interest in the old debt-based system.  Instead of "Federal Reserve Notes," the new money can just be called "United States Currency."  It won't be backed by silver or gold since to do so would limit the amount of currency needed for a vibrant economy.  It will be backed by the country's gross national product, for goods produced and services provided by all the working people in the nation.  The new money issued will not create inflation because it will just replace dollar for dollar all the old dollars.  The new asset money will replace all Federal Reserve Note currency and all debts will be paid off with our new currency, except credit card debit which will just be cancelled, so that there will be no debt as of April 15th.  Mortgages will be paid, business debt will be paid, the bankers will get their money and the people will be debt-free.  After that time, the bankers can still lend money, but only what they have in deposits, as fractional reserve banking where the bankers create money out of nothing will now be illegal.

After all non-credit card debt is paid, with our new National Banking system, new money will be created as receipts for voluntary taxes paid instead of as debt. This will be a voluntary incentive for paying taxes in this new monetary system.  New money will be created ONLY as receipts for voluntary taxes paid.  Congress can revise and simplify the income tax code to consist only of a flat 10% income tax on the gross income of salaried workers and on the net income of business paid to the United States bank.  Thus our new monetary system can take care of all the monetary needs of the federal, state and local governments. 

This new monetary system works similar to the tally system that worked for England for over 500 years in the middle ages.  They had no inflation nor deflation, and the government and the people had all the money they needed for abundant prosperity.  In the tally system, the only new money created are receipts for taxes paid.  Similar to the Biblical Tithing, taxes will be 10% of income paid voluntarily to our national bank and the receipt received upon payment will be the new money issued by our national bank that can be deposited in personal banking accounts to be spent into circulation, save or invest, and the government will have all the money it needs to operate also. 

The government could then eliminate the IRS because the government would have all the money it needs without any enforcement to collect it. 

The IRS was originally was set up to collect all income taxes payable to the Federal Reserve for  interest on the debt incurred by the national government. In fact, none of the income tax ever went to fund the government. Instead the IRS was set up to collect income tax on the American people about the same time that the Federal Reserve Bank was set up and all income tax went just to pay the interest on the national debt.  In fact, for years these words were stamped on the back of checks paid to the IRS as income taxes:  "Pay Any Federal Reserve Bank for Debt Incurred by the Federal Government." 

With our new monetary system, as the wealth of the people increase, our federal and state and local governments can be reduced in size and scope and the rich can volunteer for government service. 

With the tally system, the people will voluntarily pay 10% of their income to the government for which they will get the same amount back as receipts for taxes paid in new United States Currency dollars.  Taxpayers will be given the option of receiving their NEW money in currency and/or gold and/or silver coin.  This new money coin will be denominated by the United States mint at a greater face amount than the intrinsic value of the coin to encourage use in circulation.  This new money coin will be issued ONLY as receipts for the voluntary 10% income taxes paid so as not to cause inflation.  This will be an added incentive for taxpayers to pay the voluntary income tax.  In the old monetary system, the banks got all the new money plus interest, plus income taxes and repossessed property.  In the new monetary system, the people will have no debt, no interest to pay, and will receive ALL the new money created with no property repossessed.  The result will be that EVERYONE will become rich.

Here is a scenario with a person earning $20,000 a year.  The new money he will get each year will increase his yearly income by 10% so that in 10 years his income will more than double.

Year		Yearly Income	10% Tax
1		$20,000.00	$2,000.00
2		$22,000.00	$2,200.00
3		$24,200.00	$2,420.00
4		$26,620.00	$2,662.00
5		$29,282.00	$2,928.20
6		$32,210.20	$3,221.02
7		$35,431.22	$3,543.12
8		$38,974.34	$3,897.43
9		$42,871.78	$4,287.18
10		$47,158.95	$4,715.90
		2.36

Think about what is happening here.  The new money that the banks used to get, instead with this new monetary system goes to the tax payer.  Just because in this example where the tax payer earned $20,000 the first year, and paid $2,000, (the 10% voluntary tax) to the government bank, this did not reduce his yearly income.  He paid $2,000 in income tax on his $20,000 year's income.  So when the bank sends him his receipt for the income tax he paid in the form of NEW money of the amount of $2,000, this is income that he must count with his next year's income because he receives it in year 2.  So in year 2, his income is $22,000, and his income goes up each year by 10% so that in ten years time his total income has more than doubled.  In year 10, his income is $47,158.95 of which he pays $4,715.90 in income tax, but which he gets right back in NEW money, so it didn't cost him anything to pay taxes, yet because he paid 10% of his income in taxes each year, for which he got back the same 10% in NEW money, this caused his Year 1 income to increase by 2.36 times in ten years time.  This increase in income is what the bankers used to get in the old monetary system where they received the benefit of all new money created.  In our new monetary system, the tax payer gets all the new money.  Thus, everyone can become rich with our new asset based receipt monetary system.  There is no inflation in this system, because the gross national product increases in tandem with the increase in the money supply.

The rich can then consecrate greater amounts of their excess earnings to our National Banking System so the bank can fund worthy enterprises with grants.  The old monetary system was based on scarcity, giving rise to war, indebtedness and bankruptcy.  The new monetary system is based on abundance for everyone.  And since we, the people, will be paying our government, the government will do what WE want, instead of the current system where the government does what the banks want.  We, the people, are the sovereigns, and our government will again become our servant as it should be.

Our new National Bank will issue new money not as debt, but as an asset, interest free, as receipts for taxes paid. It can then fully fund Social Security for our retirees, even to lowering the retirement age, and increasing their monetary payment for all the years they have served our country faithfully. Instead of issuing money as debt, the state branch banks can accept grant applications and fund business and home purchases with grants.

Imperative with this new monetary system, it is MOST important that Congress outlaw all fractional reserve banking, as well as all other ways the bankers create money, such as short selling on the stock market.  The banks, including mortgage companies, and all other institutions, except our National Bank, will NOT be allowed to create money.  This prerogative was given to Congress in the Constitution by the people for creating our national money based on our national productivity - "To coin Money, regulate the Value thereof," meaning the power to create money was given to Congress.  The banks currently create money out of nothing and cause inflation, deflation and booms and busts by regulating the issuance of debt and the setting of interest rates. Currently, the Federal Reserve Note is worth about 1 cent of it’s 1913 value, which means the Federal Reserve has literally stolen 99% of the wealth of America through the inflation of it’s currency.

The new monetary system will automatically create a stable money supply with NO inflation nor deflation.  In the tally system, the amount of currency in circulation is maintained automatically with a constant value in relation to the economic growth of the nation. As the economy grows, the amount of currency in circulation automatically increases in tandem with the economic growth and so does not cause inflation.  The PRIME purpose of our new asset-based receipt monetary system is to create a steady economy, to prevent the banks from creating new money as debt and it's resulting booms and busts as they arbitrarily decide to approve or not approve loans to cause bankruptcies where they can repossess people's property and businesses for payment of the interest money that they do not create.  Our new monetary system will provide industry with the money they need to keep the people optimally employed creating an economy with a stable monetary value so that the people do not loose the value of their money to inflation nor their assets to deflation and so that a steady return on investments can be provided.

Credit card debt will be cancelled in this new asset-based system.  It will be illegal to create credit card debt by private banks or other private institutions.  Debit cards can be used but no privately issued credit cards will be allowed since that is one way the banks currently create money.  In the new monetary system, banks will not be allowed to create money.  However, since the prerogative is given to Congress in the Constitution to create money, it can also create credit and issue credit card debt through our National Banking system owned 100% by the government.  The interest earned on the credit card debt thus issued will accrue to the government to help fund our government.  Another source of income that helped to fund our government up until free trade removed it is import taxes, called tariffs.  The federal government should impose an import tax on all goods and services to equalize them to the domestic production, to give a fair playing ground for domestic production to compete with the international market.  Since the State and local governments will be fully funded with our new monetary system through our National Bank and it's state branches, all local taxes can be also eliminated.  Property tax should be eliminated thus returning full ownership of property to the people.

Counterfeiting prevention measures will be implemented for our national currency so enemies of the people cannot destroy our currency as the Bank of England did during the War of Independence when the value of the Continentals were inflated out of existence with counterfeit money. The new money could be issued with a difficult-to-counterfeit hologram and a serial number with a bar code registered in a national database. The national database will be accessible via the Internet and at cash registers by scanning the bar code serial number to determine that the money is legitimate currency issued by the government.  Counterfeiting prevention measures similar to those used by money architect, Bernard von NotHaus implemented with his American Liberty Dollar warehouse receipts which had 17 counterfeiting features more than Federal Reserve Notes could be used in our new national currency.  It is suggested that Bernard von NotHaus be recruited to work at the United States Mint to design our new currency and coin using special features he developed in his American Liberty Dollar. 

Counterfeiting could be prevented by having each monetary unit issued with a unique serial number and assigned to it's owner in the National bank database.  Every citizen, resident and business could have an account in the national bank, and the account would list all the monetary units belonging to each account.  When the monetary unit, such as a $10 paper currency certificate is transferred to someone else in a purchase, the seller would scan the serial number of the monetary unit with a bar code reader, the buyer could then enter his password and the transaction would be approved as being valid and the monetary unit would be transferred to the new owner with the record of the transfer completed in the national bank database.  Since all monetary units will be assigned an owner in the national bank database, should a counterfeit monetary unit be scanned, the bank computer will automatically detect whether the monetary unit serial number is unique in the database and that that monetary unit is assigned to the correct owner account.  The counterfeit monetary unit would thus be detected and the transaction not authorized.  The transaction would not be authorized if the serial number is not unique in the database, and/or if the password given does not belong to the monetary unit's owner.

In 1844, when the American prophet Joseph Smith, Jr. ran for President, he included a solution similar to this Asset Based Monetary Receipt System to our national monetary crisis in his platform -- to set up a national bank with branch offices in each state with all officers elected by the people.  It is still not too late to heed a prophet of the Lord Jesus Christ to save our nation from total financial collapse.  With over 20 states heading into bankruptcy, one State has shown us the way to solvency -- North Dakota -- has a state-owned bank which has greatly contributed their financial stability.  All other states must follow suit and establish state-owned banks, including a National bank owned 100% by our national government.

If Congress would implement this new financial plan without delay, our economy will increase in strength and our nation would become so strong that no-one would dare attack us. And if they did, we would be strong enough financially, to be able to repel them.

Since all wars are caused by the international bankers and their monetary ponzi schemes around the world, Congress should end all wars around the world and bring our troops home to get ready to defend our country – since most likely the bankers will not give up without a fight.

What’s more, Congress can do as our founding fathers did, and invite all the countries of the world to join the Union. This way all peoples of the world can be covered by our constitutional freedoms, and everyone will have representation in Congress and benefit from our asset based monetary system.

Therefore, Congress should, after setting up our new Monetary System, immediately withdraw from the banker’s created United Nations, which was established by enemies of our country, and order the United Nations to remove themselves from our national soil.

Our Founding Father, Thomas Jefferson stated that if we should ever allow the banks to control the issuance and control of our money, the banks and corporations that would raise up around that monetary power will eventually deprive all our citizens of their property and we would end up homeless on the land our forefathers fought to preserve for us.

In fact, the main reason the Revolutionary War was fought was over the right of Americans to produce and control their own paper money. The Bank of England wanted to have exclusive monopoly power over the issuance of money in America. They financed the War of 1812 and the southern states against the north in the Civil War, and had President Lincoln assassinated because he dared to issue money instead of borrowing from them. President Kennedy was also assassinated because he also issued some money instead of borrowing from the Federal Reserve.

So the people we are dealing with, these international bankers who run the world through their central banks, are really thugs of the highest order. They threaten the leaders of other nations to do their bidding with threats on their lives or on their families. They have even said they want to eliminate 90% of the world’s population with war, poison, famine, pandemics and whatever else they can think up.

It is time we stand up to these criminals. The bankers love to create booms and busts so they can repossess real property for worthless debt money that they create out of thin air. Millions of Americans have lost their homes, their properties and businesses, and we are now in danger of losing our country to these ruthless thugs that killed millions in Russia because the Czar refused to accept one of their central banks in their country. The Czar lost to the Communists that were funded by the bankers. Millions of Chinese have lost their lives to the overthrow of their country to these international bankers. The international bankers DO NOT have the best welfare of We, the people of America or the World in mind. They only care about their profits and control of everyone else.

In fact, the corporations that have risen up around the international bankers are also complicit in profiting from destroying the people. The pharmaceutical companies and their medical doctors kill thousands of people every year with their poisonous medicines, butcher knives and radiation. They also cause much sickness and disease with their poisonous mercury and aluminum hydroxide vaccinations, and mercury laden dental fillings causing autism in children, and Alzheimer’s in older people. Their food companies are poisoning our people with additives such as Aspartame, Sucralose, and other names given this poisonous sweetener. Other harmful additives are hydrogenated oils that clog up arteries causing heart disease, mono-sodium glutamate that kills brains cells and causes people to get fat by sending messages to the brain that they are still hungry no matter how much they eat. A Russian scientist found that genetically modified grains created by these corporations increase the death rate 50%.

The Federal Reserve’s corporations are also complicit in black project back-engineering of flying saucer technology from craft that have been knocked out of the sky. They are hiding this technology from we, the people and even working to use it against us. Congress should reveal this free-energy technology to the benefit of the people because all of it belongs to US. We paid the taxes for it. If Congress had not been complicit in funding these black projects to hide this technology, we would all be right now flying around in flying saucers – providing all the energy from the vacuum of space to fix the energy crisis, and preventing all the daily accidents that flying saucer technology would prevent. The powering of these craft creates a powerful repulsive field about the craft that repels anything they come close to – thus preventing accidents. This technology if given to the people would prevent the thousands of deaths and injuries from vehicle accidents every year, and save the cost of the accidents and injuries also. Plus, giving the people this technology would help us defend our country, and provide us all the energy we need so we are not dependent on oil imports.

So Enough is ENOUGH! Congress MUST bring the international bankers to justice, and replace their debt-based banking system with an asset based system. We Americans have got to lead out on this – to create an asset based monetary system that will bring stability to the country and the world instead of the banker’s debt based monetary system that gradually concentrates all wealth and power into their hands at the expense of the bloody wars our people worthlessly fight for them around the world -- and what do we get for all our blood and taxes? We get our homes and businesses repossessed, our lives shortened, poisoned and killed. Certainly Congress can give We, the people something better than this!

Do you LOVE your Country? Do you love your COUNTRYMEN?

Then start DOING something GOOD for the people or soon there will be no Congress and no Country for any of us -- because the monetary power set up by Congress in the form of the Federal Reserve and the corporations that have risen up around the Federal Reserve is destroying our country and our world.

In transforming our monetary system from a debt-based to an asset-based monetary system, Congress can expand the benefits of this abundance creating system to the world.  We could offer other countries to pay their debts on these conditions:

1.  They would accept a United States bank in their country with officers elected by their people.
2.  They would trade their debts and national currency for United States Currency based on the April 15th value of their currency in relation to United States currency thus eliminating their national currency.
3.  Credit card debt will be cancelled in that country, and can only be resumed through the United States bank after the recall of their currency and all other debt is paid. 
4.  In return for us paying off their debt and trading their currency in for ours, the citizens of those countries will agree to pay a voluntary 10% income tax to the United States bank for which the bank will issue receipts in the form of new United Sates currency to those paying the income tax in the same amount of tax paid. 
5.  All fractional reserve banking in their country will cease.
6.  The United States bank will fund their government 100% and all other taxes on their people other than the voluntary 10% income tax will be eliminated. 

Thus as their economies grow, and prosperity increases, money received from the voluntary 10% income tax will increase automatically giving all the funds necessary to fund their governments through the United States bank.  Congress could then invite these countries to join the Union so that their peoples will have representation in Congress, at which time, all tariffs imposed on their countries will be dropped as they become states of the Union under our Constitution.

To State Legislatures,

If the State Legislatures initiated this Asset Based Receipt Monetary System in their state, this may give impetus to Congress to follow suit. 

The United States Constitution prohibits the states from issuing "bills of credit," which is a debt-based currency, but says nothing of issuing an asset-based currency which is what the Asset Based Receipt Monetary System is. 

States could set up a state bank with officers elected by the people, pass legislation prohibiting fractional reserve banking in their state, cancelling all credit card debt held in the state, and issue new money as an asset based currency.  With a State Bank set up as a commercial bank and owned by the state government, it can then pay off all debts in the state, except credit card debt which can eliminated by statute.  This would not create inflation because all debt-based money would be just exchanged for asset-based money, dollar for dollar.  The legislation would also implement state voluntary income tax of 10% on its citizens and businesses and for every income tax dollar paid to the state bank, the state would issue as receipts for income tax paid NEW asset-based currency.  All other fractional reserve banking in the state would be made illegal.  The voluntary income tax could then fund all state and local governments so that all other state and local taxes could then be eliminated.  Our state and people will then return to abundant prosperity.

For further discussion on a state initiated Asset Based Receipt Monetary System click here.

Sincerely,

The American Taxpayer
 

Sign the Petition here to audit the Federal Reserve.