Re: Fw: FRN are officially recognized as "SDR's"

On Thu, Jul 14, 2011 at 6:07 PM, Jim Crow <cornmash008@yahoo.com> wrote:

--- On Thu, 7/14/11, Meredith <meredith2729@yahoo.com> wrote: From: Meredith <meredith2729@yahoo.com> Subject: FRN are officially recognized as "SDR's" To: "Meredith" <meredith2729@yahoo.com> Date: Thursday, July 14, 2011, 9:52 AM Thanks to JR !!! --- On Wed, 7/13/11, Balsaman <balsaman@optonline.net> wrote: From: Balsaman <balsaman@optonline.net> Subject: FRN are officially recognized as "SDR's" To: "Balsaman" <balsaman@optonline.net> Date: Wednesday, July 13, 2011, 8:55 PM         Today, "Federal Reserve notes" are officially recognized as "SDR's" -- Special Drawing Rights under the amended Bretton Wood Agreements Act, Public Law 94-564. [See: Legislative History, Senate Report No. 94-1148, October 1, 1976] Quoting from the Legislative History, to wit:    "The dissolution of the monetary system created by the Bretton Woods Agreements can be traced to the early 1960's. The monetary system during this time made a de facto transition from a "gold standard" to a dollar standard . . . There were more dollars abroad than the U.S. had gold. The U.S. commitment to redeem international dollars for gold became a physical impossibility. The reality of dollar convertibility ended."    From the foregoing it can be seen that a "De Facto Transition" had occurred. In other words, de facto government operating under and according to the rule of necessity - no law.  Preceding the de facto transition, a number of other things had occurred. Pursuant to 22 USC 286, the President was authorized to accept membership for the United States in the International Monetary Fund ("The Fund"), and in the International Bank For Reconstruction and Development ("The Bank"), provided for by the "Articles of Agreement of the Fund" and the "Articles of Agreement of the Bank", as set forth in the "Final Act of the United Nations Monetary and Financial Conference" dated July 22, 1944, which are deposited in the archives of the Department of State. These Acts are commonly known as the Bretton Woods Agreements. They are international agreements. The Articles of Agreement assert that those holding public office could do not only what the delegated powers under the Constitution did not authorize, but what they forbid. In other words, Congress created these two entities and granted them the capacity to do what they were prohibited from doing directly. The complete debasement of the Constitutional Coin was effected and accomplished under the International Monetary Fund's (IMF) Articles of Agreement.