Section 1 voids and declares unenforceable in the United States every existing debt, with the exception of two things: outstanding Federal Reserve Notes and demand deposits. Federal Reserve Notes are debts of the Federal Reserve; demand deposits are debts of banks to their depositors.
The purpose of excepting those two things is that these are what is commonly regarded as “money”. If they, too, were voided then there would essentially be no money. Conveniently, the dollar numbers of each are known with exact certainty at virtually all times by the Federal Reserve, so it would be no problem to ascertain just how many “dollars” are involved. But to give you an idea, there is about $1 trillion of Federal Reserve Notes in circulation, and about $7 trillion in demand deposits, last time I checked. For reasons that will become clear later, it doesn’t really matter what the numbers are so long as they can be ascertained with certainty on the date of ratification.
This is a draft. I am open to suggestions for changes or improvements. Some parts are more necessary than others, but it’s the best I can do without further input. In any case, here goes, the text of the proposed 28th amendment:
1. Except for demand deposits as determined under section 3 of this amendment and Federal Reserve Notes outstanding as of the date of the ratification of this amendment all debts incurred or alleged to have been incurred by any person or legal entity anywhere in the world up to the date this amendment has been ratified are hereby and forever canceled, void, and unenforceable in any action or proceeding in law or equity in any court of any state, territory or possession of the United States or of the United States itself.
2. The Federal Reserve Act of 1913 is hereby repealed, effective immediately upon ratification of this amendment. All Federal Reserve Notes then outstanding shall hereafter be redeemable upon demand by the Secretary of the Treasury in accordance with sections 3 and 7 of this amendment.