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Is it true that John F. Kennedy also tried to abolish the Federal Reserve?
4 Answers
- gray shadowLv 61 decade agoFavorite Answer
No, that's just conspiracy theory nonsense that doesn't hold up with even the most meager of research.
Some background:
The government was trying to get away from the silver standard. Silver prices were rising to the point where a silver dollar would have more than a dollars worth of silver.
Kennedy signed Executive Order 11110 which delegated authority from himself to the Treasury Secretary for authorizing the printing of silver certificates (ref: [http://en.wikipedia.org/wiki/Executive_order_11110... ). Soon after, silver coins and silver certificates were abandon, and the eventually the country could sell the silver rather than keeping it in vaults.
It would be ludicrous to sa that this would put the Federal Reserve out of business. One only needs to examine the claims in detail to realize how silly the theory is.
Given all the Fed duties and responsibilities, to claim that issuing silver certificates would nullify all the Fed duties is preposterous. Ever since it's inception, the Federal Reserve has worked with whatever the currency of the realm. Federal Reserve notes circulated along side silver certificates, gold certificates, and coins. From a day-to-day operations side, it really makes no difference. On top of that, there was not enough silver to replace all the currency in circulation with silver certificates.
Kennedy scholars have concluded it is a hoax.
Source(s): http://www.devvy.com/patriot4_20021117.html http://mcadams.posc.mu.edu/weberman/jfk.htm http://www.lib.umich.edu/govdocs/jfkeo/eo/11110.ht... http://en.wikipedia.org/wiki/Executive_order_11110 - Anonymous1 decade ago
Most people don`t know the federal reserve is a private company.
- Anonymous1 decade ago
Yes. That would have been great.