Federal Reserve Taxing of Cash In Our Pockets!

A detailed 34 page report was delivered by Senior Vice-President, Marvin Goodfriend, of the Federal Reserve System of Richmond to a Federal Reserve System Conference that was held in Woodstock, Vermont this past October 1999.

This report provides a financial taxing method in which to tax the cash in our pockets, or whatever we have saved in our homes, etc.

This tax would be levied, on the basis of the amount of time we have held onto any currency, and through a magnetic strip placed in the currency.

This proposal was made as nine years of printing activity of the new Currency Notes was concluded, all of which has a magnetic strip hidden in the paper. On November 18th, 1999, the new $5's and $10's were exhibited to the public, and the $5's and $10's now complete the entire series of magnetic notes, and the monetary reorganization of the United States The Federal Reserve began a series of discussions leading to the activation of these magnetic strips to determine how long the bills have been in circulation.

A tax would be levied, on the basis of the amount of time you have held onto the bill, through these methods:

#1. Currency saving, will become expensive, and all previous issues of the original series of notes will have to be turned in and exchanged for news bills, which will be possibly be date stamped. This can be done by rearranging the magnetic strip bar codes on currency.

#2. The date stamped on the bill will determine the amount of tax to be charged for holding the currency, between the time of the exchange and the redeposit of the currency.

#3. Mr. Goodfriend of the Richmond VA, Federal Reserve System suggested that a tax would be deducted from each bill upon redeposit, according to how long the bill was in circulation. Mr. Goodfriend suggested that banks could mark the bill with a "visible date issued stamp," when issued either by a teller or through an ATM unit.

Either way Goodfriend stated, "The longer you hold a currency without depositing it in a bank account, the less that cash would be worth." Goodfriend specifically targeted, "hoarding currency," and also black market and other criminal activities.

Domestic bank deposits, by normal citizens, would be taxed, depending upon the number of days they held onto their currency. It will make it impossible for anyone to save and puts total control of the Federal Reserve over US Citizens.

Isn't it the responsibility of Congress to tax? Has Congress passed their taxing authority to the Federal Reserve in some legislation we're not aware of? If so what is the bill number that allows this?

If not, than Congress has the responsibility to stop this. Congressman Ron Paul has introduced legislation to stop this action by the Federal Reserve. Has the Senate introduced any legislation to stop this taxing by the Federal Reserve? The whole taxing plan of the Federal Reserve seems ludicrous, and wildly unbelievable that Congress would allow the Federal Reserve to have this authority.