John P. Curran: JFK vs. The Federal Reserve


Richard Moore

John F. Kennedy
The Federal Reserve

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110,
was signed with the authority to basically strip the Federal Reserve Bank of its
power to loan money to the United States Federal Government at interest. With 
the stroke of a pen, President Kennedy declared that the privately owned Federal
Reserve Bank would soon be out of business. The Christian Law Fellowship has 
exhaustively researched this matter through the Federal Register and Library of 
Congress. We can now safely conclude that this Executive Order has never been 
repealed, amended, or superceded by any subsequent Executive Order. In simple 
terms, it is still valid.

When President John Fitzgerald Kennedy - the author of Profiles in Courage 
-signed this Order, it returned to the federal government, specifically the 
Treasury Department, the Constitutional power to create and issue currency 
-money - without going through the privately owned Federal Reserve Bank. 
President Kennedy's Executive Order 11110 [the full text is displayed further 
below] gave the Treasury Department the explicit authority: "to issue silver 
certificates against any silver bullion, silver, or standard silver dollars in 
the Treasury." This means that for every ounce of silver in the U.S. Treasury's 
vault, the government could introduce new money into circulation based on the 
silver bullion physically held there. As a result, more than $4 billion in 
United States Notes were brought into circulation in $2 and $5 denominations. 
$10 and $20 United States Notes were never circulated but were being printed by 
the Treasury Department when Kennedy was assassinated. It appears obvious that 
President Kennedy knew the Federal Reserve Notes being used as the purported 
legal currency were contrary to the Constitution of the United States of 

"United States Notes" were issued as an interest-free and debt-free currency 
backed by silver reserves in the U.S. Treasury. We compared a "Federal Reserve 
Note" issued from the private central bank of the United States (the Federal 
Reserve Bank a/k/a Federal Reserve System), with a "United States Note" from the
U.S. Treasury issued by President Kennedy's Executive Order. They almost look 
alike, except one says "Federal Reserve Note" on the top while the other says 
"United States Note". Also, the Federal Reserve Note has a green seal and serial
number while the United States Note has a red seal and serial number.

President Kennedy was assassinated on November 22, 1963 and the United States 
Notes he had issued were immediately taken out of circulation. Federal Reserve 
Notes continued to serve as the legal currency of the nation. According to the 
United States Secret Service, 99% of all U.S. paper "currency" circulating in 
1999 are Federal Reserve Notes.

Kennedy knew that if the silver-backed United States Notes were widely 
circulated, they would have eliminated the demand for Federal Reserve Notes. 
This is a very simple matter of economics. The USN was backed by silver and the 
FRN was not backed by anything of intrinsic value. Executive Order 11110 should 
have prevented the national debt from reaching its current level (virtually all 
of the nearly $9 trillion in federal debt has been created since 1963) if LBJ or
any subsequent President were to enforce it. It would have almost immediately 
given the U.S. Government the ability to repay its debt without going to the 
private Federal Reserve Banks and being charged interest to create new "money". 
Executive Order 11110 gave the U.S.A. the ability to, once again, create its own
money backed by silver and realm value worth something.

Again, according to our own research, just five months after Kennedy was 
assassinated, no more of the Series 1958 "Silver Certificates" were issued 
either, and they were subsequently removed from circulation. Perhaps the 
assassination of JFK was a warning to all future presidents not to interfere 
with the private Federal Reserve's control over the creation of money. It seems 
very apparent that President Kennedy challenged the "powers that exist behind 
U.S. and world finance". With true patriotic courage, JFK boldly faced the two 
most successful vehicles that have ever been used to drive up debt:

1) war (Viet Nam); and,

2) the creation of money by a privately owned central bank. His efforts to have 
all U.S. troops out of Vietnam by 1965 combined with Executive Order 11110 would
have destroyed the profits and control of the private Federal Reserve Bank.

Executive Order 11110

authority vested in me by section 301 of title 3 of the United States Code, it 
is ordered as follows:

SECTION 1. Executive Order No. 10289 of September 19, 1951, as amended, is 
hereby further amended - (a) By adding at the end of paragraph 1 thereof the 
following subparagraph (j): "(j) The authority vested in the President by 
paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 
821 (b)), to issue silver certificates against any silver bullion, silver, or 
standard silver dollars in the Treasury not then held for redemption of any 
outstanding silver certificates, to prescribe the denominations of such silver 
certificates, and to coin standard silver dollars and subsidiary silver currency
for their redemption," and (b) By revoking subparagraphs (b) and (c) of 
paragraph 2 thereof. SECTION 2. The amendment made by this Order shall not 
affect any act done, or any right accruing or accrued or any suit or proceeding 
had or commenced in any civil or criminal cause prior to the date of this Order 
but all such liabilities shall continue and may be enforced as if said 
amendments had not been made.


Once again, Executive Order 11110 is still valid. According to Title 3, United 
States Code, Section 301 dated January 26, 1998:

Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as amended 

EO 10583, dated December 18, 1954, 19 F.R. 8725;
EO 10882 dated July 18, 1960, 25 F.R. 6869;
EO 11110 dated June 4, 1963, 28 F.R. 5605;
EO 11825 dated December 31, 1974, 40 F.R. 1003;
EO 12608 dated September 9, 1987, 52 F.R. 34617

The 1974 and 1987 amendments, added after Kennedy's 1963 amendment, did not 
change or alter any part of Kennedy's EO 11110. A search of Clinton's 1998 and 
1999 EO's and Presidential Directives has also shown no reference to any 
alterations, suspensions, or changes to EO 11110.

The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private 
Corporation. Black's Law Dictionary defines the "Federal Reserve System" as: 
"Network of twelve central banks to which most national banks belong and to 
which state chartered banks may belong. Membership rules require investment of 
stock and minimum reserves." Privately-owned banks own the stock of the FED. 
This was explained in more detail in the case of Lewis v. United States, Federal
Reporter, 2nd Series, Vol. 680, Pages 1239, 1241 (1982), where the court said: 
"Each Federal Reserve Bank is a separate corporation owned by commercial banks 
in its region. The stock-holding commercial banks elect two thirds of each 
Bank's nine member board of directors".

The Federal Reserve Banks are locally controlled by their member banks. Once 
again, according to Black's Law Dictionary, we find that these privately owned 
banks actually issue money:

"Federal Reserve Act. Law which created Federal Reserve banks which act as 
agents in maintaining money reserves, issuing money in the form of bank notes, 
lending money to banks, and supervising banks. Administered by Federal Reserve 
Board (q.v.)".

The privately owned Federal Reserve (FED) banks actually issue (create) the 
"money" we use. In 1964, the House Committee on Banking and Currency, 
Subcommittee on Domestic Finance, at the second session of the 88th Congress, 
put out a study entitled Money Facts which contains a good description of what 
the FED is: "The Federal Reserve is a total money-making machine. It can issue 
money or checks. And it never has a problem of making its checks good because it
can obtain the $5 and $10 bills necessary to cover its check simply by asking 
the Treasury Department's Bureau of Engraving to print them".

Any one person or any closely knit group who has a lot of money has a lot of 
power. Now imagine a group of people who have the power to create money. Imagine
the power these people would have. This is exactly what the privately owned FED 

No man did more to expose the power of the FED than Louis T. McFadden, who was 
the Chairman of the House Banking Committee back in the 1930s. In describing the
FED, he remarked in the Congressional Record, House pages 1295 and 1296 on June 
10, 1932:

"Mr. Chairman, we have in this country one of the most corrupt institutions the 
world has ever known. I refer to the Federal Reserve Board and the Federal 
reserve banks. The Federal Reserve Board, a Government Board, has cheated the 
Government of the United States and he people of the United States out of enough
money to pay the national debt. The depredations and the iniquities of the 
Federal Reserve Board and the Federal reserve banks acting together have cost 
this country enough money to pay the national debt several times over. This evil
institution has impoverished and ruined the people of the United States; has 
bankrupted itself, and has practically bankrupted our Government. It has done 
this through the maladministration of that law by which the Federal Reserve 
Board, and through the corrupt practices of the moneyed vultures who control 

Some people think the Federal Reserve Banks are United States Government 
institutions. They are not Government institutions, departments, or agencies. 
They are private credit monopolies which prey upon the people of the United 
States for the benefit of themselves and their foreign customers. Those 12 
private credit monopolies were deceitfully placed upon this country by bankers 
who came here from Europe and who repaid us for our hospitality by undermining 
our American institutions.

The FED basically works like this: The government granted its power to create 
money to the FED banks. They create money, then loan it back to the government 
charging interest. The government levies income taxes to pay the interest on the
debt. On this point, it's interesting to note that the Federal Reserve Act and 
the sixteenth amendment, which gave congress the power to collect income taxes, 
were both passed in 1913. The incredible power of the FED over the economy is 
universally admitted. Some people, especially in the banking and academic 
communities, even support it. On the other hand, there are those, such as 
President John Fitzgerald Kennedy, that have spoken out against it. His efforts 
were spoken about in Jim Marrs' 1990 book Crossfire:"

Another overlooked aspect of Kennedy's attempt to reform American society 
involves money. Kennedy apparently reasoned that by returning to the 
constitution, which states that only Congress shall coin and regulate money, the
soaring national debt could be reduced by not paying interest to the bankers of 
the Federal Reserve System, who print paper money then loan it to the government
at interest. He moved in this area on June 4, 1963, by signing Executive Order 
11110 which called for the issuance of $4,292,893,815 in United States Notes 
through the U.S. Treasury rather than the traditional Federal Reserve System. 
That same day, Kennedy signed a bill changing the backing of one and two dollar 
bills from silver to gold, adding strength to the weakened U.S. currency.

Kennedy's comptroller of the currency, James J. Saxon, had been at odds with the
powerful Federal Reserve Board for some time, encouraging broader investment and
lending powers for banks that were not part of the Federal Reserve system. Saxon
also had decided that non-Reserve banks could underwrite state and local general
obligation bonds, again weakening the dominant Federal Reserve banks".

In a comment made to a Columbia University class on Nov. 12, 1963,

Ten days before his assassination, President John Fitzgerald Kennedy allegedly 

"The high office of the President has been used to foment a plot to destroy the 
American's freedom and before I leave office, I must inform the citizen of this 

In this matter, John Fitzgerald Kennedy appears to be the subject of his own 
book... a true Profile of Courage.

This research report was compiled for Lawgiver. Org. by Anthony Wayne

What is the Federal Reserve Bank?
What is the Federal Reserve Bank (FED) and why do we have it?
by Greg Hobbs November 1, 1999

The FED is a central bank. Central banks are supposed to implement a country's 
fiscal policies. They monitor commercial banks to ensure that they maintain 
sufficient assets, like cash, so as to remain solvent and stable. Central banks 
also do business, such as currency exchanges and gold transactions, with other 
central banks. In theory, a central bank should be good for a country, and they 
might be if it wasn't for the fact that they are not owned or controlled by the 
government of the country they are serving. Private central banks, including our
FED, operate not in the interest of the public good but for profit.

There have been three central banks in our nation's history. The first two, 
while deceptive and fraudulent, pale in comparison to the scope and size of the 
fraud being perpetrated by our current FED. What they all have in common is an 
insidious practice known as "fractional banking."

Fractional banking or fractional lending is the ability to create money from 
nothing, lend it to the government or someone else and charge interest to boot. 
The practice evolved before banks existed. Goldsmiths rented out space in their 
vaults to individuals and merchants for storage of their gold or silver. The 
goldsmiths gave these "depositors" a certificate that showed the amount of gold 
stored. These certificates were then used to conduct business.

In time the goldsmiths noticed that the gold in their vaults was rarely 
withdrawn. Small amounts would move in and out but the large majority never 
moved. Sensing a profit opportunity, the goldsmiths issued double receipts for 
the gold, in effect creating money (certificates) from nothing and then lending 
those certificates (creating debt) to depositors and charging them interest as 

Since the certificates represented more gold than actually existed, the 
certificates were "fractionally" backed by gold. Eventually some of these vault 
operations were transformed into banks and the practice of fractional banking 

Keep that fractional banking concept in mind as we examine our first central 
bank, the First Bank of the United States (BUS). It was created, after bitter 
dissent in the Congress, in 1791 and chartered for 20 years. A scam not unlike 
the current FED, the BUS used its control of the currency to defraud the public 
and establish a legal form of usury.

This bank practiced fractional lending at a 10:1 rate, ten dollars of loans for 
each dollar they had on deposit. This misuse and abuse of their public charter 
continued for the entire 20 years of their existence. Public outrage over these 
abuses was such that the charter was not renewed and the bank ceased to exist in

The war of 1812 left the country in economic chaos, seen by bankers as another 
opportunity for easy profits. They influenced Congress to charter the second 
central bank, the Second Bank of the United States (SBUS), in 1816.

The SBUS was more expansive than the BUS. The SBUS sold franchises and literally
doubled the number of banks in a short period of time. The country began to boom
and move westward, which required money. Using fractional lending at the 10:1 
rate, the central bank and their franchisees created the debt/money for the 

Things boomed for a while, then the banks decided to shut off the debt/money, 
citing the need to control inflation. This action on the part of the SBUS caused
bankruptcies and foreclosures. The banks then took control of the assets that 
were used as security against the loans.

Closely examine how the SBUS engineered this cycle of prosperity and depression.
The central bank caused inflation by creating debt/money for loans and credit 
and making these funds readily available. The economy boomed. Then they used the
inflation which they created as an excuse to shut off the loans/credit/money.

The resulting shortage of cash caused the economy to falter or slow dramatically
and large numbers of business and personal bankruptcies resulted. The central 
bank then seized the assets used as security for the loans. The wealth created 
by the borrowers during the boom was then transferred to the central bank during
the bust. And you always wondered how the big guys ended up with all the 

Now, who do you think is responsible for all of the ups and downs in our economy
over the last 85 years? Think about the depression of the late '20s and all 
through the '30s. The FED could have pumped lots of debt/money into the market 
to stimulate the economy and get the country back on track, but did they? No; in
fact, they restricted the money supply quite severely. We all know the results 
that occurred from that action, don't we?

Why would the FED do this? During that period asset values and stocks were at 
rock bottom prices. Who do you think was buying everything at 10 cents on the 
dollar? I believe that it is referred to as consolidating the wealth. How many 
times have they already done this in the last 85 years?

Do you think they will do it again?

Just as an aside at this point, look at today's economy. Markets are declining. 
Why? Because the FED has been very liberal with its debt/credit/money. The 
market was hyper inflated. Who creates inflation? The FED. How does the FED deal
with inflation? They restrict the debt/credit/money. What happens when they do 
that? The market collapses.

Several months back, after certain central banks said they would be selling 
large quantities of gold, the price of gold fell to a 25-year low of about $260 
per ounce. The central banks then bought gold. After buying at the bottom, a 
group of 15 central banks announced that they would be restricting the amount of
gold released into the market for the next five years. The price of gold went up
$75.00 per ounce in just a few days. How many hundreds of billions of dollars 
did the central banks make with those two press releases?

Gold is generally considered to be a hedge against more severe economic 
conditions. Do you think that the private banking families that own the FED are 
buying or selling equities at this time? (Remember: buy low, sell high.) How 
much money do you think these FED owners have made since they restricted the 
money supply at the top of this last current cycle?

Alan Greenspan has said publicly on several occasions that he thinks the market 
is overvalued, or words to that effect. Just a hint that he will raise interest 
rates (restrict the money supply), and equity markets have a negative reaction. 
Governments and politicians do not rule central banks, central banks rule 
governments and politicians. President Andrew Jackson won the presidency in 1828
with the promise to end the national debt and eliminate the SBUS. During his 
second term President Jackson withdrew all government funds from the bank and on
January 8, 1835, paid off the national debt. He is the only president in history
to have this distinction. The charter of the SBUS expired in 1836.

Without a central bank to manipulate the supply of money, the United States 
experienced unprecedented growth for 60 or 70 years, and the resulting wealth 
was too much for bankers to endure. They had to get back into the game. So, in 
1910 Senator Nelson Aldrich, then Chairman of the National Monetary Commission, 
in collusion with representatives of the European central banks, devised a plan 
to pressure and deceive Congress into enacting legislation that would covertly 
establish a private central bank.

This bank would assume control over the American economy by controlling the 
issuance of its money. After a huge public relations campaign, engineered by the
foreign central banks, the Federal Reserve Act of 1913 was slipped through 
Congress during the Christmas recess, with many members of the Congress absent. 
President Woodrow Wilson, pressured by his political and financial backers, 
signed it on December 23, 1913.

The act created the Federal Reserve System, a name carefully selected and 
designed to deceive. "Federal" would lead one to believe that this is a 
government organization. "Reserve" would lead one to believe that the currency 
is being backed by gold and silver. "System" was used in lieu of the word "bank"
so that one would not conclude that a new central bank had been created.

In reality, the act created a private, for profit, central banking corporation 
owned by a cartel of private banks. Who owns the FED? The Rothschilds of London 
and Berlin; Lazard Brothers of Paris; Israel Moses Seif of Italy; Kuhn, Loeb and
Warburg of Germany; and the Lehman Brothers, Goldman, Sachs and the Rockefeller 
families of New York.

Did you know that the FED is the only for-profit corporation in America that is 
exempt from both federal and state taxes? The FED takes in about one trillion 
dollars per year tax free! The banking families listed above get all that money.

Almost everyone thinks that the money they pay in taxes goes to the US Treasury 
to pay for the expenses of the government. Do you want to know where your tax 
dollars really go? If you look at the back of any check made payable to the IRS 
you will see that it has been endorsed as "Pay Any F.R.B. Branch or Gen. 
Depository for Credit U.S. Treas. This is in Payment of U.S. Oblig." Yes, that's
right, every dime you pay in income taxes is given to those private banking 
families, commonly known as the FED, tax free.

Like many of you, I had some difficulty with the concept of creating money from 
nothing. You may have heard the term "monetizing the debt," which is kind of the
same thing. As an example, if the US Government wants to borrow $1 million ó the
government does borrow every dollar it spends ó they go to the FED to borrow the
money. The FED calls the Treasury and says print 10,000 Federal Reserve Notes 
(FRN) in units of one hundred dollars.

The Treasury charges the FED 2.3 cents for each note, for a total of $230 for 
the 10,000 FRNs. The FED then lends the $1 million to the government at face 
value plus interest. To add insult to injury, the government has to create a 
bond for $1 million as security for the loan. And the rich get richer. The above
was just an example, because in reality the FED does not even print the money; 
it's just a computer entry in their accounting system. To put this on a more 
personal level, let's use another example.

Today's banks are members of the Federal Reserve Banking System. This membership
makes it legal for them to create money from nothing and lend it to you. Today's
banks, like the goldsmiths of old, realize that only a small fraction of the 
money deposited in their banks is ever actually withdrawn in the form of cash. 
Only about 4 percent of all the money that exists is in the form of currency. 
The rest of it is simply a computer entry.

Let's say you're approved to borrow $10,000 to do some home improvements. You 
know that the bank didn't actually take $10,000 from its pile of cash and put it
into your pile? They simply went to their computer and input an entry of $10,000
into your account. They created, from thin air, a debt which you have to secure 
with an asset and repay with interest. The bank is allowed to create and lend as
much debt as they want as long as they do not exceed the 10:1 ratio imposed by 
the FED.

It sort of puts a new slant on how you view your friendly bank, doesn't it? How 
about those loan committees that scrutinize you with a microscope before 
approving the loan they created from thin air. What a hoot! They make it complex
for a reason. They don't want you to understand what they are doing. People fear
what they do not understand. You are easier to delude and control when you are 
ignorant and afraid.

Now to put the frosting on this cake. When was the income tax created? If you 
guessed 1913, the same year that the FED was created, you get a gold star. 
Coincidence? What are the odds? If you are going to use the FED to create debt, 
who is going to repay that debt? The income tax was created to complete the 
illusion that real money had been lent and therefore real money had to be 
repaid. And you thought Houdini was good.

So, what can be done? My father taught me that you should always stand up for 
what is right, even if you have to stand up alone.

If "We the People" don't take some action now, there may come a time when "We 
the People" are no more. You should write a letter or send an email to each of 
your elected representatives. Many of our elected representatives do not 
understand the FED. Once informed they will not be able to plead ignorance and 
remain silent.

Article 1, Section 8 of the US Constitution specifically says that Congress is 
the only body that can "coin money and regulate the value thereof." The US 
Constitution has never been amended to allow anyone other than Congress to coin 
and regulate currency.

Ask your representative, in light of that information, how it is possible for 
the Federal Reserve Act of 1913, and the Federal Reserve Bank that it created, 
to be constitutional. Ask them why this private banking cartel is allowed to 
reap trillions of dollars in profits without paying taxes. Insist on an answer.

Thomas Jefferson said, "If the America people ever allow private banks to 
control the issuance of their currencies, first by inflation and then by 
deflation, the banks and corporations that will grow up around them will deprive
the people of all their prosperity until their children will wake up homeless on
the continent their fathers conquered."

Jefferson saw it coming 150 years ago. The question is, "Can you now see what is
in store for us if we allow the FED to continue controlling our country?"

"The condition upon which God hath given liberty to man is eternal vigilance; 
which condition if he breaks, servitude is at once the consequence of his crime,
and the punishment of his guilt."

John P. Curran

newslog archives:

Escaping the Matrix:

The Phoenix Project:

rkm blog: "How We the People can change the world":

The Post-Bush Regime: A Prognosis

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