by Bruce Gagnon
Aug. 6, 2008
After I recently sent out my review of the new JFK book by Jim Douglass I have received quite a few emails telling me about Presidential Executive Order 11110. Frankly I had never heard of it before so I have done some research into it.
On June 4, 1963, the virtually unknown Presidential Executive Order 11110, was signed by John F. Kennedy with the authority to basically strip the Federal Reserve Bank of its power to loan money to the U.S. federal government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would essentially soon be out of business.
JFK’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. In all, Kennedy brought nearly $4.3 billion in U.S. Notes into circulation. The ramifications of this bill were enormous.
JFK was killed on November 22, 1963 and the U.S. Notes he had issued were immediately taken out of circulation and replaced with Federal Reserve Notes.
Some people think the Federal reserve banks are U.S. government institutions. They are not. They are private credit monopolies which prey upon the people of the U.S. to the benefit of the predatory money lenders who own and run them.
JFK challenged the two most successful vehicles that have ever been used to drive up debt and thus make the bankers profit – war and the creation of money by a privately-owned central bank. His efforts to have all troops out of Vietnam by 1965 and Executive Order 11110 would have severely cut into the profits and control of the New York banking establishment.
Critical articles about the Federal Reserve banking system are not easy to find but there are some out there. There was also a book written in 1987 by well-respected political writer William Greider called Secrets of the Temple: How the Federal Reserve Runs the Country that reviews the history and controversy surrounding the federal reserve.
Green Party Presidential candidate Cynthia McKinney has called for the ‘Nationalization’ of the Federal Reserve, saying we must “remove the economic middle men” and put the process of currency back into the hands of the people of the nation.
Former President Woodrow Wilson was one of those who helped push for the creation of the Federal Reserve in 1913. He later wrote: “A great industrial nation is controlled by its system of credit. Our system of credit is concentrated [in the Federal Reserve System]. The growth of the nation, therefore, and all our activities are in the hands of a few men…. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world – no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of small groups of dominant men.”
There is not much public jabber about this issue these days because we are talking about the very foundation of capitalism and it is another “off the table” subject in this country.
When one considers the reasons for JFK’s assassination, as those who have emailed me strongly suggest, messing with the federal reserve can get you in big trouble. In JFK’s case his Executive Order 11110 appears to have been one more step over the line. He put the public’s interest above the interest of the oligarchy and paid the ultimate price. At the very least we should even bother to know the story.