Daily Archives: January 15, 2011

28th Amendment – First And Second Sections Explained

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.

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US Constitution 28th Amendment (Jubilee) – Text

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 The Federal Reserve Act of 1913 is hereby repealed, effective immediately upon ratification of this amendment.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.

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Amending The Constitution – The Jubilee Amendment

There should probably be another name.  I’m terrible at naming things.  But that can wait.

Since it was adopted, the constitution has been amended periodically:

– 1791

– 1795

– 1804

– 1865

– 1868

– 1870

– 1913

– 1919

– 1920

– 1933

– 1951

– 1961

– 1964

– 1967

– 1971

– and 1992.

Thus the longest period without a constitutional amendment was 61 years, from 1804 to 1865.  The tumultuous 1960’s saw three amendments, the most of any decade, though there’s no reason to believe that that was related to the tumult.

Tellingly, the last amendment in post modernist/narcissistic 1992 concerned the profound and burning issue of Congressional pay.  This is a measure of the degree to which the “constitution” has become a play thing of the rulers rather than the choke collar it was meant to be.

After 18 years, then, we’re more or less due for another constitutional amendment.  And we need one.

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Filed under financial crisis, Judicial lying/cheating