With todays continuing contagion to AT1 tier bonds and USA First Republic, my notes are even more relevant.
1/ Since The inception of Fractional Reserve banking by English financier John LAW in 1715, at the Bank of France, (plaque still exists at the Bourse, in Parois!) he has initiated 250 years of chaos.
The US Founding Fathers knew the dangers and impact of political manipulation of currencies by the British overlords, Kind Henry etc.
Thus the unit of account of the United States was defined as a Dollar, a Spanish milled gold coin at the time.
2/ The US Constitution Art 1 sec 10 Clause 1
"No State shall ........ coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; ......."
Art 1 sec 10 clause 1 has not been repealed nor affected by any amendements.
3/ Since its illegal inception in 1913 by 5 New York banks the US So called Federal Reserve have debased the US unit of account by 98%.
4/ References:
The Creature from Jekyll Island: A Second Look at the Federal Reserve
https://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/091298645X/ Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution
by Edwin Vieira Jr.
https://www.amazon.com/Pieces-Eight-Disabilities-Constitution-Foundation/dp/0967175917/Have an ABSOLUTELY FANTASTIC day!
Jon