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Forget the Audit: Just Go Ahead & Abolish the Federal Reserve


By Jim Traficant

ON MARCH 17, 1993, I addressed the House of Representatives in one of the many “budget” debates. Over the past 16 years, many publications and books have reprinted my speech.

They viewed my speech as being on target. Researchers have written to me regarding the speech, confused because it was printed in two areas of the Congressional Record. My floor remarks were brief, but I inserted the entire speech into the “extension of remarks” section of the record.

Nevertheless, the speech stands today as prophetic. America is bankrupt, and it’s growing worse by the day. The U.S. government was technically dissolved by the “Emergency Banking Act” of  March 9, 1933. THAT’S A FACT.

If you have any doubt, just look around. Foreclosures and unemployment run rampant. The dollar is dropping so low it could fit under a closed door with a top hat on, yet every day the mainstream media is trying to convince us that the recession is over. Who’s kidding whom? If you take Social Security and Medicare out of our economy, it’s a full-blown depression—a total belly-up depression.

The real rub emanates from the fact that the “trustees” who preside over U.S. bankruptcy are the international bankers, via the United Nations, the World Bank and the International Monetary Fund.

I proclaim that all U.S. offices, officials and departments are now operating within a de facto status in name only under “Emergency War Power.”

Our constitutional form of government was technically dissolved and replaced by a so-called “democracy,” a government in actuality being a socialist-communist order under a new governor for America.

You must be thinking that I’ve lost my marbles by now—I don’t blame you. But, here come the facts. This chicanery occurred when authority was transferred and placed in the Office of the Secretary of Treasury under the governor of the International Monetary Fund. [Public Law 94-564].

In essence, the dollar was changed from a “promise to pay a dollar in silver or gold” to a “federal reserve note.” Now think about it: the dollar became a “promise,” not “money.”


The U.S. dollar is a debt instrument, nothing more than another debt obligation of the American people. And where is this obligation to be paid? You probably guessed it, to the Federal Reserve Bank.

Let’s tell it like it is. Federal Reserve notes are literally unsigned checks written on a closed account. It’s nothing more than inflatable paper creating more debt through inflation every time our currency is devalued.

Truth is, inflation is actually another tax; invisible, never seen, but a tax just the same. I don’t know about you, but I always thought that a “contract” under common law is only valid if it involves an exchange of some “good and valuable consideration.”

If that’s not enough to frost your pumpkins, check this out: The Federal Reserve System is a sovereign power structure separate and distinct from the U.S. government. It is in fact, a private corporation.

We, the people of these United States, owe this private corporation consisting of international bankers a mountain of debt. The collateral on this debt is our very own homes and properties.

We the people are nothing more than tenants and sharecroppers, renting our own property from the Federal Reserve Bank. Most Americans are mortgaged to the hilt with few or no assets, working harder and profiting less, constantly in debt to a private corporation they know little or nothing about.

BEAM ME UP. This has gone on way too long—WAKE UP AMERICA.

This is nothing more than economic slavery to a bunch of international fat cats. Our Constitution has been turned upside down, violated and discarded like toilet paper. Unbelievable.

It’s not rocket science folks—CONGRESS SHALL COIN MONEY, so mandates the Constitution. It’s very clear to me: the Federal Reserve System should be abolished, not just audited so the politicians can feel good, but abolished. Enough is enough. In closing I say “audit this.”

Next week—AIPAC. You don’t want to miss it.

James A. (Jim) Traficant, Jr. was born in Youngstown, Ohio on May 8, 1941. He received B.S. and M.S. degrees from the University of Pittsburgh, where he was a well-known football star. He also received a M.S. degree from Youngstown State University in 1976. For ten years he served as executive director of the Mahoning County (Ohio) Drug Program and from 1981-1985 he served as sheriff of Mahoning County, prior to his election to the U.S. Congress as a Democrat in 1984. He was re-elected by overwhelming margins every year up until 2002 when, following his conviction on trumped up corruption charges, he was expelled from the House of Representatives. Despite his conviction and expulsion and being sent to prison for a seven year term Traficant still won 15% of the vote running for re-election to the House in the 2002 election as an independent. He recently completed a seven-year prison sentence, having refused to seek a pardon or clemency, refusing to admit to or apologize for crimes he did not commit.

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(Issue # 46, November 16, 2009)

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