The American citizen has been and continues to be at the mercy of governmental intrusion in the financial sector. A government that has taken away many of our liberties and liberties. We are now faced with a conundrum regarding the constitutionality of not only the US dollar, but also the ever-invading cyber currencies such as Bitcoin and other cyber type currencies. Since 1934, when Congress amended Section 16 of the Federal Reserve Act, the US dollar has been decoupled from its gold backing. And, since 1960, the dollar has been devoid of its silver backing. So the US dollar is now Fiat money, which means that the only thing backing our currency is the faith of the US government.
The main concern right now is that the US dollar is merely fiat money. Bitcoins and other virtual currencies are also fiat money backed by who knows who's good faith and credit. There are also bank transfer systems. Who controls them is the question. These transfer systems are the conduits that allow money to be transferred between banks. However, whoever controls them can intercept, transfer money to other accounts, earn interest on it, prevent you from transferring money, and even confiscate it for bailouts, as happened during the 2008 financial crisis. Another issue is that the Constitution states that no currency will be created unless it is asset backed. All of these asset-backed currencies continue to be represented by Promissory notes. Asset-backed notes, we should remember, are certificates of ownership to an actual commodity or actual money, with the commodity integrated into the currency itself. The issue is that the value of asset-backed money has either been stolen or sold to unknown parties.
When we add all of this together, the US currency, the dollar, is now devoid of any unilateral backing and thus unconstitutional by acts of Congress. In other words, Congress has decided to amend and pass legislation that clearly contradicts the intent of our founding and our Constitution. We must also remember that when Congress passed the Federal Reserve Act in 1913, it did so without constitutional authority. Our currency is now only backed by what is known as Government-Sponsored Enterprise. This is another quasi-government entity established by Congress to improve credit flow to specific sectors of the US economy. Government-sponsored enterprises include Fannie Mae, Goldman Sachs, and Freddie Mac. And we've all seen what these financial institutions did to the American people before 2008. They were responsible for the worst financial disaster since the Great Depression.
What Congress has done over the years has resulted in financial entities that are nothing more than smoke and mirrors. All of which have now created the greatest wealth disparity gap in history, the greatest national debt in history, and fostered not one Great Depression but several depression-type economic catastrophes, leaving a sobering realization that many of our current monetary crises could have been avoided had Congress acted in good faith by adhering to the Constitution. Instead, we have a country on the verge of the greatest financial disaster in history. All because Congress did not follow the Original Constitution."""