The United States Government Does Not Have Its Own Currency

I have the specific purpose of putting forth a proposition (hopefully for a wide discussion).

Assertion:

The United States Government does not have its own currency to use as it sees fit as an instrument of public policy; rather the government has abrogated the ‘autonomous’ control and direction of its sovereign money system, relinquishing control to private bankers.

To clarify this matter, via the Federal Reserve Act, the control of the issuance of money is assigned to the Federal Reserve System.

This matter of ‘autonomy’ over national money in this country is, in reality, little different from the problem of the European Monetary Union adopting the currency of the European Central Bank, except insofar as the powers needed to enforce that autonomy.

There is no need in this country to put in place additional laws and regulations of ‘other sovereigns’ (over budgets and borrowings) as is done in the EU. It is merely necessary to maintain the private central banking system that was adopted by Congress now some 102 long years ago, with a veiled promise that we would not end up (*) here.

Bankers have complete autonomy over currency

That law gives the private bankers complete ‘autonomy’ over the issuance of ‘our’ currency (or, ‘money’, in the parlance of we, the common owners and users of our money system). This national, legal money is issued in the form of private ‘banker-credits’, again being that which is used as money in every financial transaction in which the American people engage. All of what we use for money in this country is privately issued ‘banker-credit’, legally denominated in the unit of account for our national currency.

Notice I use the term issued, so as not to be confused with ‘created’, for the simple reason that our sub-servient government even ‘creates’ and provides the bankers with our printed currency (Yes, we deliver !), for which we, the owners of the system, are reimbursed for our printing costs, rather than its seigniorage. Only coins enter circulation via issuance by the Treasury, and thus I say that ALL money is issued by private bankers, coins-excepted (c.e.).