AN AMENDMENT WE NEED

 

 

Amendment XXVIII

 

 

To be ratified immediately:

This amendment becomes effective on the date of ratification.

Within 180 days after ratification, Federal Reserve Notes (FRN), Treasury securities, Check-able Deposit Accounts and existing Cash Stocks are redeemed in new American Freedom Notes or new Check-able Deposit Accounts denominated in American Freedom Notes.

Fractional-reserve banking, the legal empowerment by the Federal Reserve Act of 1913 to create money by the Federal Reserve System Banks without offering consideration in exchange for signed promissory notes, is repealed immediately.

All institutions or parties holding debt denominated in FRN in any form to the Federal Reserve System of Banks, owing debt to corporate or government bond-holders, are absolved from such debt and immediately assume 100% of any collateralized assets.

All institutions or parties holding promissory notes which encumber tangible assets (factories, farms, land, businesses, homes, machinery, inventory, etc.), or holding corporate or government bonds are compensated for the nullification of these interest-bearing notes by the creation of a quantity of American Freedom Notes equal in value to the unpaid principal.

All institutions of the Federal Reserve System owed un-collateralized credit card debt are compensated for the nullification of these interest-bearing credit card accounts by the creation of a quantity of American Freedom Notes equal in value to the unpaid principle existing on these accounts.

Loans made from the pool of American Freedom Notes are subject to interest rates determined solely by the contracting parties.

The quantity of American Freedom Notes is fixed in perpetuity at the level established by Congress after the 180 days mentioned has expired. Deflation and increase purchasing power of the American Freedom Note is the hallmark of the new economy. From time to time, due to natural physical attrition in the money supply, Congress may authorize replacement of the American Freedom Notes, based on a formula determined by Congress subject to the restriction that any such formula attempts to arrive at the correct number of American Freedom Notes requisite to restore their number to the quantity in existence on the same 180th day. The United States Treasury is empowered to void and replace worn or unusable American Freedom Notes on a one-to-one basis.