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Awesome
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100th Anniversary of the FRS
Dec 22nd, 2013 at 11:19pm
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It is tomorrow. About time to end it? (That time was almost 100 years ago, but that time being now wouldn't hurt.)
  

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Shiva_TD
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Re: 100th Anniversary of the FRS
Reply #1 - Dec 24th, 2013 at 10:54am
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Can I assume that FRS is a typo and this is referring to the IRS that was established as we know it in 1913? Perhaps an admin on this forum can correct the title of the thread.

Of course the IRS is nothing but the collection agency of the US Treasury and has fundamentally existed as a subordinate agency since about 1861. There is nothing inherently wrong with the IRS but instead the problems relate to the tax laws of the United States.
  
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Awesome
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Re: 100th Anniversary of the FRS
Reply #2 - Dec 24th, 2013 at 11:39am
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I was talking about the Federal Reserve System (FRS)
  

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Josh
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Re: 100th Anniversary of the FRS
Reply #3 - Dec 24th, 2013 at 11:46am
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Shiva just wanted an excuse to praise the IRS LOL
  

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Shiva_TD
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Re: 100th Anniversary of the FRS
Reply #4 - Dec 26th, 2013 at 8:00am
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Awesome wrote on Dec 24th, 2013 at 11:39am:
I was talking about the Federal Reserve System (FRS)


Ahhhhh Thank you for the clarification.

I'm opposed to a "central bank" but that is not the inherent problem with the Federal Reserve Banks. The primary problem with the Federal Reserve Banks is that they don't comply with the law and the government doesn't force it to comply with the law. Three cases in point.

1) The Federal Reserve is required by law to redeem Federal Reserve notes in "Lawful Money" on demand which is the species coinage produced by the US Mint (i.e. American Eagle coins) and it does not do this.

2) The Federal Reserve is mandated with a responsibility to ensure that all "currency" (i.e. promissory Federal Reserve notes and American Eagle coins) have an equitable exchange rate in the US economy and the Federal Reserve does not do this.

3) The Federal Reserve is mandated by law to retain collateral for all Federal Reserve notes issued so that it can redeem it's promissory (Federal Reserve) notes on demand for "Lawful Money" but it does not do this.

The primary problem with the Federal Reserve is that it's not in compliance with the statutory laws of the United States and the Federal government is not enforcing those laws.

I have made a proposal that would bring the Federal Reserve to it's knees though. If just one State would show up at a Federal Reserve bank and demand redemption of it's tax revenue in American Eagle coinage so that it could pay it's debts in "gold and silver" in accordance with Article I Section 10 of the US Constitution the federal courts would require the Federal Reserve to redeem those "promissory notes" in American Eagle coins. This was addressed in the Supreme Court decision of Juillard v Greenman on "Legal Tender" where the Supreme Court ruled that the issuance of currency would not (and could not) adversely affect the ability of the States to pay all debts in gold and silver coinage. Always remember that according to the US Treasury (i.e. IRS) that a $50 Federal Reserve note and a $50 American Gold Eagle are identical under US law and the Constitution. Both are "legal tender" in the United States worth exactly the same "denomination" specified on each.





  
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