Speaker-Rep. James Traficant, Jr. (Ohio) Addressing the House:
Mr. Speaker, we stand today in the shadow of Chapter 11, presiding over the greatest bankruptcy in history: the United States Government. This isn’t just a balance sheet crisis—it’s a blueprint for our future, or, as some warn, a coroner’s report for our demise.Let’s face facts. The U.S. Federal Government was dissolved in 1933 by the Emergency Banking Act, declared bankrupt and insolvent by President Roosevelt. H.J.R. 192, passed that same year, scrapped the gold standard and stripped the sovereign authority of every government office. What’s left? A government in name only, a hollow shell operating under emergency war powers.
Who’s running the show? The international bankers—through the United Nations, World Bank, and IMF. They’re the receivers of this bankruptcy, pulling strings from the shadows. Our constitutional republic? Gone. Replaced by a democracy dressed up as socialism, with the U.S. Secretary of Treasury now a glorified governor for the IMF, working for free. Check Public Law 94-564, page 8, if you doubt it.
Let’s talk money—or the lack of it. Our Founding Fathers knew real money: gold and silver coins. Heavy, sure, but honest. They stored it in banks, issued claim checks, and those became currency—paper substitutes, not the real deal. Federal Reserve Notes? They’re debt, not money. Unsigned checks drawn on a closed account, backed by nothing but promises. The Constitution never gave Congress power to issue this paper fiction—only gold and silver count as lawful money.Here’s the kicker: you can’t get rich hoarding paper substitutes. You just sink deeper into debt. Most Americans haven’t been paid real money in their lifetimes. No wonder you feel broke. No wonder the country’s bankrupt.
Federal Reserve Notes fuel inflation, an invisible tax that erodes your wealth. The Federal Reserve, a private entity, prints these notes at will, paying pennies for the privilege. They’re promissory notes for Treasury securities—IOUs we’ll never pay off. You can’t settle a debt with more debt. Real payment requires value: gold, silver, or something tangible. With these notes, you’re just discharging debt, not paying it. No contract under common law holds without real value exchanged.
The Federal Reserve operates under maritime law, not the Constitution, acting as a lender and insurer that hypothecates your assets—your land, your labor, even your birth certificate. Since 1913, they’ve claimed it all. The Federal Reserve Act turned every citizen into a tenant, stripping us of allodial title to our property. We’re sharecroppers now, renting our own land from a new sovereign: the Federal Reserve Bank.Before 1913, Americans owned their property outright. Now? Ninety percent are mortgaged to the hilt, with no assets left after debts are paid. Why? Because the federal government, asset-less itself, pledged us—our homes, our labor, our future—as collateral for an unpayable debt. Our national parks, territories, even nonprofits? All handed over to international bankers.This isn’t freedom. It’s feudalism reborn. For over eighty years, we’ve been economic slaves, and most don’t even know it. Our children inherit this unpayable debt and the tyranny to enforce it. America’s bankrupt—not just financially, but in leadership, courage, and human rights.This is an undeclared economic war. Wake up, America. Take back your country!
Who’s running the show? The international bankers—through the United Nations, World Bank, and IMF. They’re the receivers of this bankruptcy, pulling strings from the shadows. Our constitutional republic? Gone. Replaced by a democracy dressed up as socialism, with the U.S. Secretary of Treasury now a glorified governor for the IMF, working for free. Check Public Law 94-564, page 8, if you doubt it.
Let’s talk money—or the lack of it. Our Founding Fathers knew real money: gold and silver coins. Heavy, sure, but honest. They stored it in banks, issued claim checks, and those became currency—paper substitutes, not the real deal. Federal Reserve Notes? They’re debt, not money. Unsigned checks drawn on a closed account, backed by nothing but promises. The Constitution never gave Congress power to issue this paper fiction—only gold and silver count as lawful money.Here’s the kicker: you can’t get rich hoarding paper substitutes. You just sink deeper into debt. Most Americans haven’t been paid real money in their lifetimes. No wonder you feel broke. No wonder the country’s bankrupt.
Federal Reserve Notes fuel inflation, an invisible tax that erodes your wealth. The Federal Reserve, a private entity, prints these notes at will, paying pennies for the privilege. They’re promissory notes for Treasury securities—IOUs we’ll never pay off. You can’t settle a debt with more debt. Real payment requires value: gold, silver, or something tangible. With these notes, you’re just discharging debt, not paying it. No contract under common law holds without real value exchanged.
The Federal Reserve operates under maritime law, not the Constitution, acting as a lender and insurer that hypothecates your assets—your land, your labor, even your birth certificate. Since 1913, they’ve claimed it all. The Federal Reserve Act turned every citizen into a tenant, stripping us of allodial title to our property. We’re sharecroppers now, renting our own land from a new sovereign: the Federal Reserve Bank.Before 1913, Americans owned their property outright. Now? Ninety percent are mortgaged to the hilt, with no assets left after debts are paid. Why? Because the federal government, asset-less itself, pledged us—our homes, our labor, our future—as collateral for an unpayable debt. Our national parks, territories, even nonprofits? All handed over to international bankers.This isn’t freedom. It’s feudalism reborn. For over eighty years, we’ve been economic slaves, and most don’t even know it. Our children inherit this unpayable debt and the tyranny to enforce it. America’s bankrupt—not just financially, but in leadership, courage, and human rights.This is an undeclared economic war. Wake up, America. Take back your country!