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by Steven Wayne Pattison, ©2011, All Rights Reserved

Why is U.S. currency printed by the Federal Reserve Bank, a private company? Can a barter system work, and would Americans be better off with it?

(Dec. 27, 2011) — Marilyn M. Barnewall posted:

Because my career was banking, I have written much about the attack on America’s independent banks by a federal regime that apparently seeks global governance.

And Dr. Edwin Vieira, Jr., Ph.D., J.D. posted:


I am Steven Wayne Pattison, and I started off my career as a self-employed Financial Planner schooled as a math major and later as a computer programmer. My biggest education started when I became self-employed.

If you have never been self-employed, you have to understand that you have to work long hours because you are the employer and the employee. During my journey, I was providing ‘financial’ educations to other self-employed people. When I wrote my first computer program for estate tax planning, I was able to see that inflation was stealing everyone’s assets. Without the computer and this program, in 1973 I would not have been able to learn that all the banklords were getting paid interest on a piece of paper that cost them about two cents to print a one hundred dollar Federal Reserve Note. We all should be in the business of printing money with that type of return plus getting paid interest on the piece of paper each year. Just to state this again for the record:  They paid two cents for one hundred dollars which have been Federal Reserve Notes (FRNs) for some time. If you paid your costs for production of an asset and sold it as was just explained, you would have made 5000 times your cost. 5000 x .02 = $100.00.  Then at the end of the year after you loaned out the $100.00, you get paid an interest rate of 4%, which is $4.00/year until the money is paid back to the one who paid for its creation.

Since 1973 or thereabouts, I have been studying our money problems because, being self-employed, I was unable to get a business loan to expand my business from any of the monopoly banks. In the beginning, money was only used as part of barter system, a trade of what you owned for something someone else owns. The simple solution is for all of us to use our own IOUs, and then we would not have the Federal Debt we have or the very large interest payments to the owners of the U.S. Securities. The current U.S. Securities are currently over $14 trillion or FRNs. The going interest rate today is about 4% and 4% times 14 trillion FRNs = about 560 billion FRNs each year. That amount is currently  not payable in the current IOU system we have today.

If we had printed our own money for all those years, that interest payment would be paid to the People collectively.

There are a lot of other people explaining the problem, but all inflation and all business cycles causing deflation are caused by the lack of money in the hands of the consumers. The reason they tell us that they had to have the Federal Reserve System was to control the inflation and deflation which in some years have still caused recessions or depressions, both being a bad thing for consumers who are first workers. Of course, all these recessions or depressions were caused by the banklords. And again, the reason is that the consumers did not have the money they needed because they didn’t have jobs or a loan from a bank. This same system was also created so that we could compete with workers of the other countries such as China, but that never worked, either.

I have come to the conclusion that it was all a lie to steal our assets, including all of our gold and silver which is explained here.  All the countries in the world should have a system whereby their money is valued as a price of their entire asset within the country. But if they were to buy or sell to another country, the asset, such as a ton of rice, would have to be delivered to the other country for the real assets which they are willing to accept in exchange, such as a ton of wheat. The results would put our workers back to work. In 1900 over 90% of the population of the United States of America was self-employed whereby most of them could not get a loan, causing them to have to go to work for big business such that these businesses prospered because they were able to get loans from the monopoly banks. That has all changed because of the banking monopoly, as most of our businesses are failing today.

This system would not work much differently than it does now, but for some very important things:  the People would own collectively all the money that would represent the total value of all assets. Whatever the different governments owned would be their share of all the money, and everyone would have to be responsible for his or her assets.  Yes, we will have the poor to deal with, but we have them now.  We would all get involved in making our system work with one big advantage:   no one pays any interest on the money unless someone wants to borrow it from someone else to use, which is not any different than the system we have now. The consumers, people who own something of value, would all collectively own their share on an agreed-upon value as in the time predating 1775. If I owned one thing that you wanted and by chance you owned one thing I wanted, then we would barter.  Before 1775, they had gold and silver coins, so if you wanted what I owned but I wanted twenty more dollars or so many ounces of gold or silver, then we would be consumers. Because someone has stolen most of the gold and silver, this new system would not need any coins. Today we could do the very same thing. If we all were able to agree on a value of all the assets we owned collectively with everyone and that total figure was put into an account so that you could spend it any way you wanted, there would never again be a recession, inflation or deflation other than because of a shortage of an item, for instance, orange juice, because of a hard freeze driving up the price temporarily. If the weather was great one year and the wheat producers had a bumper harvest, then the price might go down, but it would not stay there for very long.

By getting everything you own valued along with everyone’s assets, the total amount placed in an account would be known as something like ‘The People’s IOUs’ debit account.” The assets of everyone within our country would be available only to exchange with others within our country. You would not need to get a loan because you would have all your value of your assets available at any time. If all the people in our country did this, there would be no need for the Federal Reserve because we all would be bartering without any national debt or interest to anyone. If you have assets, you don’t have to ask a banker for a loan. All the money needed would already be represented. This is not much different than the way it works now, but we would get paid instead of the banks.

If we had had this type of money system from the beginning, the Federal Reserve would not own us and we would not have the national debt we have. Everyone would have been responsible for what he or she spent because it was his or her money to spend. Yes, there are other details that need to be worked out, but this type of system would have made us the bankers collectively. We would have a huge wealthy middle class with very few people being poor and very few people being rich. We would all have a level playing field. Some of us could collectively unite and take over what a few rich people control today.

With this type of money, things would have been different, and We the People would have been paid all of that interest but for one big difference:  We would not have had inflation or deflation. The only reason something would go up or down is the ‘Supply and Demand’ for any one asset. We would not have had to bail out the banks or anyone, for that matter. I also could see all of us collectively owning all the utility companies, insurance companies and the list could go on and on.

Because we as a government do not own enough gold or silver to back our money, it would never work long-term. The banklords that I expect own most of the gold would be able to control any money that is backed by gold, which has happened many times in the history of this world. If all the money is available based on a value of all the assets held in our country, we would need accountants or computer programmers only to keep track just as you keep track of your checking account. We will not be in the situation we are in now if we go to this type of money system.

I also support the idea of having all of what the Federal Reserve or, for that matter, anyone else, which has stolen our gold or any other assets returned to us, including all taxes that were improperly taken from anyone, including their family members tracing back to the beginning of the fraud.

If you only knew how much money has been stolen from you without your knowledge, you would be calling me right now. From all the income you have been paid, the bankers get about nine times or even more than that amount for every year that you have worked.


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  1. Dear uwho,

    It would be easier to restore the lawful Union states but it is taking longer then I thought it would.

    You can start a money system in your area just to get it started.

    Email me if you have questions – StevenPattison @ everestkc.net

  2. I couldn’t agree more with the statements and conclusions of this article. We inherited this great farce and theft from past and present generations. Yet, we can undo it if enough people have the will. The way is simple. We do it gradually. We did not get into this mess quickly and we will not get out quickly. It will NOT be easy. But, it is legalized theft until we once again follow the Constitution. In other words, if we truly desire to be free, it is absolutely necessary.

    Also, read this article: http://www.fff.org/freedom/1100a.asp

  3. MS Barnewall is the lady who advocates for state owned banks as an incremental approach to stifle the Fed. Nelson Hultberg is the libertarian fellow who advocates for a third party but with a platform of long term incremental approaches, starting with controlling the Fed. The author is correct, of course, in that the Fed must be abolished; Hultberg says in increments. Hultberg makes his case by pointing out that we got in the pickle we are in in increments and that’s how we get out, in incremental steps.

    So Barnewall uses the BND as an example of the success of a state owned bank. North Dakota has the lowest unemployment and largest budget excess of any state in the union. The state owned bank is funded by state reserves (CAFR), returns interest to the state, and backs commercial loans to private enterprise by dictate.

    The reality: in Georgia the state owned bank initiative had the vice chair of Senate Banking as sponsor, had co-sponsors, went thru senate research with good recommendations, and died. Why? Weasels at work! The Senate Banking chair is a banker and corrupt. He is only one of two who is under investigation by the FDIC in Georgia for bank fraud!

    The Fed beneficiaries are the various commercial banks and they and their lobbyists will fight tooth and nail against any attempt to modify their system.

    So perhaps the necessary increment can be found in the author’s references to barter. Legislation is unlikely. SC has huge barter exchanges, primarily for businesses. Utah has a “may use” bill whereby people may open bank accounts based on deposits of precious metal. Note that the Constitution mandates “must use”. What happened to that? Perhaps we all should consider moving towards a system of exchange and barter? The Fed operates on FRN’s. If the use of FRN’s in commerce is curtailed the Fed goes out of business. And if the SHTF barter is all there will be!

    1. If we don’t do something very very quickly, we will soon be this rogue dicktatorship governments POW’s. The first thing that needs to happen is word needs to get out “stop paying to this dicktator regime”, starting this year. If they don’t have it, they can’t continue. If we do nothing, we can only be POW’s. If we do something, we at least have a fighting chance of succeeding. May God be with us. It’s amazing!! Three of those Morons can’t screw in a lightbulb, but one of those illegal Morons can s**** up OUR country.

  4. Your idea is great!! I’ve been saying that for a while. It’s the only way we can reclaim our freedom. The good thing is that since we would have no use for gold, it will be worthless to those who stole it from us. This definitly a step in the right direction. WHERE OR HOW CAN WE START. Me personally, I am willing to do what it takes to implement this new sytem to put our country on the right track again.