Tuesday, June 7, 2011
Citizen Sues Atlanta Fed Based on Allegation that It's Issuing Federal Reserve Notes That It Has No Intention of Redeeming, Which Amounts to Counterfeiting ... Asks that Atlanta Fed's Charter be Forfeited
Scott Beach sent me this link to his complaint against the Atlanta Fed.
In his complaint, Beach points out that 12 United States Code Section 341 provides that Federal Reserve Banks can be sued, and can that they can:
Forfeit [their] franchise for violation of law.
The complaint alleges that all of the Federal Reserve Banks (including Atlanta) stopped allowing Federal Reserve Notes to be redeemed in the early 2000's and that - because 12 United States Code Section 411 requires the notes to be redeemable - continuing to issue notes without allowing redemption amounts to counterfeiting.
Beach thus asks that the Atlanta Fed's charter be forfeited.
Without commenting on the specifics of the allegations in the suit itself, I can still say with 100% confidence that Thomas Jefferson would have approved.