Currency

1 THE word “currency” has two meanings, one already known to perhaps a majority of Americans, the other known mostly by professionals in the financial community.

2 Once you understand both meanings, you should be well on your way toward a better understanding of the forces which shape world events today.

3 THE FIRST DEFINITION

4 One meaning of the word “currency” may be illustrated by an analogy.

5 Imagine yourself standing on the bank of a stream. You have two sticks together in one hand, and you toss them into the stream.

6 A few minutes later you observe that one of the sticks has moved well ahead of the other due to the influence of the swirling currents of the stream.

7 In the nation’s economy, products and services flow in a complex and continuous swirl of currents which make up a stream of wealth.

8 Various media of exchange — coins, wampum, cows, candles, tulips, and even cigarettes, etc. — when they are a part of this stream, are called currency.

9 Thus, our first definition of currency is: media of exchange.

10 Classical economists rightfully assert that a nation’s media of exchange is often the most important product circulating in that nation’s economy.

11 THE SECOND DEFINITION

12 The second definition of “currency” is known to, but not often publicly discussed by, top figures in the banking industry.

13 These people may prefer that you never become aware of this definition, even though it has ties to other widely known accounting and bookkeeping terms.

14 However, the banking industry itself can help us get a better understanding of the second meaning of the word “currency”.

15 Take note that banking deposit slips have had in the past three separate areas for entering information related to the components of a deposit. These areas are Checks, Coins, and Currency.

16 Since Checks means bank drafts, neither Federal Reserve Notes nor Silver Certificates would be entered in the area labeled “Checks”.

17 And since coin means metal objects, neither Federal Reserve Notes nor silver Certificates would be tabulated in this area.

18 By a process of elimination, we must conclude that the bank’s “currency” means only dollar-bills — that is, Federal Reserve Notes or Silver Certificates, etc.

19 If you hear someone refer to silver Certificates as “paper currency” they are using the first definition of the word “currency”, not the second definition being developed here.

20 However, textbooks on standard accounting practice tell us that a debt that we don’t have to pay for several years is called a long-term debt. A debt we have to pay within the next 12 months is called a short-term, or current debt.

21 When we discuss assets, liabilities, debts, receivables, payables, or other financial topics, current in front of one of those words indicates that we expect the event or transaction to occur within the next 12 months.

22 Current is therefore synonymous with either short-term, immediate-term, or “within 12 months” — the opposite of long-term or “beyond 12 months”.

23 Next, recall that prior to about 1968, dollar-bills (20’s, for example) made in the United States Bureau of Engraving and Printing, that is, Federal Reserve Notes, Silver Certificates, etc., were redeemable in lawful money at the United States Treasury or at any Federal Reserve Bank, or at most other banks. And they were redeemable on demand.

24 Dollar-bills were currency, not because they circulated in the economy, but because they were to be paid on demand which means instantaneous, and instantaneous is well within 12 months.

25 Thus, dollar-bills were current assets (immediate assets) to their holder.

26 Therefore our second definition of “currency” is “a financial instrument which is convertible into money within 12 months”.

27 FEDERAL RESERVE TOKENS (FRTs)

28 Because of the actions of an unholy alliance of bankers and certain civil-service employees, the United States has entered an extremely dangerous period.

29 We, the People of this great nation, are being subjected to economic warfare.

30 The perpetrators of this warfare are using pieces of paper and electronic impulses as firepower against us, and because we lack adequate knowledge of these things, we are being led into economic captivity.

31 Each of the pieces of paper we use in our commercial transactions today is labelled “Federal Reserve Note.”

32 Students of what has become known as the money issue are quick and correct to point our that these pieces of paper are not bona fide Notes in legal and financial contemplation, although they resemble the real Notes that were issued in years gone by.

33 The curious pieces of paper we now list on deposit slips, for example, should be called paper tokens.

34 Our dictionary defines a token as a piece of metal, somewhat like a coin, labelled or stamped for a higher value than the mental is worth, and used for a special purpose, such as for a subway or bus fare or for entry into a game or some other type of amusement activity.

35 While this definition of the word “token” may have been adequate in the early part of this century, today’s monetary circumstances require us to use the following definition, “a thing labelled as having an extrinsic worth markedly greater than its intrinsic worth, used for a special purpose”.

36 In this more comprehensive definition we can substitute piece of paper for thing and begin to view certain government-issued pieces of paper in sharper focus, as “a thing having an extrinsic worth markedly greater than its intrinsic worth, used for a special purpose”.

37 In regard to the Federal Reserve tokens (FRTs) we now use AS money, it is true that we tabulate them on deposit slips under currency where we previously listed genuine Federal Reserve Notes.

38 But we can only refer to today’s tokens (FRTs) as currency in the sense of our first definition, “media of exchange”.

39 We cannot rationally refer to FRTs as currency in the sense of the second definition because in financial and legal contemplation they are not current assets to their bearer or holder.

40 This is because FRTs are not convertible — at least not in the manner of genuine Notes or Certificates — into money at any time, much less within 12 months.

41 MORE THAN ONE SPECIAL PURPOSE

42 Now let’s consider what special purpose might be served by the issuance of Federal Reserve Tokens.

43 For one thing, people who had deposited real money in banks years ago — gold or silver coins — can no longer turn in their paper tokens and get their real money back.

44 The banks, through the complicity of the court system and other civil-service organizations, are now legally allowed to keep that real money, while we are being compelled to keep paper tokens instead.

45 The banks got real wealth and we got pieces of paper. We lost and the banks won big!

46 Next, the government began legally printing tokens almost without limit and trading those tokens for wealth in the marketplace.

47 This exchange was possible only because of the unquestioned acceptance of the tokens by an increasingly gullible public.

48 The bankers and civil-service employees got more wealth and we got more slips of paper.

49 Third. Now that a gullible public has become thoroughly conditioned into accepting bogus notes, a transition was begun toward accomplishing the majority of transactions by an exchange of fictional credit entries in the bank accounts of virtually all individuals and organizations.

50 Now — with this transition perhaps 90% or more complete today — banks and civil-service employees are getting still more wealth, and we are getting still more pieces of paper.

51 Today the forces that legally control the creation of the tokens and credit-entries are steadily and legally acquiring effective ownership and control of most of the wealth of the nation.

52 Indeed, because almost all nations today are being victimized by the unholy alliance of bankers and civil-service employees — and because members of these alliances are cooperating internationally — ownership and control of virtually all of the world’s material wealth is being acquired by probably fewer than 1,000 individuals, perhaps even less — and again, legally.

53 In case you didn’t know, creating credit-entry purchasing power is even easier than creating pieces of paper.

54 Today, creation of billions of dollars of purchasing power may be accomplished in seconds with a few keystrokes on a bank’s computer terminal.

55 Of course, to do it legally a bank has to stay within the loose bounds set by our civil-service employees in Washington, DC.

56 But with the passage of recent laws, the restraints on credit creation have been virtually eliminated.

57 There are no statutory limits today on how much purchasing power the banks are allowed to create.

58 INCOMPLETE EXPOSITION

59 These reports are not a complete exposition on the subject of money or fractional reserve banking. We present only what we think is the most important fundamentals from a perspective of today’s concerned citizens.

60 While we’ve discussed some of the mechanics of the special purpose for which Federal Reserve tokens and credit entries are created, the “bottom line” is that we may be forced to eventually come face to face with the reality of Lord Acton’s warning:

61 “Power tends to corrupt, and absolute power corrupts absolutely.”

62 If we don’t want our children to grow up in a world in which absolute power is wielded by an unholy alliance, we must get involved in these matters as best we can, to the utmost of our personal abilities and worldly and spiritual resources.

63 We must study, and learn the nature of our enemies of freedom, understand their methods, and discover the steps we and our loved ones can take to establish a sound defense.

64 May the grace of our Lord Jesus Christ be with you all. Amen.