[PDF]Merrill Jenkins — Free Money

Free Money


By Merrill M. E. Jenkins, Sr., M.R. (1919-1979)


FREE
MONEY


BY


Merrill M. E. Jenkins Sr.M.R.


Contents


e Introduction

e Free Money

e To Recap: The Metamorphosis of ‘Money’
e° About the author


Introduction


If you think the title of this book is wrong or misleading please
reserve your decision until you have finished reading this book.
It is not in my nature to be frivolous. The United States has had
Free “MONEY” for many years, BUT it is only FREE to those
who are aware of how the system works and the NATURE of the
new MODERN FREE “MONEY!”


Those people who borrow from Commercial Banks and then
“REPAY” their “LOANS” are not aware of their foolishness or of
the harm they are doing to the United States. RE-"PAYING”
loans from a person that labors to produce goods or services in
exchange for MODERN “MONEY” is honorable. RE-"PAYING”
loans from institutions that lend only amounts deposited from
people who labor to produce goods and/or services in exchange
for MODERN “MONEY” is also honorable, BUT RE-"PAYING”
“loans” of amounts created by a Commercial Bank is
contributing to the relentless destruction of the United States.


Those people who have been enjoying the FREE LUNCHES (they
told you there weren’t any) have kept their secret well, even
now, you do not want to believe that you could ever understand


it, BUT hold on and I will disclose it to you in simple language.
To do so I will require your patience and attention. Read slow,
do not go one word beyond the one that confuses you until you
are no longer confused. For contrast which is essential to
understanding MODERN "MONEY" I will have to refer to and
very briefly explain the significant importance of the role Silver
Certificates played in the exchanges of goods and services
between the producers and consumers of the United States. I will
also have to introduce you to the most unbelievable, stranger
than any fiction, truth that ever came to be on Earth —
“MONETIZED” debt — (debt accepted by millions as MODERN
"MONEY?).


Please realize that this book is revealing, in detail, a new
advancement in a, thousands of years old, means of a few clever
people making virtual slaves out of all the rest of the worlds
population without the victim's knowledge.


“The world is governed by very different personages from
what is imagined by those who are not behind the scenes."


Benjamin Disraeli


Having acted foolishly doesn't feel so bad when you understand
that BEING UNAWARE, of a truth, is the PARENT of BEING
UNAWARE (those unaware, are unaware, of being unaware).
The whole story is revealed in my text book: "Money the
Greatest HOAX on Earth," the "income tax" relationship is
revealed in two others: "Everything I have was "THEIRS" and
“LR.S. "Indicted" for FRAUD and EXTORTION." This book
deals with the understanding and justice of how one may obtain
everything one wishes with the use of FREE MODERN


“MONEY” — represented by those green pieces of paper we all
ACCEPT AS BEING the money.


There are many who understand the ROLL-OVER technique, by
many of its names PONSI GAME, PYRAMIDING, TREASURY
BILL ROLL-OVER, DEFICIT SPENDING etc., etc., BUT that is
not the theme here. The green pieces of paper we accept as
money are non-redeemable and are used merely as
representatives of an imaginary medium of exchange you should
NOT have to give up anything to get. There is a way to get the
MODERN "MONEY" and its representatives, the green pieces of
paper, from the Commercial Banks by borrowing them, using
them, and then standing ready to accept them back from others
for the production and services you offer to others.


The Commercial Banks do not offer anything in redemption for
those green pieces of paper except other green pieces of paper.
The Commercial Banks are issuers of FREE "MONEY" to those
who understand the system.


The Author


Free Money


In the United States today, it is impossible for anyone to pay
monetary debts. The money by which monetary debts could
have been repaid has been replaced by a MODERN "MONEY"
unit which cannot function as payment for debts. The paper
token representing the MODERN “MONEY” called ‘dollar bill’ is
labeled, in large print: FEDERAL RESERVE NOTE, BUT it is not
a note by definition!


In order to be a note the instrument must promise payment
which the federal reserve “note” does not.


The present day paper token representing money that we refer to
asa “dollar bill' looks very similar to the Silver Certificate that
was our paper token in the past. The Silver Certificate contained
a promise to pay the bearer a one dollar quantity of silver on
demand. The present day paper token unit does not promise to
pay anything, to anyone, at any time.


The obligation to redeem the silver certificate for silver was a
contract. The contract specified that payment of the liability, or
debt, must be made by the delivery of a dollar quantity of silver.
The Certificate had the words "This CERTIFICATE is legal
tender for all debts public and private" printed upon it. “Legal
Tender' under law is that token which the law authorizes a
debtor to tender and requires a creditor to receive in settlement
of money obligations.


When the paper token was redeemable for silver it was accepted
that the silver received was the money and a proper payment for
the monetary liability or debt that had existed. The debt or
liability was canceled, the instant payment in silver (money) was
completed. Monetary liabilities and debts come into being when
someone receives production or service and tenders paper or
metal tokens instead of production or a service in exchange. The
obligation or contract represented by the paper token is fulfilled
when silver coin is received in final payment and the paper token
is surrendered.


The Silver Certificate paper token representing the obligation or
contract to settle the liability or debt could be canceled with the
payment of silver coin. The present FEDERAL RESERVE
“NOTE” paper token accepted mistakenly as representing an
obligation or contract to settle a monetary liability or debt cannot
be canceled because it does not contain any promise to pay
anything. No payment of silver coin or any other commodity is
promised therefore it cannot function as settlement or payment
of debt.


In the United States today, we have a MODERN “MONEY”
created and ‘managed’ by the Federal Reserve System. The
Federal Reserve System is a group of privately owned chartered
Commercial Banks. They are not listed under Government
Agencies in the public telephone books, they have no franking
privileges and they collect interest on loans made to the Treasury
of the United States. In their publication: Modern Money
Mechanics, page 3 they say:


“The actual process of money creation takes place in
commercial banks. As noted earlier, demand liabilities of
commercial banks are money."


If liabilities, which are debts, are used as the MODERN
“MONEY,” itis obvious why it is impossible for anyone to pay
their monetary debts.


Debt cannot be the money used in payment of itself!


The use of debt as money is a ridiculous fraudulent system called
the "Monetization of Debt' acknowledged before the committee


on banking and currency, House of Representatives, July 18,
1974, by Darryl R. Francis, then the President of the Federal
Reserve Bank of St. Louis who said:


"Since the direct method of printing money to finance
government expenditures is prohibited in the United States,
the monetization of government deficits has occurred
indirectly ... government debt is ultimately being financed by
the creation of new money ... I doubt that monetization of
debt has been a conscious act ... I can find no benefits
accruing to the whole of society from debt monetization, but
the risks are very serious ..."


Mr. Francis doubts that the creation of the system using debt as
money called monetization of debt was a conscious act. He is
right. No one in their right mind could accept a concept of
considering ‘the obligation to pay’ as the ‘PAYMENT’ itself.


A contract specifying payment in modern “money” is an
agreement that is impossible to fulfill!


A contract is an obligation; an obligation is a liability; a liability is
a debt and when the DEBT is considered to be MODERN
"MONEY" then the CONTRACT is its own FULFILLMENT!


Anyone tendering Federal Reserve "Notes" in PAYMENT of debt
is committing Fraud and passing counterfeit. Specifications in
the Coinage Act of 1965 allow the Treasurer of the United States
to take 9776 seigniorage. The Act also acknowledges our present
tokens to be 'legal counterfeit' by virtue of its containing a
penalty of fifteen years imprisonment for NON-SANCTIONED
counterfeiting.


Anyone accepting Federal Reserve "NOTES" representing units
of Monetized Debt are suffering expropriation of wealth never
less than 97% whether it be paper tokens, metal tokens or deposit
credits of the Commercial Banks. As acknowledged by the
Research Dept. of the Federal Reserve Bank of Chicago in their
publication Modern Money Mechanics, page 3:


"Neither paper currency nor deposits have value as
commodities, intrinsically a dollar bill is just a piece of paper.
Deposits are merely book entries. Coins do have some
intrinsic value as metal, but far less than their face amount.
Currency has been designated "legal tender" by the
government, and paper currency is a liability of the
government. Demand deposits are liabilities of the
commercial banks."


So we have 'currency' (paper and metal tokens) that purchase
10076, but are only worth 376 because of the 9776 seigniorage
(97% expropriation) of wealth and the Federal Reserve's
"MONETIZED DEBT" representing 10076 expropriation of
wealth or ZERO WORTH, making it impossible for use as
payment of debt. The primary function of MODERN "MONEY"
is the expropriation of wealth, as acknowledged by the Federal
Reserve Bank of St. Louis, Mo. in their ‘Review’ of February 1975.


Page 16:


"DEMAND DEPOSITS, WHICH ACCOUNT FOR THE
REMAINING THREE FOURTHS OF THE MONEY STOCK,
ARE ISSUED BY COMMERCIAL BANKS ... PRIVATE
INSTITUTIONS."


Page 18:


"THOSE WHO EXPERIENCE LOWER WEALTH DUE TO
THE ABILITY OF MONEY ISSUERS TO OBTAIN
SEIGNIORAGE ESSENTIALLY PAY A TAX TO THE
ISSUER”


Referring to 97% expropriation of wealth as a “tax” is
unconscionable! One group of clever individuals (owners of
the private institutions that make-up the fed.) able to “tax” all
the non-bank public as their slaves!


The so-called MODERN “MONEY” by its own specification
CREATES debt by the expropriation of wealth in excess of 97% in
metal token form and at 100% in the form of bookkeeping entries
whenever it is accepted in exchange, therefore it certainly cannot,
by any stretch of the imagination, be used in payment of debt.
Any attempt to use MODERN “MONEY” IN PAYMENT of a
debt only succeeds in increasing the debt by double, or nothing
less than 97%.


The nature of this FRAUD can only be observed from the aspect
of the HOLDER of MODERN “MONEY.” Upon receipt of it in
exchange for production or service the receiver is victim of 97%
or greater loss of wealth and will remain a victim of that loss as
long as the token is held. If the holder passes it on to another for
wealth the holder is compensated for the wealth that was offered
originally in exchange for the token and the new holder becomes
a victim. As the process repeats itself over and over again the
expropriation of wealth, by the small group of very clever issuers
of these tokens, remains unnoticed by the mass of producers, and


will not become noticeable as long as the MODERN “MONEY”
freely exchanges for goods and services. Very few people realize
that the initial expropriation of wealth can never be replaced to
the final last holder of the MODERN "MONEY" BEYOND 3%
and then only if it is held in the metal token form.


A MODERN "MONEY" UNIT IS NO BETTER THAN A 9776
BAD CHECK!


A bad check is eventually presented for payment by being
deposited. At that point the bad check does not clear and is
returned through its list of endorsers to the issuer who has to
redeem it.


The MODERN "MONEY" UNIT, just like a bad check, cannot
function as payment for a debt, but unlike a bad check the
MODERN "MONEY" UNIT is never presented for payment,
therefore its fraudulent nature of being only worth 3% of its face
value, at best, is not exposed, and the confidence of the holder
remains intact (as acknowledged in the Federal Reserve Bank of
Chicago, Research Dept.'s Publication “Modern Money
Mechanics' on Page 3):


"WHAT, THEN, MAKES THESE INSTRUMENTS —
CHECKS, PAPER MONEY, AND COIN — ACCEPTABLE AT
FACE VALUE ... MAINLY IT IS THE CONFIDENCE
PEOPLE HAVE THAT THEY WILL BE ABLE TO
EXCHANGE SUCH MONEY FOR REAL GOODS AND
SERVICES WHENEVER THEY CHOOSE TO DO SO."


Paper tokens without promise of payment cannot ever be
canceled, therefore they accumulate in the hands of holders who
bid them in ever increasing amounts for the units of production;
raising prices. Because the greater part of wealth expropriated by
their issuer is consumable goods which are consumed at ever
increasing prices, the need for more MODERN “MONEY” to
spend increases, for government, beyond the I.R.S. extortion
take. To finance "DEFICIT" spending more monetization of debt
must take place. The new amounts created add to the
accumulated total and the MODERN "MONEY" UNITS are bid
in still higher quantities per unit of produced goods, forcing
prices to rise higher and higher.


The Bureau of Engraving & Printing and the Mint are in constant
production to increase the paper and metal tokens, BUT their
total output is exceeded by 300% in the increase of monetized
debt as acknowledged by the Federal Reserve Bank of St. Louis,
Mo. in their ‘Review’ of February 1975 Page 16 quoted above.
Further proof that it is monetized debt (imaginary “money”) and
not Treasury paper and metal tokens that is the major portion
increasing is shown of page 17:


“MONEY CREATION NEED NOT BE A PRINTING PRESS
OPERATION IN ORDER TO PROVIDE THE GOVERNMENT
WITH FUNDS ... OVER THE LAST TEN YEARS FEDERAL
RESERVE HOLDINGS OF GOVERNMENT SECURITIES
HAVE RISEN BY OVER $40 BILLION."


This accumulation is another proof that the new MODERN
"MONEY" as monetized debt cannot be used in payment of
debts and any attempt to do so only increases the debt volume.


=


ON


-l


THINK


. PAPER TOKENS BY THEIR FUNCTION OF


REPRESENTING MONEY CANNOT BE MONEY!


.METAL TOKENS THAT CONTAIN ONLY 3% OF WORTH


IN COMMODITY VALUE CANNOT BE 100% FACE VALUE
OF THE MONEY IT REPRESENTS!


. AN OBLIGATION BY ITS NATURE AS A BINDING


CONTRACT CANNOT BE MONEY!


. WHATEVER AT ANY TIME MAY BE CONSIDERED AS


MONEY BY ITS VERY ABILITY TO PAY DEBTS CANNOT
BE DEBT!


. MONETIZED DEBT IS AN IMPOSSIBLE CONCEPT!
. IF MONEY IS AN ASSET, AND DEBT IS A LIABILITY; FOR


DEBT TO BE MONEY — AN ASSET WOULD BE A
LIABILITY!


. WITHOUT A PAPER TOKEN PROMISING PAYMENT OR A


COIN OF FULL COMMODITY VALUE THERE IS NO WAY
A PAYMENT OF MONETARY DEBT CAN BE
ACCOMPLISHED!


. WHETHER AN EXCHANGE INVOLVES PRODUCTION
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