The Bankruptcy of The United States

By former Congressman James Traficant (D-OH) - March 17, 1993 addressing the house

"Mr. Speaker, we are here now in Chapter 11 members of Congress are official trustees presiding over the greatest re-organization of any bankrupt entity in world history, the US government. We are setting forth hopefully, a blueprint for our future. There are some say it is coroner's report that will lead to our demise.

It is an established fact that the United States Federal Government has been dissolved by the Emergency banking Act of March 9, 1933, declared by the President Roosevelt, being bankrupt and insolvent. The 73rd Congress in June 5, 1933 - joint Resolution to suspend the gold standard and abrogate the gold clause - dissolved the Sovereign Authority of the United States and the official capacity of all United States Government Offices and Departments exits today in name only. 

The receivers of the United States Bankruptcy are the International Bankers via the United Nations, the World Bank and the International Monetary Fund. All United States offices, officials, and Departments are now operating within a de facto status in name only under Emergency war powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of Democracy, being an established Socialist / Communist order under a new governor of America. This act was instituted by transferring and / or placing the office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. 

Gold and Silver coins were declared the only "money" by the founding fathers. Since they were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes make no such promises, and are not "money." A Federal Reserve Note (FRN) is a debt obligation of the federal United States Government, not "money." The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution to issue currency of any kind, but only lawful money, gold and silver coins. FRNs are unsigned checks written on a closed account. FRNs are an inflatable paper system designed to create debt through inflation (devaluation of currency). Whenever there is an increase in the gold and silver paper substitute, inflation occurs. It is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank that controls the supply and movement of FRNs has everybody fooled. They have access to an unlimited supply of FRNs, paying only for the printing costs.

There is a fundamental difference between "paying" and "discharging" a debt. To pay a debt, you must pay with value or substance (i.e. Gold, silver, barter or a commodity.) With FRNs that lack intrinsic value, you can only discharge a debt. No contract in Common Law is valid unless it involves an exchange of "good & valuable consideration."

The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender or underwriter bear the risks. Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it) as a security by the lender. The Federal Reserve Act stipulates that the interest on the debt was to be paid in gold. There was no stipulation for ever paying the principle.

Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act in 1933 "hypothecated" all property within the federal United States to the Board of Governors of the Federal Reserve, in which Trustees (stockholders) held legal title. The U.S. citizen (tenant, franchise) was registered as a "beneficiary" of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all the present and future properties, assets and labor of their "subjects", the 14th Amendment, U.S. citizens, to the Federal Reserve System. In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit "money substitute" it needed. Like any othe debtor, the federal United States government had to assign collateral and security to their creditors as a condition of the loan. Since the federal United States didn't have any assets, they assigned the private property of their "economic slaves," the U.S. citizens, as collateral against the eternal federal debt. They also pledged the unincorporated federal territories, national parks, forests, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers. Unwittingly, America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, we the people are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the people exchanged one master for another. This has been going on for over 80 years without the "informed knowledge" of the American people, without a voice protesting loud enough. Now it's easy to grasp why America is fundamentally bankrupt.

Why don't more people own their property outright? Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less? We are reaping what has been sown and the results of our harvest is a painful bankruptcy and a foreclosure on American property, precious liberties,  and way of life. Few of our elected representatives in Washington, D.C.. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it. 

America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war, bankruptcy, and economic slavery of the most corrupt order. Wake up America. Take back your country!