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June 6, 2012 at 7:55 pm #15711slimdadioMember
What is your take on Kennedy’s executive order (copied below) to issue billions of U.S. notes backed by silver to float against the Fed’s reserve notes? Such policy is contrary to the strategy expressed in your lecture on Kennedy regarding his efforts to expand the volume of money to theoretically shrink the gap of unemployed workers. This philosophy would have been undermined by his currency that was somewhat constrained to the tangible commodity. It would have been one step towards government funding its borrowing needs, and sidestepping the Fed. Sadly, Johnson called back the U.S. notes and ended the plan. The order is currently still active, however.
Aristotle said that currency’s purpose should be to facilitate commerce, and not for the sordid avarice of the profiters from the money itself. Marx said the state should be the only issuer of currency, as in a state bank.19 states have applied for state owned banks for the purpose of funding state projects without having to borrow at interest from private sources. North Dakota’s state owned bank has accrued 300 million in assets to fund such projects. Would not the elimination of private creation of money be the proper role for government? Would that facilitate a fair free market as money should not be a product in itself? Is this not what the constitution is proposing in issuance and regulation of coin and credit? Even Keynes said a money that can be debased is the most effective means to destroy a capitalist system.
I apologize for too many questions. It’s like a kid and candy store with this opportunity to ask away. I’m getting my teaching credential, and this form of education is exactly what is badly needed to get people up to speed. To be able to absorb the most important lessons in life with an iphone and earbuds during multitasking in this way-too-busy-world… is an extraordinary luxury. More than anything, the problem with our education system is that it makes learning much more difficult and unaccessible than it should be. We learn best when the learning is easy to do. Thank you so much for this amazing gift. I will promote the enormous value of this mode of education to all who will hear me.
Executive Order 11110, the AMENDMENT 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:
SECTION 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. JOHN F. KENNEDY THE WHITE HOUSE, June 4, 1963
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