It seems like a new banking system backed by something tangible again like how it was in the 1800's and prior would be a good move but would those of us in debt still be in debt to the banks? If not, how would our debts magically be absolved?
Example, say you owe money on your car and you have a ton of outstanding debt to a bank or credit lender. How exactly does implementing a new system of banking nullify this? Can't the bank still say "Since the USD is defunct, now you owe us the "New US Treasury Certificate" equivalent of that amount"?
I just can't quite put 2 and 2 together how the new currency would be debt free without older debts being absolved first.
I paid down all of my debt. I have been debt free for ~ 10 years. Why should those who acquired debt not be obligated to pay down their debt just like I did?
Debt originated prior to the Federal Reserve being established was not simply absolved or vacated, as though the Fed was a do-over for everyone. Contracts for payment were negotiated and debt was still owed, but it was payable as denominated in the newly established conventional monetary form - Federal Reserve Notes.
The problem with the Fed is that it is a private institution that makes money on the interest owed on the national debt. The Fed must be eliminated as a system to free us of the perpetual debt system that is the Fed, that enriched a cabal. JFK was intent on going just that, and restoring debt free money to the US, like it was post 1836 with the expiration of the charter for the 2nd Bank of the United States.