Executive Order #11110

On June 4, 1963 President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve.

This was an attempt to strip the Federal Reserve Bank of its power to loan money to the U.S. government at interest.

Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury."

This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation.

THE RAMIFICATIONS OF THIS BILL ARE ENOURMOUS.

With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business.

If enough of these silver certificates were to come into circulation they would have eliminated the demand for Federal Reserve notes.

This is because the silver certificates are backed by silver, and the Federal Reserve notes are not backed by anything.

Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the government the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money.

Excecutive Order 11110 gave the U.S. the ability to create its own money backed by silver.

Just five months later, President Kennedy was assassinated.

No more silver certificates were issued.

Executive Order 11110 has never been repealed by any U.S. President and is STILL valid.

No President since has utilized it. Opting to borrow from the Federal Reserve at interest instead. Since 1963 virtually all of the nearly $6 trillion in debt has been generate, and if a U.S. president had utilized Executive Order 11110 the debt would be nowhere near the current level.

Louis T. McFadden, Chairman of the House Banking Committee in 1930s remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932 the following statement:

"Mr. Chairman,we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it."