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James Trafficant -- The U.S. is Bankrupt

January 19, 2021



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As the Biden regime prepares to issue trillions in new currency, it is timely to revisit Rep. James Trafficant's 1993 speech on currency as debt. 

I invite readers to evaluate this info by writing to me [email protected]


James Trafficant (1941-2014)  was framed, expelled fro the House, and some believe murdered for giving this speech. The creators of this fictional debt are our masters, and they installed Biden to do their bidding.

"Federal Reserve Notes (FRNs) are unsigned checks written on a closed account. FRNs 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."


The Bankruptcy of The United States

United States Congressional Record, March 17, 1993 Vol. 33, page H-1303

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 m 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 Governmental 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 or 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 (FRNs) make 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 into 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 (FRNs) are unsigned checks written on a closed account. FRNs 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 FRNs has everybody fooled. They have access to an unlimited supply of FRNs, paying only for the printing costs of what they need. FRNs 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 FRNs, 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 & 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 (to 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 or 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 principle.

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. citizen, 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 a 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 pledged the unincorporated federal territories, national parks forests, 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?

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First Comment from Tony B

In essence, Henry, Trafficant was correct as to what the federal reserve has done to the country - enslavement, no matter the details of how it's been done.  After all, it is common knowledge that the U.S. government is deeper in debt to the Rothschild cabal and its franchises such as the federal reserve, than all other nations combined. 

I have no doubt that his quoted statutes, etc. are correct but Trafficant erred where the original government erred, that is, naming gold and silver our money.  But like all gold bugs, he was fatally stuck on commodities as money, paper as not money, when real money is WHATEVER THE POWERS OF THE NATION SAY IT IS AND THEREFORE ACCEPT IT IN PAYMENTS TO THE GOVERNMENT.  We had real money in United States Notes, DEBT FREE, but they were run out of circulation by the bankers who prefer Federal Reserve Notes, debt loaded with usury, a conveyor belt of all wealth into their hands.

He failed to see the difference between an exchange medium without debt and one which amounts to debt (gold and silver LOANED INTO CIRCULATION act just the same as paper loaned into circulation) as the key to national demise since the unpayable interest on debt (that portion is never created so cannot be "repaid" except by someone else's principle, causing that person bankruptcy), which is constantly turned over but kept on the books, is the deadliest cause of forever growing inflation.

I, too, believe he was murdered but he was a thorn in the side of the establishment which now rules in many ways, not just by that speech.  However, I fought him tooth and nail when he decided the solution to the nation's economic problems was one gigantic federal sales tax instead of the forever modified (for the benefit of those who were already stealing the nation's wealth wholesale) income taxes.  He simply would not hear that sales taxes are PROVEN OVER AND OVER THE MOST REGRESSIVE KIND OF TAX ANY NATION'S PEOPLE CAN SUFFER.  Besides, he would not hear that the already super rich would simply buy their big price items, other than real estate, in some other nation, leaving the common citizen to pay upwards of a 30% sales tax on his every purchase.




Scruples - the game of moral dillemas

Comments for "James Trafficant -- The U.S. is Bankrupt "

Ray said (January 19, 2021):

I always remember that famous quote ..

Permit me to issue and control the money of a nation, and I care not who makes its laws!
Mayer Amschel Rothschild (1744–1812).


JG said (January 19, 2021):

James Trafficant was an American Patriot who remained loyal to the Constitution and to the people who he represented. He was one of the last legitimate Democrats to be thrown out of Washington for breaking with the corrupted "party line". Sadly, they all sat back as he was hung out to dry.

Believe it or not, there was actually a time in Washington when foreign lobbies didn't totally control the halls of congress. Today, 100% party line votes are the norm with Democratic Party members as they continue to forfeit their political independence under the pressure of those who now control them.

President Trump might be the last American Patriot and "American Firster" to ever hold that office again as Washington continues to surrender to the gobalist decrees.

There won't be a lot of people or celebrations at President Elect Biden's inauguration tomorrow. The feeling is emptiness and distrust. And, why shouldn't it be.


Henry Makow received his Ph.D. in English Literature from the University of Toronto in 1982. He welcomes your comments at