Office Of Accounting Operations Master Promissory Note: Fill & Download for Free

If money were an absolute commodity, it would be possible to run out of it.At one time in our history, it was. Every dollar printed had an equal value of gold, and later, silver held in reserve. We traded gold and silver in a very convenient form, a promissory note that could be taken in and exchanged for that much gold or silver.Our coins were gold or silver, for the most part, and even those which were not had intrinsic value as metal.When we left the gold standard, our money now represents “the full faith and credit of the United States of America,” whatever THAT is. Our money is like the old Doritos commercial. “Munch all you want, we’ll make more.”We can pay off the national debt tomorrow. All we have to do is print the money. That is our dirty little secret, and that is why no one who occupies the highest offices of the land gives a rat’s rear end about our debt.Of course, printing all that money makes it all lose its value. The dollar (after the print job) will be worth about .000000000000000001 cent. your $200,000 house will be worth $200.000.000.000.00 but you won’t want to sell it. How will you buy the replacement? And the interest rate on what you owe will go up astronomically too. So unless you have a fixed rate mortgage, you will definitely lose your home. The law of cascading effects would mean the same thing would happen around the entire planet. You can call it a collapse or the Year of Jubilee. But make no mistake about it. It will be a revolution that will produce a global regime that will organize the planet in such a way that everything will work like a well-oiled machine. I guarantee you one thing. YOU WILL NOT LIKE IT.The powers behind the scenes are inexplicable and inscrutable to all but a few elite people who own the real wealth of the world. These people exist, and are the source material for every whack job conspiracy theory out there in You Tube land. Capitalism is partly an illusion. If you have a lot of money, you can invest it. But you have as much chance to lose it as to gain more. You will bend every rule, take every tax break, move operations around the globe, all in the name of protecting the value of the company for the “shareholders.” There are many shareholders who own a tiny percentage of publicly traded companies, but there are large blocks of shares controlled by one individual, family or cabal. These various people all know each other. They both compete with each other and protect one another. They are unelected, only partially accountable. They will make money in socialism. They will make money in laissez faire capitalism. They will insure the rest of us have enough, for the most part, barely, to survive and think we have a good enough life. They will keep us entertained and our brains fed the particular brand of crap that works in our country of residence. They like nationalism. They like globalism. They can work with anything. They are above values. If the politics of a particular land gets in their way, they will move their wealth elsewhere, but they will undermine that government until they regain their foothold there, and convert it into part of their machinery again. It is hard to call China a communist country any more when they have opened the door to capitalism. They now have billionaires and a growing middle class. They are a part of the fabric of a world truly owned and influenced by the fabulously wealthy few. And we are all theirs, baby. We are all theirs.Public servants do not serve the public. They serve these masters. But we do have a grand sense of illusion.In a very real way, without living in an imaginary universe, we are the Matrix.So if a country goes broke, there will be long speeches giving plenty of conflicting theories about what went wrong. There will be plenty of mudslinging and blaming going on.And it will all be wrong.

Well, if by ‘approval’ you mean to say ‘formal written permission’,no. But if you mean to say ‘Follow the guidelines' laid down by the RBI, of course.Below I reproduce the master circular issued by RBI on commercial paper:Introduction:Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. CP, as a privately placed instrument, was introduced in India in 1990 with a view to enable highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary dealers (PDs) and all-India financial institutions (FIs) were also permitted to issue CP to enable them to meet their short-term funding requirements. The guidelines for issue of CP, incorporating all the amendments issued till date, are given below for ready reference.2. Eligibility for Issue of CP:a. Companies, PDs and FIs are permitted to raise short term resources through CP.b. A company would be eligible to issue CP provided:the tangible net worth of the company, as per the latest audited balance sheet, is not less than Rs.4 crore;the company has been sanctioned working capital limit by bank/s or FIs; andthe borrowal account of the company is classified as a Standard Asset by the financing bank/institution.3. Issue of CP – Credit enhancement, limits, etc.CP shall be issued as a ‘stand-alone’ product. Further, it would not be obligatory in any manner on the part of the banks and FIs to provide stand-by facility to the issuers of CP.Banks and FIs may, based on their commercial judgement, subject to the prudential norms as applicable to them, with the specific approval of their respective Boards, choose to provide stand-by assistance/credit, back-stop facility etc. by way of credit enhancement for a CP issue.Non-bank entities (including corporates) may provide unconditional and irrevocable guarantee for credit enhancement for CP issue provided:the issuer fulfils the eligibility criteria prescribed for issuance of CP;the guarantor has a credit rating at least one notch higher than the issuer given by an approved CRA; andthe offer document for CP properly discloses the net worth of the guarantor company, the names of the companies to which the guarantor has issued similar guarantees, the extent of the guarantees offered by the guarantor company, and the conditions under which the guarantee will be invoked.The aggregate amount of CP that can be issued by an issuer shall at all times be within the limit as approved by its Board of Directors or the quantum indicated by the CRA for the specified rating, whichever is lower.Banks and FIs shall have the flexibility to fix working capital limits, duly taking into account the resource pattern of company’s financing, including CP.An issue of CP by an FI shall be within the overall umbrella limit prescribed in the Master Circular on Resource Raising Norms for FIs, issued by the Department of Banking Regulation, Reserve Bank of India, as prescribed/ updated from time-to-time.The total amount of CP proposed to be issued should be raised within a period of two weeks from the date on which the issuer opens the issue for subscription. CP may be issued on a single date or in parts on different dates provided that in the latter case, each CP shall have the same maturity date.Every issue of CP, and everyrenewal of a CP, shall be treated as a fresh issue.4. Eligibility for Investment in CPIndividuals, banks,other corporate bodies (registered or incorporated in India) and unincorporated bodies, Non-Resident Indians and Foreign Institutional Investors (FIIs) shall be eligible to invest in CP.FIIs shall be eligible to invest in CPs subject to (i) such conditions as may be set for them by Securities Exchange Board of India (SEBI)and (ii)compliance with the provisions of the Foreign Exchange Management Act, 1999, the Foreign Exchange (Deposit) Regulations, 2000 and the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, as amended from time to time.5. Form of the Instrument, mode of issuance and redemption5.1 FormCP shall be issued in the form of a promissory note (as specified in Schedule I to these Guidelines) and held in physical form or in a dematerialized form through any of the depositories approved by and registered with SEBI, provided that all RBI regulated entities can deal in and hold CP only in dematerialised form through such depositories.Fresh investments by all RBI-regulated entities shall be only in dematerialised form.CP shall be issued in denominations of Rs. 5 lakh and multiples thereof. The amount invested by a single investor should not be less than Rs. 5 lakh (face value).CP shall be issued at a discount to face value as may be determined by the issuer.No issuer shall have the issue of CP underwritten or co-accepted.Options (call/put) are not permitted on CP.5.2 TenorCP shall be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue.The maturity date of the CP shall not go beyond the date up to which the credit rating of the issuer is valid.5.3. Procedure for IssuanceEvery issuer must appoint an IPA for issuance of CP.The issuer should disclose to the potential investors, its latest financial position as per the standard market practice.After the exchange of confirmation of the deal between the investor and the issuer, the issuer shall arrange for crediting the CP to the Demat account of the investor with the depository through the IPA.The issuer shall give to the investor a copy of IPA certificate to the effect that the issuer has a valid agreement with the IPA and documents are in order (Schedule II).5.4 Rating RequirementEligible participants/issuers shall obtain credit rating for issuance of CP from any one of the SEBI registered CRAs. Theminimum credit ratingshall be ‘A3’ as per rating symbol and definition prescribed by SEBI. The issuers shall ensure at the time of issuance of the CP that the rating so obtained is current and has not fallen due for review.5.5 Investment / RedemptionThe investor in CP (primary subscriber) shall pay the discounted value of the CP to the account of the issuer through the IPA.The investor holding the CP in physical form shall, on maturity, present the instrument for payment to the issuer through the IPA.The holder of a CP in dematerialised form shall get the CP redeemed and receive payment through the IPA.5.6 Documentation ProceduresStandardised procedures and documentation for CPs are prescribed in consultation with Fixed Income Money Market and Derivatives Association of India (FIMMDA) in consonance with international best practices.Issuers /IPAs shall follow the operational guidelines issued by FIMMDA, from time to time, with the approval of RBI.6. Trading and Settlement of CPAll OTC trades in CP shall be reported within 15 minutes of the trade to the reporting platform of Clearcorp Dealing System (India) Ltd.(CDSIL).OTC trades in CP shall be settled through the clearing house of the National Stock Exchange (NSE), i.e., the National Securities Clearing Corporation Limited (NSCCL), the clearing house of the Bombay Stock Exchange (BSE), i.e., Indian Clearing Corporation Limited (ICCL), and the clearing house of the MCX-Stock Exchange, i.e., MCX-SX Clearing Corporation Limited (CCL), as per the norms specified by NSCCL, ICCL and CCL from time to time.The settlement cycle for OTC trades in CP shall either be T+0 or T+1.7. Buyback of CPIssuers may buyback the CP, issued by them to the investors, before maturity.Buyback of CP shall be through the secondary market and at prevailing market price.The CP shall not be bought back before a minimum period of 7 days from the date of issue.Issuer shall intimate the IPA of the buyback undertaken.Buyback of CPs should be undertaken after taking approval from the Board of Directors.8. Duties and ObligationsThe duties and obligations of the Issuer, IPA and CRA are set out below:I. IssuerThe issuer shall ensure that the guidelines and procedures laid down for the issuance of CP are strictly adhered to.II. IPAThe IPA shall ensure that the issuer has the minimum credit rating as stipulated by RBI and the amount mobilised through issuance of CP is within the quantum indicated by CRA for the specified rating or as approved by its Board of Directors, whichever is lower.The IPA shall certify that it has a valid agreement with the issuer (Schedule II).The IPA shall verify that all the documents submitted by the issuer, viz., copy of board resolution, signatures of authorised executants (when CP is issued in physical form) are in order and shall issue a certificate to this effect.Certified copies of original documents, verified by the IPA, shall be held in the custody of IPA.All scheduled banks, acting as IPAs, shall report the details of issuance of CP on the Online Returns Filing System (ORFS) module of the RBI within two days from the date of issuance of the CP.IPAs, shall immediately report, on occurrence, full particulars of defaults in repayment of CP to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India, Central Office, Fort, Mumbai-400001 (email) in the format as given in Schedule III of these guidelines.IPAs shall also report all instances of buyback of CPs undertaken by the issuer to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India, Central Office, Fort, Mumbai–400001 (email) in the format as given in Schedule IV of these guidelines.III. CRACRAs shall abide by the Code of Conduct prescribed by the SEBI for CRAs for undertaking rating of capital market instruments, which shall be applicable for rating CPs.The CRAs shall have the discretion to determine the validity period of the rating depending upon their perception about the strength of the issuer; and they shall, at the time of rating, clearly indicate the date when the rating is due for review.The CRAs shall closely monitor the rating assigned to issuers vis-à-vis their track record at regular intervals and shall make their revision in the ratings public through their publications and website.FAQ on commercial paper:What is Commercial Paper (CP)?Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note.2. When it was introduced?It was introduced in India in 1990.3. Why it was introduced?It was introduced in India in 1990 with a view to enabling highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary dealers and all-India financial institutions were also permitted to issue CP to enable them to meet their short-term funding requirements for their operations.4. Who can issue CP?Corporates, primary dealers (PDs) and the All-India Financial Institutions (FIs) are eligible to issue CP.5. Whether all the corporates would automatically be eligible to issue CP?No. A corporate would be eligible to issue CP provided –a. the tangible net worth of the company, as per the latest audited balance sheet, is not less than Rs. 4 croreb. company has been sanctioned working capital limit by bank/s or all-India financial institution/s; andc. the borrowal account of the company is classified as a Standard Asset by the financing bank/s/ institution/s.6. Is there any rating requirement for issuance of CP? And if so, what is the rating requirement?Yes. All eligible participants shall obtain the credit rating for issuance of Commercial Paper either from Credit Rating Information Services of India Ltd. (CRISIL) or the Investment Information and Credit Rating Agency of India Ltd. (ICRA) or the Credit Analysis and Research Ltd. (CARE) or the FITCH Ratings India Pvt. Ltd. or such other credit rating agency (CRA) as may be specified by the Reserve Bank of India from time to time, for the purpose.The minimum credit rating shall be A-2 [As per rating symbol and definition prescribed by Securities and Exchange Board of India (SEBI)].The issuers shall ensure at the time of issuance of CP that the rating so obtained is current and has not fallen due for review.7. What is the minimum and maximum period of maturity prescribed for CP?CP can be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue.However, the maturity date of the CP should not go beyond the date up to which the credit rating of the issuer is valid.8. What is the limit up to which a CP can be issued?The aggregate amount of CP from an issuer shall be within the limit as approved by its Board of Directors or the quantum indicated by the Credit Rating Agency for the specified rating, whichever is lower.As regards FIs, they can issue CP within the overall umbrella limit prescribed in the Master Circular on Resource Raising Norms for FIs, issued by DBOD and updated from time-to-time.9. In what denominations a CP that can be issued?CP can be issued in denominations of Rs.5 lakh or multiples thereof.10. How long can the CP issue remain open?The total amount of CP proposed to be issued should be raised within a period of two weeks from the date on which the issuer opens the issue for subscription.11. Whether CP can be issued on different dates by the same issuer?Yes. CP may be issued on a single date or in parts on different dates provided that in the latter case, each CP shall have the same maturity date. Further, every issue of CP, including renewal, shall be treated as a fresh issue.12. Who can act as Issuing and Paying Agent (IPA)?Only a scheduled bank can act as an IPA for issuance of CP.13. Who can invest in CP?Individuals, banking companies, other corporate bodies (registered or incorporated in India) and unincorporated bodies, Non-Resident Indians (NRIs) and Foreign Institutional Investors (FIIs) etc. can invest in CPs. However, investment by FIIs would be within the limits set for them by Securities and Exchange Board of India (SEBI) from time-to-time.14. Whether CP can be held in dematerilaised form?Yes. CP can be issued either in the form of a promissory note (Schedule I given in the Master Circular-Guidelines for Issue of Commercial Paper dated July 1, 2011 and updated from time –to-time) or in a dematerialised form through any of the depositories approved by and registered with SEBI. Banks, FIs and PDs can hold CP only in dematerialised form.15. Whether CP is always issued at a discount?Yes. CP will be issued at a discount to face value as may be determined by the issuer.16. Whether CP can be underwritten?No issuer shall have the issue of Commercial Paper underwritten or co-accepted.17. Whether CPs are traded in the secondary market?Yes. CPs are actively traded in the OTC market. Such transactions, however, are to be reported on the FIMMDA reporting platform within 15 minutes of the trade for dissemination of trade information to market participation thereby ensuring market transparency.18. What is the mode of redemption?Initially the investor in CP is required to pay only the discounted value of the CP by means of a crossed account payee cheque to the account of the issuer through IPA. On maturity of CP,(a) when the CP is held in physical form, the holder of the CP shall present the instrument for payment to the issuer through the IPA.(b) when the CP is held in demat form, the holder of the CP will have to get it redeemed through the depository and receive payment from the IPA.19. Whether Stand by facility is required to be provided by the bankers/FIs for CP issue?CP being a `stand alone’ product, it would not be obligatory in any manner on the part of banks and FIs to provide stand-by facility to the issuers of CP.However, Banks and FIs have the flexibility to provide for a CP issue, credit enhancement by way of stand-by assistance/credit backstop facility, etc., based on their commercial judgement and as per terms prescribed by them. This will be subjected to prudential norms as applicable and subject to specific approval of the Board.20. Whether non-bank entities/corporates can provide guarantee for credit enhancement of the CP issue?Yes. Non-bank entities including corporates can provide unconditional and irrevocable guarantee for credit enhancement for CP issue provided :a. the issuer fulfils the eligibility criteria prescribed for issuance of CP;b. the guarantor has a credit rating at least one notch higher than the issuer by an approved credit rating agency andc. the offer document for CP properly discloses: the networth of the guarantor company, the names of the companies to which the guarantor has issued similar guarantees, the extent of the guarantees offered by the guarantor company, and the conditions under which the guarantee will be invoked.21. Role and responsibilities of the Issuer/Issuing and Paying Agent and Credit Rating Agency.Issuer:a. Every issuer must appoint an IPA for issuance of CP.b. The issuer should disclose to the potential investors its financial position as per the standard market practice.c. After the exchange of deal confirmation between the investor and the issuer, issuing company shall issue physical certificates to the investor or arrange for crediting the CP to the investor's account with a depository.Investors shall be given a copy of IPA certificate to the effect that the issuer has a valid agreement with the IPA and documents are in order (Schedule II given in the Master Circular-Guidelines for Issue of Commercial Paper dated July 1, 2011 and updated from time –to-time).Issuing and Paying Agenta. IPA would ensure that issuer has the minimum credit rating as stipulated by the RBI and amount mobilised through issuance of CP is within the quantum indicated by CRA for the specified rating or as approved by its Board of Directors, whichever is lower.b. IPA has to verify all the documents submitted by the issuer viz., copy of board resolution, signatures of authorised executants (when CP in physical form) and issue a certificate that documents are in order. It should also certify that it has a valid agreement with the issuer (Schedule II given in the Master Circular-Guidelines for Issue of Commercial Paper dated July 1, 2011 and updated from time –to-time).c. Certified copies of original documents verified by the IPA should be held in the custody of IPA.Credit Rating Agencya. Code of Conduct prescribed by the SEBI for CRAs for undertaking rating of capital market instruments shall be applicable to them (CRAs) for rating CP.b. Further, the credit rating agencies have the discretion to determine the validity period of the rating depending upon its perception about the strength of the issuer. Accordingly, CRA shall at the time of rating, clearly indicate the date when the rating is due for review.c. While the CRAs can decide the validity period of credit rating, CRAs would have to closely monitor the rating assigned to issuers vis-a-vis their track record at regular intervals and would be required to make its revision in the ratings public through its publications and website22. Is there any other formalities and reporting requirement with regard to CP issue?Fixed Income Money Market and Derivatives Association of India (FIMMDA), may prescribe, in consultation with the RBI, any standardised procedure and documentation for operational flexibility and smooth functioning of CP market. Issuers / IPAs may refer to the detailed guidelines issued by FIMMDA on July 5, 2001 in this regard, and updated from time-to-time.Every CP issue should be reported to the Chief General Manager, Reserve Bank of India, Financial Markets Department, Central Office, Fort, Mumbai through the Issuing and Paying Agent (IPA) within three days from the date of completion of the issue, incorporating details as per Schedule III given in the Master Circular-Guidelines for Issue of Commercial Paper dated July 1, 2011 and updated from time-to-time.I hope you enjoy a long read to satisfy your curiosity.

The US is bankrupt now and has never come out of it's 1933 bankruptcy. Nothing to do with Trump's first term except his struggle to accomplish his platform toMake America Great Again( not to be confused with the corporations The United States, Inc or The United States of America, Inc.). It is worth reading. the actual Congressional Record March 17, 1993, Volume 33, page H1303, as follows:“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, 73RDCongress 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). when ever 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?We are reaping what has been sown, and the results of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war, bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your Country."Link: The Bankruptcy of The United StatesThe economy is now and has been strongly influenced by the actions of POTUS Roosevelt in 1933.