“This Note is Legal tender for all Debts, Public and Private.”US Currency under the Debt-Standard
My fellow Americans, I am proud to be an Abolitionist from New England because Slavery never ended after 1865. There are two forms of Slavery in these United States: Southern Chattel-Slavery and Northern Debt-Slavery. The American Civil War, financially speaking, had witnessed the triumph of Northern Debt-Slavery over Southern Chattel-Slavery. Even with Amendment XIII, every US Citizen is still capable of becoming a Debt-Slave in one form or another. Reading the economic and financial media lately, I came across some Jeffersonian propaganda about whether $1 trillion USD coins will be enough to break America free from its own Debt-Slavery. The #MintTheCoin has become a propaganda slogan befitting of Jeffersonianism.
Oct 5 (Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday said it was “utterly essential” for Congress to lift the federal debt limit ahead of an Oct. 18 deadline to avoid U.S. default, but added that she opposes using a loophole in U.S. currency law to resolve the crisis.
Yellen told CNBC in an interview that she opposes the minting of a $1 trillion platinum coin to resolve the crisis.
The idea comes from a legal loophole that allows the Treasury to mint platinum coins in any denomination it chooses. Some progressive commentators and Democratic lawmakers have suggested minting one or more $1 trillion coins to break an impasse in which Republicans have refused to support an increase in the $28.4 trillion debt ceiling.
“I’m opposed to it and I don’t think we should consider it seriously,” Yellen said. “It’s really a gimmick.”
Yellen said such a move “is equivalent to asking the Federal Reserve to print money to cover deficits that Congress is unwilling to cover by issuing debt. It compromises the independence of the Fed, conflating monetary and fiscal policy.”
She added that it would ‘do the opposite’ of showing that Congress and the administration can be trusted to pay U.S. bills.
Asked if she would back a process called ‘reconciliation’ for getting the limit increased without any Republican support, Yellen said: I support getting it done… We have to raise the debt ceiling as a routine matter whenever the country runs budget deficits.’
Or put another way, the Democratic-Republican Party condones Debt-Slavery. The Democrats and Republicans adhere to Debt-Slavery in one form or another, divorcing them from the economic realities of the American people as a Union far greater than the sum of its States. Never can they be expected, let alone trusted, to end Debt-Slavery. To do so means pegging the US Currency to the Work-Standard, allowing the US to issue new-old coins and banknotes:
“This United States Note is Legal Tender for all Works, both Personal and Federal, except for Federal Imports; all Works are Redeemable in the Amounts thereof as Payments on all Federal and Personal Debts to these United States.”US Currency under the Work-Standard
All Americans, not just Californians and Texans, share the same Debt-Slavery. Every Demand for Economic Freedom from Debt-Slavery is an All-American Demand for the Work-Standard. Truly, the American people have demonstrated to me that this is a Union enshrined in the Preamble of the US Constitution. The Federal government and its Federalist Party exist beyond Good and Evil, beyond Left and Right, beyond Democrats and Republicans.
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