The Federal Reserve
4, 1963, a virtually unknown Presidential decree, Executive
Order 11110, was signed with the authority to basically
strip the Bank of its power to loan money to the United
States Federal Government at interest. With the stroke of a
pen, President Kennedy declared that the privately owned Federal
Reserve Bank would soon be out of business. The Christian Law
Fellowship has exhaustively researched this matter through the
Federal Register and Library of Congress. We can now safely
conclude that this Executive Order has never been repealed,
amended, or superceded by any subsequent Executive Order. In
simple terms, it is still valid.
President John Fitzgerald Kennedy - the author of Profiles in
Courage -signed this Order, it returned to the federal government,
specifically the Treasury Department, the Constitutional power
to create and issue currency -money - without going through
the privately owned Federal Reserve Bank. President Kennedy's
Executive Order 11110 [the full text is displayed further below]
gave the Treasury Department the explicit authority: "to
issue silver certificates against any silver bullion, silver,
or standard silver dollars in the Treasury." This means
that for every ounce of silver in the U.S. Treasury's vault,
the government could introduce new money into circulation based
on the silver bullion physically held there. As a result, more
than $4 billion in United States Notes were brought into circulation
in $2 and $5 denominations. $10 and $20 United States Notes
were never circulated but were being printed by the Treasury
Department when Kennedy was assassinated. It appears obvious
that President Kennedy knew the Federal Reserve Notes being
used as the purported legal currency were contrary to the Constitution
of the United States of America.
States Notes" were issued as an interest-free and debt-free
currency backed by silver reserves in the U.S. Treasury. We
compared a "Federal Reserve Note" issued from the
private central bank of the United States (the Federal Reserve
Bank a/k/a Federal Reserve System), with a "United States
Note" from the U.S. Treasury issued by President Kennedy's
Executive Order. They almost look alike, except one says "Federal
Reserve Note" on the top while the other says "United
States Note". Also, the Federal Reserve Note has a green
seal and serial number while the United States Note has a red
seal and serial number.
Kennedy was assassinated on November 22, 1963 and the United
States Notes he had issued were immediately taken out of circulation.
Federal Reserve Notes continued to serve as the legal currency
of the nation. According to the United States Secret Service,
99% of all U.S. paper "currency" circulating in 1999
are Federal Reserve Notes.
knew that if the silver-backed United States Notes were widely
circulated, they would have eliminated the demand for Federal
Reserve Notes. This is a very simple matter of economics. The
USN was backed by silver and the FRN was not backed by anything
of intrinsic value. Executive Order 11110 should have prevented
the national debt from reaching its current level (virtually
all of the nearly $9 trillion in federal debt has been created
since 1963) if LBJ or any subsequent President were to enforce
it. It would have almost immediately given the U.S. Government
the ability to repay its debt without going to the private Federal
Reserve Banks and being charged interest to create new "money".
Executive Order 11110 gave the U.S.A. the ability to, once again,
create its own money backed by silver and realm value worth
according to our own research, just five months after Kennedy
was assassinated, no more of the Series 1958 "Silver Certificates"
were issued either, and they were subsequently removed from
circulation. Perhaps the assassination of JFK was a warning
to all future presidents not to interfere with the private Federal
Reserve's control over the creation of money. It seems very
apparent that President Kennedy challenged the "powers
that exist behind U.S. and world finance". With true patriotic
courage, JFK boldly faced the two most successful vehicles that
have ever been used to drive up debt:
war (Viet Nam); and,
the creation of money by a privately owned central bank. His
efforts to have all U.S. troops out of Vietnam by 1965 combined
with Executive Order 11110 would have destroyed the profits
and control of the private Federal Reserve Bank.
OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE PERFORMANCE
OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY.
By virtue of the authority vested in me by section 301 of title
3 of the United States Code, it is ordered as follows:
1. Executive Order No. 10289 of September 19, 1951, as amended,
is hereby further amended - (a) By adding at the end of paragraph
1 thereof the following subparagraph (j): "(j) The authority
vested in the President by paragraph (b) of section 43 of the
Act of May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue
silver certificates against any silver bullion, silver, or standard
silver dollars in the Treasury not then held for redemption
of any outstanding silver certificates, to prescribe the denominations
of such silver certificates, and to coin standard silver dollars
and subsidiary silver currency for their redemption," and
(b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.
SECTION 2. The amendment made by this Order shall not affect
any act done, or any right accruing or accrued or any suit or
proceeding had or commenced in any civil or criminal cause prior
to the date of this Order but all such liabilities shall continue
and may be enforced as if said amendments had not been made.
F. KENNEDY THE WHITE HOUSE, June 4, 1963
Executive Order 11110 is still valid. According to Title 3,
United States Code, Section 301 dated January 26, 1998:
Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as
10583, dated December 18, 1954, 19 F.R. 8725;
10882 dated July 18, 1960, 25 F.R. 6869;
11110 dated June 4, 1963, 28 F.R. 5605;
11825 dated December 31, 1974, 40 F.R. 1003;
12608 dated September 9, 1987, 52 F.R. 34617
1974 and 1987 amendments, added after Kennedy's 1963 amendment,
did not change or alter any part of Kennedy's EO 11110. A search
of Clinton's 1998 and 1999 EO's and Presidential Directives
has also shown no reference to any alterations, suspensions,
or changes to EO 11110.
Federal Reserve Bank, a.k.a Federal Reserve System, is a Private
Corporation. Black's Law Dictionary defines the "Federal
Reserve System" as: "Network of twelve central banks
to which most national banks belong and to which state chartered
banks may belong. Membership rules require investment of stock
and minimum reserves." Privately-owned banks own the stock
of the FED. This was explained in more detail in the case of
Lewis v. United States, Federal Reporter, 2nd Series, Vol. 680,
Pages 1239, 1241 (1982), where the court said: "Each Federal
Reserve Bank is a separate corporation owned by commercial banks
in its region. The stock-holding commercial banks elect two
thirds of each Bank's nine member board of directors".
Federal Reserve Banks are locally controlled by their member
banks. Once again, according to Black's Law Dictionary, we find
that these privately owned banks actually issue money:
Reserve Act. Law which created Federal Reserve banks which act
as agents in maintaining money reserves, issuing money in the
form of bank notes, lending money to banks, and supervising
banks. Administered by Federal Reserve Board (q.v.)".
privately owned Federal Reserve (FED) banks actually issue (create)
the "money" we use. In 1964, the House Committee on
Banking and Currency, Subcommittee on Domestic Finance, at the
second session of the 88th Congress, put out a study entitled
Money Facts which contains a good description of what the FED
is: "The Federal Reserve is a total money-making machine.
It can issue money or checks. And it never has a problem of
making its checks good because it can obtain the $5 and $10
bills necessary to cover its check simply by asking the Treasury
Department's Bureau of Engraving to print them".
one person or any closely knit group who has a lot of money
has a lot of power. Now imagine a group of people who have the
power to create money. Imagine the power these people would
have. This is exactly what the privately owned FED is!
man did more to expose the power of the FED than Louis T. McFadden,
who was the Chairman of the House Banking Committee back in
the 1930s. In describing the FED, he remarked in the Congressional
Record, House pages 1295 and 1296 on June 10, 1932:
Chairman, we have in this country one of the most corrupt institutions
the world has ever known. I refer to the Federal Reserve Board
and the Federal reserve banks. The Federal Reserve Board, a
Government Board, has cheated the Government of the United States
and he people of the United States out of enough money to pay
the national debt. The depredations and the iniquities of the
Federal Reserve Board and the Federal reserve banks acting together
have cost this country enough money to pay the national debt
several times over. This evil institution has impoverished and
ruined the people of the United States; has bankrupted itself,
and has practically bankrupted our Government. It has done this
through the maladministration of that law by which the Federal
Reserve Board, and through the corrupt practices of the moneyed
vultures who control it".
people think the Federal Reserve Banks are United States Government
institutions. They are not Government institutions, departments,
or agencies. They are private credit monopolies which prey upon
the people of the United States for the benefit of themselves
and their foreign customers. Those 12 private credit monopolies
were deceitfully placed upon this country by bankers who came
here from Europe and who repaid us for our hospitality by undermining
our American institutions.
FED basically works like this: The government granted its power
to create money to the FED banks. They create money, then loan
it back to the government charging interest. The government
levies income taxes to pay the interest on the debt. On this
point, it's interesting to note that the Federal Reserve Act
and the sixteenth amendment, which gave congress the power to
collect income taxes, were both passed in 1913. The incredible
power of the FED over the economy is universally admitted. Some
people, especially in the banking and academic communities,
even support it. On the other hand, there are those, such as
President John Fitzgerald Kennedy, that have spoken out against
it. His efforts were spoken about in Jim Marrs' 1990 book Crossfire:"
overlooked aspect of Kennedy's attempt to reform American society
involves money. Kennedy apparently reasoned that by returning
to the constitution, which states that only Congress shall coin
and regulate money, the soaring national debt could be reduced
by not paying interest to the bankers of the Federal Reserve
System, who print paper money then loan it to the government
at interest. He moved in this area on June 4, 1963, by signing
Executive Order 11110 which called for the issuance of $4,292,893,815
in United States Notes through the U.S. Treasury rather than
the traditional Federal Reserve System. That same day, Kennedy
signed a bill changing the backing of one and two dollar bills
from silver to gold, adding strength to the weakened U.S. currency.
comptroller of the currency, James J. Saxon, had been at odds
with the powerful Federal Reserve Board for some time, encouraging
broader investment and lending powers for banks that were not
part of the Federal Reserve system. Saxon also had decided that
non-Reserve banks could underwrite state and local general obligation
bonds, again weakening the dominant Federal Reserve banks".
a comment made to a Columbia University class on Nov. 12, 1963,
days before his assassination, President John Fitzgerald Kennedy
high office of the President has been used to foment a plot
to destroy the American's freedom and before I leave office,
I must inform the citizen of this plight."
this matter, John Fitzgerald Kennedy appears to be the subject
of his own book... a true Profile of Courage.
research report was compiled for Lawgiver. Org. by Anthony Wayne
is the Federal Reserve Bank?
is the Federal Reserve Bank (FED) and why do we have it?
Greg Hobbs November 1, 1999
FED is a central bank. Central banks are supposed to implement
a country's fiscal policies. They monitor commercial banks to
ensure that they maintain sufficient assets, like cash, so as
to remain solvent and stable. Central banks also do business,
such as currency exchanges and gold transactions, with other
central banks. In theory, a central bank should be good for
a country, and they might be if it wasn't for the fact that
they are not owned or controlled by the government of the country
they are serving. Private central banks, including our FED,
operate not in the interest of the public good but for profit.
have been three central banks in our nation's history. The first
two, while deceptive and fraudulent, pale in comparison to the
scope and size of the fraud being perpetrated by our current
FED. What they all have in common is an insidious practice known
as "fractional banking."
banking or fractional lending is the ability to create money
from nothing, lend it to the government or someone else and
charge interest to boot. The practice evolved before banks existed.
Goldsmiths rented out space in their vaults to individuals and
merchants for storage of their gold or silver. The goldsmiths
gave these "depositors" a certificate that showed
the amount of gold stored. These certificates were then used
to conduct business.
time the goldsmiths noticed that the gold in their vaults was
rarely withdrawn. Small amounts would move in and out but the
large majority never moved. Sensing a profit opportunity, the
goldsmiths issued double receipts for the gold, in effect creating
money (certificates) from nothing and then lending those certificates
(creating debt) to depositors and charging them interest as
the certificates represented more gold than actually existed,
the certificates were "fractionally" backed by gold.
Eventually some of these vault operations were transformed into
banks and the practice of fractional banking continued.
that fractional banking concept in mind as we examine our first
central bank, the First Bank of the United States (BUS). It
was created, after bitter dissent in the Congress, in 1791 and
chartered for 20 years. A scam not unlike the current FED, the
BUS used its control of the currency to defraud the public and
establish a legal form of usury.
bank practiced fractional lending at a 10:1 rate, ten dollars
of loans for each dollar they had on deposit. This misuse and
abuse of their public charter continued for the entire 20 years
of their existence. Public outrage over these abuses was such
that the charter was not renewed and the bank ceased to exist
war of 1812 left the country in economic chaos, seen by bankers
as another opportunity for easy profits. They influenced Congress
to charter the second central bank, the Second Bank of the United
States (SBUS), in 1816.
SBUS was more expansive than the BUS. The SBUS sold franchises
and literally doubled the number of banks in a short period
of time. The country began to boom and move westward, which
required money. Using fractional lending at the 10:1 rate, the
central bank and their franchisees created the debt/money for
boomed for a while, then the banks decided to shut off the debt/money,
citing the need to control inflation. This action on the part
of the SBUS caused bankruptcies and foreclosures. The banks
then took control of the assets that were used as security against
examine how the SBUS engineered this cycle of prosperity and
depression. The central bank caused inflation by creating debt/money
for loans and credit and making these funds readily available.
The economy boomed. Then they used the inflation which they
created as an excuse to shut off the loans/credit/money.
resulting shortage of cash caused the economy to falter or slow
dramatically and large numbers of business and personal bankruptcies
resulted. The central bank then seized the assets used as security
for the loans. The wealth created by the borrowers during the
boom was then transferred to the central bank during the bust.
And you always wondered how the big guys ended up with all the
who do you think is responsible for all of the ups and downs
in our economy over the last 85 years? Think about the depression
of the late '20s and all through the '30s. The FED could have
pumped lots of debt/money into the market to stimulate the economy
and get the country back on track, but did they? No; in fact,
they restricted the money supply quite severely. We all know
the results that occurred from that action, don't we?
would the FED do this? During that period asset values and stocks
were at rock bottom prices. Who do you think was buying everything
at 10 cents on the dollar? I believe that it is referred to
as consolidating the wealth. How many times have they already
done this in the last 85 years?
you think they will do it again?
as an aside at this point, look at today's economy. Markets
are declining. Why? Because the FED has been very liberal with
its debt/credit/money. The market was hyper inflated. Who creates
inflation? The FED. How does the FED deal with inflation? They
restrict the debt/credit/money. What happens when they do that?
The market collapses.
months back, after certain central banks said they would be
selling large quantities of gold, the price of gold fell to
a 25-year low of about $260 per ounce. The central banks then
bought gold. After buying at the bottom, a group of 15 central
banks announced that they would be restricting the amount of
gold released into the market for the next five years. The price
of gold went up $75.00 per ounce in just a few days. How many
hundreds of billions of dollars did the central banks make with
those two press releases?
is generally considered to be a hedge against more severe economic
conditions. Do you think that the private banking families that
own the FED are buying or selling equities at this time? (Remember:
buy low, sell high.) How much money do you think these FED owners
have made since they restricted the money supply at the top
of this last current cycle?
Greenspan has said publicly on several occasions that he thinks
the market is overvalued, or words to that effect. Just a hint
that he will raise interest rates (restrict the money supply),
and equity markets have a negative reaction. Governments and
politicians do not rule central banks, central banks rule governments
and politicians. President Andrew Jackson won the presidency
in 1828 with the promise to end the national debt and eliminate
the SBUS. During his second term President Jackson withdrew
all government funds from the bank and on January 8, 1835, paid
off the national debt. He is the only president in history to
have this distinction. The charter of the SBUS expired in 1836.
a central bank to manipulate the supply of money, the United
States experienced unprecedented growth for 60 or 70 years,
and the resulting wealth was too much for bankers to endure.
They had to get back into the game. So, in 1910 Senator Nelson
Aldrich, then Chairman of the National Monetary Commission,
in collusion with representatives of the European central banks,
devised a plan to pressure and deceive Congress into enacting
legislation that would covertly establish a private central
bank would assume control over the American economy by controlling
the issuance of its money. After a huge public relations campaign,
engineered by the foreign central banks, the Federal Reserve
Act of 1913 was slipped through Congress during the Christmas
recess, with many members of the Congress absent. President
Woodrow Wilson, pressured by his political and financial backers,
signed it on December 23, 1913.
act created the Federal Reserve System, a name carefully selected
and designed to deceive. "Federal" would lead one
to believe that this is a government organization. "Reserve"
would lead one to believe that the currency is being backed
by gold and silver. "System" was used in lieu of the
word "bank" so that one would not conclude that a
new central bank had been created.
reality, the act created a private, for profit, central banking
corporation owned by a cartel of private banks. Who owns the
FED? The Rothschilds of London and Berlin; Lazard Brothers of
Paris; Israel Moses Seif of Italy; Kuhn, Loeb and Warburg of
Germany; and the Lehman Brothers, Goldman, Sachs and the Rockefeller
families of New York.
you know that the FED is the only for-profit corporation in
America that is exempt from both federal and state taxes? The
FED takes in about one trillion dollars per year tax free! The
banking families listed above get all that money.
everyone thinks that the money they pay in taxes goes to the
US Treasury to pay for the expenses of the government. Do you
want to know where your tax dollars really go? If you look at
the back of any check made payable to the IRS you will see that
it has been endorsed as "Pay Any F.R.B. Branch or Gen.
Depository for Credit U.S. Treas. This is in Payment of U.S.
Oblig." Yes, that's right, every dime you pay in income
taxes is given to those private banking families, commonly known
as the FED, tax free.
many of you, I had some difficulty with the concept of creating
money from nothing. You may have heard the term "monetizing
the debt," which is kind of the same thing. As an example,
if the US Government wants to borrow $1 million ó the
government does borrow every dollar it spends ó they
go to the FED to borrow the money. The FED calls the Treasury
and says print 10,000 Federal Reserve Notes (FRN) in units of
one hundred dollars.
Treasury charges the FED 2.3 cents for each note, for a total
of $230 for the 10,000 FRNs. The FED then lends the $1 million
to the government at face value plus interest. To add insult
to injury, the government has to create a bond for $1 million
as security for the loan. And the rich get richer. The above
was just an example, because in reality the FED does not even
print the money; it's just a computer entry in their accounting
system. To put this on a more personal level, let's use another
banks are members of the Federal Reserve Banking System. This
membership makes it legal for them to create money from nothing
and lend it to you. Today's banks, like the goldsmiths of old,
realize that only a small fraction of the money deposited in
their banks is ever actually withdrawn in the form of cash.
Only about 4 percent of all the money that exists is in the
form of currency. The rest of it is simply a computer entry.
say you're approved to borrow $10,000 to do some home improvements.
You know that the bank didn't actually take $10,000 from its
pile of cash and put it into your pile? They simply went to
their computer and input an entry of $10,000 into your account.
They created, from thin air, a debt which you have to secure
with an asset and repay with interest. The bank is allowed to
create and lend as much debt as they want as long as they do
not exceed the 10:1 ratio imposed by the FED.
sort of puts a new slant on how you view your friendly bank,
doesn't it? How about those loan committees that scrutinize
you with a microscope before approving the loan they created
from thin air. What a hoot! They make it complex for a reason.
They don't want you to understand what they are doing. People
fear what they do not understand. You are easier to delude and
control when you are ignorant and afraid.
to put the frosting on this cake. When was the income tax created?
If you guessed 1913, the same year that the FED was created,
you get a gold star. Coincidence? What are the odds? If you
are going to use the FED to create debt, who is going to repay
that debt? The income tax was created to complete the illusion
that real money had been lent and therefore real money had to
be repaid. And you thought Houdini was good.
what can be done? My father taught me that you should always
stand up for what is right, even if you have to stand up alone.
"We the People" don't take some action now, there
may come a time when "We the People" are no more.
You should write a letter or send an email to each of your elected
representatives. Many of our elected representatives do not
understand the FED. Once informed they will not be able to plead
ignorance and remain silent.
1, Section 8 of the US Constitution specifically says that Congress
is the only body that can "coin money and regulate the
value thereof." The US Constitution has never been amended
to allow anyone other than Congress to coin and regulate currency.
your representative, in light of that information, how it is
possible for the Federal Reserve Act of 1913, and the Federal
Reserve Bank that it created, to be constitutional. Ask them
why this private banking cartel is allowed to reap trillions
of dollars in profits without paying taxes. Insist on an answer.
Jefferson said, "If the America people ever allow private
banks to control the issuance of their currencies, first by
inflation and then by deflation, the banks and corporations
that will grow up around them will deprive the people of all
their prosperity until their children will wake up homeless
on the continent their fathers conquered."
saw it coming 150 years ago. The question is, "Can you
now see what is in store for us if we allow the FED to continue
controlling our country?"
"The condition upon which God hath given liberty to man
is eternal vigilance; which condition if he breaks, servitude
is at once the consequence of his crime, and the punishment
of his guilt."
John P. Curran
JFK Myth by G. Edward Griffin