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U.S. Default Flashback: Rep. James Traficant Discusses The Federal Reserve, Prison, And Running For Congress Again

Representative Traficant Reports On The Bankruptcy Of The United States, United States Congressional Record, March 17, 1993 VOL. 33, page H-1303

The Speaker - Rep. James Traficant, Jr. (Ohio) addressing the House.  


Mr. Speaker, we are here now in chapter 11.  Members of Congress are official trustees presiding over the greatest reorganization of any bankrupt entity in world history, the U.S. Government.  We are setting forth, hopefully, a blueprint for our future.  There are some who say it is a coroner’s report that will lead to our demise.  

It is an established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; Declared by President Roosevelt, being bankrupt and insolvent. H. J. R. 192, 73rd. Congress in session June 5, 1933 - Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Government Offices, Officers and Departments and is further evidence that the United States Federal Government exists today in name only.  

The receivers of the United States Bankruptcy are the International Bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States Offices, Officials, and Departments are now operating within a de facto status in name only under Emergency War Powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of government for the United States. This new form of government is known as a Democracy, being an established Socialist/Communist order under a new governor for America. This act was instituted and established by transferring and/or placing the Office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. Public Law 94-564, page 8, Section H. R. 13955 reads in part: “The U.S. Secretary of Treasury receives no compensation for representing the United States?”  


Gold and silver were such a powerful Money during the founding of the United States of America, that the founding fathers declared that only gold and silver coins can be money in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or “currency”. Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRN's) made no such promises, and are not money. A Federal Reserve Note is a debt obligation of the federal United States government, not money. The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the United States of America to issue currency of any kind, but only lawful money, - gold and silver coin.  

It is essential that we comprehend the distinction between real money, and paper money substitute. One cannot get rich by accumulating money substitutes, one can only get deeper in debt. We the People no longer have any money. Most Americans have not been paid any money for a very long time, perhaps not in their entire life. Now do you comprehend why you feel broke? Now, do you understand why you are “bankrupt,” along with the rest of the country?  

Federal Reserve Notes (FRN's) are unsigned checks written on a closed account. FRN’s are an inflatable paper system designed to create debt through inflation (devaluation of currency). Whenever there is an increase of the supply of a money substitute in the economy without a corresponding increase in the gold and silver backing, inflation occurs.

Inflation is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank who controls the supply and movement of FRN’s has everybody fooled. They have access to an unlimited supply of FRN's, paying only for the printing costs of what they need. FRN’s are nothing more than promissory notes for U.S. Treasury securities (T-Bills) - a promise to pay the debt to the Federal Reserve Bank.  

There is a fundamental difference between paying and discharging a debt. To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity). With FRN’s, you can only discharge a debt. You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or substance. No contract in Common Law is valid unless it involves an exchange of good and valuable consideration. Unpayable debt transfers power and control to the sovereign power structure that has no interest in money, law, equity or justice because they have so much wealth already.  

Their lust is for power and control. Since the inception of central banking, they have controlled the fates of nations.  

The Federal Reserve System, is based on the Canon law and the principles of sovereignty protected in the Constitution and the Bill of Rights. In fact, the international bankers used a “Canon Law Trust” as their model, adding stock and naming it a “Joint Stock Trust”. The U.S. Congress had passed a law making it illegal for any legal “person” to duplicate a “Joint Stock Trust” in 1873. The Federal Reserve Act was legislated post-facto (1870), although post-facto laws are strictly forbidden by the Constitution. (1:9:3)  

The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender underwriter bears the risks, and the Maritime law compelling specific performance in paying the interest, or premiums are the same.  

Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principal.  

Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act (1913) “hypothecated” all property within the federal United States to the Board of Governors of the Federal Reserve, - in which the Trustees (stockholders) held legal title, the U.S. citizen (tenant, franchisee) was registered as a “beneficiary” of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their “subjects”, the 14th. Amendment U.S. citizens, to the Federal Reserve System.  

In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit “money substitute” it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their “economic slaves”, the U.S. citizens, as collateral against the unpayable federal debt. They also pledge the unincorporated federal territories, national parks forest, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.  

Unwittingly, America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, We the People are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the People have exchanged one master for another.  

This has been going on for over eighty years without the “informed” knowledge: Of the American people, without a voice protesting loud enough. Now it’s easy to grasp why America is fundamentally bankrupt.  

Why don’t more people own their properties outright? Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less?  

We are reaping what has been sown, and the result of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.  

America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war. Bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your country.



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Reader Comments (18)

"America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war. Bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your country."

Nah, stick it up your ass ....I don't want it anymore !
Jan 7, 2010 at 3:01 PM | Unregistered CommenterRecoverylessRecovery
Jaw dropping. Thanks for posting, DB. You have fortitude. Go James Traficant.
Jan 7, 2010 at 10:26 PM | Unregistered CommenterSonic Ninja Kitty
Saw this article and thought of you SNK...

Copenhagen Post...

Front page Business Business No wise women
No wise women
Wednesday, 06 January 2010 12:51 KR
Government’s economics advisory council lacks chairwomen due to a shortage of qualified applicants

With the selection of economics professor Claus Thustrup Kreiner as the latest member of the chairmanship group of the Economic Council, concerns have been raised about the lack of chairwomen on the council. The four chairs who steer the council are known as the ‘Wise Men’ and only one female member has joined the group since 1962, reports Informationen newspaper. In response to a parliamentary question from the Socialist People’s Party, the Economy Minister Lene Espersen said the lack of female chairs was due to lack of qualified applicants.

According to Espersen, there are no women who currently have the ‘necessary competences needed to supplement the chairmanship within the areas of public economy and economic politics’.
Jan 7, 2010 at 11:44 PM | Unregistered Commentergobias
"Israel gets approximately 15 billion dollars a year from the American Taxpayers. That 15 Billion is $30,000 for every man, woman and child...."

Could someone please explain this guys arithmetic?
Jan 8, 2010 at 12:57 AM | Unregistered Commentermark mchugh
should be about $50 per person times 300 million people = $15 billion
Jan 8, 2010 at 2:08 AM | Registered CommenterDailyBail
traficant is a weird dude...but even after a decade in jail, if he runs, i'll bet he wins...
Jan 8, 2010 at 2:09 AM | Registered CommenterDailyBail
Welcome back to the illusion of freedom Joe! It's good to have you on the outside where you can become effective again.

Thank you DB for the post. America needs leaders like Joe.
Jan 8, 2010 at 3:01 AM | Unregistered CommenterPaul Currier
Gobias, I could not care less what people like you (or your alter ego) think.
Jan 8, 2010 at 7:48 AM | Unregistered CommenterSonic Ninja Kitty
SNK, yes you do.
Jan 8, 2010 at 9:14 PM | Unregistered Commentergobias
ROFL! Talk to the hand!
Jan 8, 2010 at 11:14 PM | Unregistered CommenterSonic Ninja Kitty
See, you do.
Jan 8, 2010 at 11:44 PM | Unregistered Commentergobias
You make me laugh, Gobias. It doesn't mean I care what you think. Don't cry or anything.
Jan 9, 2010 at 12:28 AM | Unregistered CommenterSonic Ninja Kitty
Good post DB, clearly shows that this has been building for many years. Even in prison, when he ran for the House as a independent, he still pulled 15% of the vote.
Jan 10, 2010 at 8:40 PM | Unregistered CommenterS. Gompers
Even in prison, when he ran for the House as a independent, he still pulled 15% of the vote.


traficant was probably corrupt -- he does represent northern ohio (i have family there so i'm poking fun at my own) and the associated mafia...but i would assume most in Congress are equally venal....

but very few in congress have EVER told the truth as well as traficant did during his career...
Jan 11, 2010 at 10:18 AM | Registered CommenterDailyBail
I agree on all three points DB, the man in plaid was a very interesting character.
Jan 11, 2010 at 11:09 AM | Unregistered CommenterS. Gompers
What a shame isn't it. Not for Traficant, but for you. The information has been out there for years regarding the bankruptcy of the United States among other things. Bankruptcy is the disease, but the symptoms are even more appalling.

If you are alarmed at what he says, it is only the tip of the iceberg. There is so much YOU do not know, or care to discover. Once again, I leave you a reading list as I have done plenty of times in the past on this site and other sites. Please begin reading these and searching for the truth. You CANNOT find solutions for our problems by flapping your jaws knowing what you know....because most of you do not know the truth. Get educated before its too late. Pass on this information to everyone you know who might give a damn. The biggest shame in this world is our willful ignorance, arrogance and passivity in learning the truth. The truth is there. Here are the links. Every man must be a historian otherwise the truth is forgotten or stolen. Good luck.

Might be best to review in the order that I have it.

(be sure you watch all the Strawman Illusion videos)



AND probably the MOST HORRIBLE Truth....

Dec 11, 2010 at 10:41 AM | Unregistered CommenterDOGISMYTH`
I would vote for Mr. T for president any day. He is my favorite politician and patriot of all time. I live in Oregon and wish I could vote for him.

They had to get rid of him before 911 since he would not have signed the secrecy agreement like all the others except Kucinich. Kucinich isn't talking. James would have.
Dec 11, 2010 at 12:14 PM | Unregistered CommenterRay
His comment about $30,000 is obviously concerning Israel since he even contrasts that with "...while people in my district...". It's a fairly simple for the non brain-dead.

$15000 million/7.5 million (approx. pop. Israel) ~ $2000
Dec 11, 2010 at 12:33 PM | Unregistered CommenterCheeringOnTheCollapse

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