May 1, 2012 § Leave a comment

Exposing Faux Capitalism

Gary northIn his February 1, 2012 article, Ben Bernanke: The Official Counterfeiter, Gary North says of U.S. Notes:

They were taken out of circulation in 1971, the year that Nixon took the country off the gold exchange standard. Today, we still see these words on Federal Reserve Notes: “This note is legal tender for all debts, public and private.”

The Federal Reserve’s Notes looked very much like the Treasury’s greenbacks until the U.S. Notes were taken out of circulation.

And they still do look like the Treasury’s greenbacks, since United States Notes are still valid legal tender, despite being taken out of circulation by the government (but not all private individuals) in 1971.

Here, he is giving the false impression that U.S. Notes are as irrelevant as currency in the United States since 1971 as a Roman coin with Caesar on it.

The U.S. Treasury Department

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