Some might argue 1913. Some might say 1933. A few might say 1924. However, the check kiting is a fact.
So.. due to lack of consideration, the Treasury owes nothing to the Federal Reserve.
A couple of points to make:
- National debt goes to $0.
- Personal income taxes were originally designed to pay for the T-bonds, so personal income taxes can easily be repealed.
- The Treasury's fiduciary responsibility to savers of T-bonds can be made good through Congress.
- Since consideration was conveyed when the Fed sold the T-bonds to investors and banks, the T-bond market can remain afloat. (It will likely unwind naturally.)
Send that to all Congress, Treasury agents, Secret Service agents, FBI, etc. Just a quick email and let's get'er done.
So.. due to lack of consideration, the Treasury owes nothing to the Federal Reserve.
A couple of points to make:
- National debt goes to $0.
- Personal income taxes were originally designed to pay for the T-bonds, so personal income taxes can easily be repealed.
- The Treasury's fiduciary responsibility to savers of T-bonds can be made good through Congress.
- Since consideration was conveyed when the Fed sold the T-bonds to investors and banks, the T-bond market can remain afloat. (It will likely unwind naturally.)
Send that to all Congress, Treasury agents, Secret Service agents, FBI, etc. Just a quick email and let's get'er done.