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US stock futures waaaaaay down DOOM ON
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[quote:Saddletramp:MV8yMDg5MDYxXzM1MTc2OTQ4XzZCODVBMkM4] [quote:overwatch:MV8yMDg5MDYxXzM1MTc2NzQxXzE4QzczNzY2] doesnt the feds charter expire supposedly on the 21st? [/quote] Here's the deal on that, the Federal Reserve Act of 1913 does NOT expire, but there were charters granted within that act, one to the Federal Reserve Bank of the United States, and others to the regional Federal Reserve Banks of Chicago, New York, etc... The regional federal reserve banks had by statute a 20 year charter, but they were given the right to renew those charters with approval from the Federal Reserve Board every twenty years. The Federal Reserve Bank of the United States was given no expiration date in their charter, nor was any expiration date placed into their Articles of Incorporation. Because no expiration date was given, the legal precedent at both the State and Federal Court level has been that 99 years is the maximum Franchise, Charter, Leasehold if no shorter date is given. But someone will have to sue to have this enforced by a Federal Court... It would only require another act of congress giving the Federal Reserve the right to renew their charter, though it SHOULD require a Constitutional Amendment, since the Constitution plainly states that the Currency of the United States is supposed to be Gold or Silver...but gold backing for Federal Reserve Notes was removed by Nixon in 1971... Some Precedent does say 100 years might be the Maximum...or 99 years, 364 days...in any case I believe it's all coming to a head next year when the United States will return backing to their currency to stave off the impending collapse of all Fiat currencies...by design of course... [/quote]
S&P -26.60 / -1.85%
Data as of 8:21pm ET
Nasdaq -43.50 / -1.62%
Data as of 8:21pm ET
Dow -271.00 / -2.04%
Data as of 8:20pm ET
link to money.cnn.com
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