“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. That issuing power should be taken from the banks and restored to the government to whom it properly belongs.“ Quote from Thomas Jefferson.

President John F Kennedy agreed. Kennedy moved to get rid of the Fed and ultimately eliminate the national debt as had Andrew Jackson and Abraham Lincoln before him with their battles against the National Banks.

In 1963 by presidential order, president Kennedy enacted executive order 11110. The US Treasury began printing upward of four billion of US Notes to replace Federal Reserve Notes. When a sufficient supply of the notes reached circulation the Fed and the Central Banking system could be declared obsolete. This would end control of the bankers over the US government and the American people.

Five months later, President Kennedy was professionally assassinated by an order from unknown sources.

JFK believed in the US Constitution.

“Most people know that the Federal Reserve bank is creating US dollars. But the truth is that the Federal Reserve is not Federal at all, but owned by twelve super-wealthy International banking families, such as the Rothschilds and the Rockefellers. This is a well-hidden secret, but can even be verified in ‘Encyclopedia Britannica.‘ This situation is in direct opposition to the US Constitution—the government is supposed to create our money (the 16th Amendment), which in its turn must be backed up by gold and silver.“

“What JFK did was to create interest-free government money, backed up by the US silver reserve. This is contrary to Federal Reserve money, which is not backed up by anything… Kennedy wanted to pay off the US debt this way. Apparently aware of the secret behind the Federal Reserve, he decided to follow the dictates of our Constitution. Of course, this was a very dangerous thing to do, because if he was allowed to continue, it could have put the International bankers out of business in the long run. So this was even more serious than his other ambition of reigning in the CIA’s powers. Interestingly enough, soon after his assassination the silver-backed interest-free money was taken out of circulation.“—From Wes Penre, 2003, Hidden History.

The Federal Reserve system was created outside the constitution, it was never put forth as an amendment to the constitution nor has its constitutionality ever been reviewed by the Supreme Court.

Through the machinations of the Federal Reserve, trillions of intrinsically worthless Reserve Notes have served to create a gigantic bubble in almost all assets since WWII or certainly since 1971 at which time Nixon took the US completely off the gold standard and put the US and the world on the paper fiat money system.

I keep thinking that the current ghastly bear market is the market’s way of undoing all the damage we have suffered from fiat currency, inflation, and the excesses that accompany it.