“I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding

is but swindling futurity on a large scale.” ^[1]

Legacy of Infamy

The year was 1933. Herbert Hoover was still President. Franklin Delano Roosevelt waited in the wings to be sworn in as the new President of the United States. The following Resolution was written by Eugene Meyers and the New York Bankers. It was given to President Hoover at 10.00 pm. March 3, 1933.

Resolution Adopted by the Federal Reserve Board of New York

“WHEREAS, In the opinion of the Board of Directors of the Federal Reserve Bank of New York, the continued and increasing withdrawal of currency and gold from the banks of the country has now created a national emergency, and

WHEREAS, It is understood the adequate remedial measures cannot be enacted before tomorrow morning,

NOW, THEREFORE, BE IT RESOLVED, That in this emergency the Federal Reserve Board is hereby requested to urge the President of the United States to declare a bank holiday Saturday, March 4, and Monday, March 6, in order to afford opportunity to governmental authorities and banks themselves to take such measures as may be necessary to protect the interests of the people and promptly to provide adequate banking and credit facilities for all parts of the country.

Proposed Executive Order

EXECUTIVE ORDER

WHEREAS the nation's banking institutions are being subjected to heavy withdrawals of currency for hoarding; and

WHEREAS there is increasing speculative activity in foreign exchanges; and

WHEREAS these conditions have created a national emergency in which it is in the best interest of all bank depositors that a period of respite be provided with a view to preventing further hoarding of coin, bullion or currency or speculation in foreign exchange, and permitting the application of appropriate measures for dealing with the emergency in order to protect the interests of all the people; and

WHEREAS it is provided in Section 5 (b) of the Act of October 6, 1917, as amended, that "The President may investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency; and

WHEREAS it is provided in Section 16 of the said Act that "Whoever shall willfully violate any of the provisions of this Act or of any license, rule, or regulation issued there under, and whoever shall willfully violate, neglect, or refuse to comply with any order of the President issued in compliance with the provisions of this Act shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned for not more than ten years, or both;

NOW, THEREFORE, pursuant to the authority granted by said Act, I hereby order, direct and declare that:

1. From Saturday, the fourth day of March, to Tuesday, the Seventh day of March, Nineteen Hundred and Thirty Three, both dates inclusive, there shall be maintained and observed throughout the United States of America a bank holiday for all of the purposes herein 

after set forth. 

2. During said holiday, no banking institution as hereinafter defined shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution pay out deposits, make loans or discounts, deal in foreign exchange, or transact any other banking business whatsoever.

3. Upon the expiration of said holiday and until otherwise ordered by the President of the United States, such banking institutions may pay out, export, earmark or permit the withdrawal or transfer of gold or silver coin or bullion or currency, or deal in foreign exchange to extent as may be permitted by license or otherwise under regulations issued by the Secretary of the Treasury with the approval of the President.

4. The Secretary of the Treasury, with the approval of the President, is authorized and empowered to prescribe such regulations as he may find necessary to carry out the purposes of the order.

5. The term ‘banking institution’ as herein used shall include all Federal reserve banks, national banking associations, banks trust companies, savings banks, building and loan associations, credit unions, or other corporations, partnerships, associations or persons engaged in the business of receiving deposits, making loans, discounting business paper, or transacting any other form of banking business”. [2]

The White House

March, 1933. The following is a letter sent by President Hoover to Eugene Meyer:

“My dear Governor Meyer:

I received at half past one this morning your letter dated March 3rd. I must assume that this letter was written on the basis of information received by you prior to 11:30 o'clock last night for the reason that before your letter was sent you had certain information as follows:

a. At 11 o'clock last night the President elect had informed me he did not wish such a proclamation issued.

b. The Attorney General had renewed the same opinion which he had already given to the Board that the authorities on whom you were relying were inadequate unless supported by the incoming Administration.

c. That groups of representative bankers in both Chicago and New York, embracing members of the Board of Directors of the Federal Reserve Banks in those cities, were then in conference with the governors of the states of Illinois and New York, and that the governors of these two states were prepared to act if these representative groups so recommended. It appears that the governors did take action under their authorities, declaring a temporary holiday in these two critical states, and thus accomplishing the major purposes which the Board apparently had in mind.

In view of the above I am at a loss to understand why such a communication should have been sent to me in the last few hours of this Administration, which I believe the Board must now admit was neither justified nor necessary.

Yours faithfully, Herbert Hoover” [3]

The Issues

There are three crucial points that stand out and above the many issues that could be addressed.

1. It is troubling that the Federal Reserve is recommending, almost dictating, Presidential policy and subsequent actions they urge the President to take.

2. President Hoover said that President elect Roosevelt had indicated that he didn't see the necessity or urgency in issuing a proclamation concerning the supposed national emergency.

3. What transpired for President Roosevelt to diametrically change his mind just a few hours later? Whatever it was, it must have been pretty serious to warrant such drastic changes.

Roosevelt’s First Actions as President

The day after Roosevelt took the presidential oath of office, he issued a proclamation calling Congress into special session. He also declared a national bank holiday, the very same action that he had refused to agree with during Hoover’s last few days in office. Such actions were a stunning turn of events.

On March 9, 1933, President Franklin Delano Roosevelt signed executive orders 6073, 6102, 6111, and 6260, starting what was quickly to become an avalanche of draconian measures, forced upon an unsuspecting and supposedly free people.

By using the above executive orders, the new President declared a national emergency that made it unlawful for any citizen of the United

States to own gold; the very same gold that was the hard money currency of the Constitution, as well as the circulating currency of the time. This was a sad day in our country’s history, as a basic right of the Constitution, the right to private property, had been confiscated without just compensation and due process.

Such action cannot be lawfully done without a constitutional amendment, and one has not even been mentioned, let alone passed. The Supreme Law of the Land states that any law not in pursuance of the Constitution is null and void, as if it never occurred. It has no legally binding authority.

Not only had this act been perpetrated without a constitutional amendment, it was actually diametrically opposed to the Constitution, trampling the people’s unalienable rights into the ground. It arguably amounted to a declaration of National Bankruptcy.

What National Emergency

What was the national emergency that prompted Roosevelt to declare that the public’s gold be called in and confiscated? Did Roosevelt have the authority to declare such a national emergency, based solely on the fact that private banks were having financial problems?  

And what exactly was the source of the bank’s problems? If all shoemakers are going out of business because of inept business practices, should the President declare a national emergency and bail them out? This is not how free markets work.

The government should not intervene within the workings of a free market. The government’s job is to protect the people’s unalienable rights – life, liberty, and the pursuit of happiness, not to bail out an industry that caused its own bankruptcy.   

Is holding the office of the President of the United Sates sufficient authority to go against the Constitution, the very same Constitution he takes an oath of office to preserve, defend and protect?

Let’s return to the record to see exactly what the emergency was:

• Emergency Banking Relief Act of 1933 U.S.
• Statutes at Large (73rd Congress, 1933 p. 1-7)
  
  

An Act

“To provide relief in the existing national emergency in banking, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, that the Congress hereby declares that a serious emergency exists and that it is imperatively necessary to speedily put into effect remedies of uniform national application”. [4]

So, as the above clearly states, the emergency was a national emergency in banking. By what authority was this national emergency declared and or authorized? Let’s once again look to the record, as our government statutes record the above quoted Emergency Banking Relief Act of 1933:

TITLE I

“Section 1. The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made, or issued by the President of the United States or the Secretary of the Treasury since March 4, 1933, pursuant to the authority conferred by subdivision (b) of section 5 of the Act of October 6, 1917, as amended, are hereby approved and confirmed.” [5]

So, the authority was “pursuant to the authority of subdivision (b) of section 5 of the Act of October 6, 1917, as amended, are hereby approved and confirmed”.

This refers to The Trading with the Enemy Act, which comes under The War Powers Act. Notice, however, the last section that comes right after the date of 1917, which states: “as amended, are hereby approved and confirmed”.

The original Trading with the Enemy Act was not exactly what Roosevelt and the banking powers had in mind, so they changed the act by issuing amendments to fit their agenda.

The Amendments

Section 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L. 411):

''(b) During time of war or during any other period of national emergency declared by the President, the President may, through any agency that he may designate, or otherwise, investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, transfers of credit between or payments by banking institutions as defined by the President, and export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency, by any person within the United States or any place subject to the jurisdiction thereof; and the President may require any person engaged in any transaction referred to in this subdivision to furnish under oath, complete information relative thereto, including the production of any books of account, contracts, letters or other papers, in connection therewith in the custody or control of such person, either before or after such transaction is completed. Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued there under, shall, upon conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term 'person' means an individual, partnership, association, or corporation”. [6]

Now let’s look at a comparison between the two versions of “the act.”

“Section 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L. 411), is hereby amended to read as follows:

Within the Act they rewrote Section 5(b) of the Trading with the Enemy Act of 1917. What follows is the original act with the new wording of the amended act underlined, and with those of parts of the original act that were removed, having a line drawn through them.

“During time of war or any other period of national emergency declared by the President, That the President may , through any agency that he may designate, or otherwise, investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, export or earmarkings of gold or silver coin or bullion or currency, transfers of credit between or payments by banking institutions as defined by the President, and export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency, in any form (other than credits relating solely to transactions to be executed wholly within the United States); and transfers of evidence of indebtedness or of ownership of property between the United States and any foreign country, whether enemy, ally of enemy or otherwise, or between residents of one or more foreign countries, by any person within the United States or any place subject to the jurisdiction thereof; and he the President may require any such person engaged in any such transaction referred to in this subdivision to furnish, under oath, complete information relative thereto, including the production of any books of account, contracts, letters or other papers, in connection therewith in the custody or control of such person, either before or after such transaction is completed...” [7]

Two points stick out like sore thumbs.

• Transactions solely and wholly within the United States had been exempt in the original version, now such transactions were no longer exempt.

• The original act covered property of foreign countries, whether enemy, ally of enemy or otherwise, while in the amended section the designation of enemy is left out, except in the title, and the general reason and reference for confiscation makes it sound like We The People are the enemy, as no one else is mentioned.

One can search from now until the end of time, and you will not find any mention of the enemy or the use of the word enemy in the amended section, as stated in the Emergency Banking Relief Act of 1933. Nor can one find that transactions solely and wholly within the United States are exempt.

As a matter of fact, the amendment contains exactly the opposite wording, meaning, and definitions.

• “...any transactions in foreign exchange, transfers of credit between or payments by banking institutions as defined by the President.”

• “...or currency, by any person within the United States or any place subject to the jurisdiction thereof...”

It thus appears that by taking the words and reference to enemy out of the body of what is the Trading With the Enemy Act, and replacing it with “any person within the United States, which persons were exempt in the original act”, sounds like We the People, or any person within the United States, are considered to be the enemy. Remember, the Act is still designated as The Trading with the Enemy Act.

A Crying Shame

The following is sited from the Emergency Banking Relief Act of 1933:

Sec. 401. The sixth paragraph of Section 18 of the Federal Reserve Act is amended to read as follows:

''Upon the deposit with the Treasurer of the United States, (a) of any direct obligations of the United States or (b) of any notes, drafts, bills of exchange, or bankers' acceptances acquired under the provisions of this Act, any Federal reserve bank making such deposit in the manner prescribed by the Secretary of the Treasury shall be entitled to receive from the Comptroller of the Currency circulating notes in blank, duly registered and countersigned.

When such circulating notes are issued against the security of obligations of the United States, the amount of such circulating notes shall be equal to the face value of the direct obligations of the United States so deposited as security; and, when issued against the security of notes, drafts, bills of exchange and bankers' acceptances acquired under the provisions of this Act, the amount thereof shall be equal to not more than 90 per cent of the estimated value of such notes, drafts, bills of exchange and bankers' acceptances so deposited as security.

Such notes shall be the obligations of the Federal reserve bank procuring the same, shall be in form prescribed by the Secretary of the Treasury, shall be receivable at par in all parts of the United States for the same purposes as are national bank notes, and shall be redeemable in lawful money of the United States on presentation at the United States Treasury or at the bank of issue.

The Secretary of the Treasury is authorized and empowered to prescribe regulations governing the issuance, redemption, replacement, retirement and destruction of such circulating notes and the release and substitution of security therefore. Such circulating notes shall be subject to the same tax as is provided by law for the circulating notes of national banks secured by 2 per cent bonds of the United States.

No such circulating notes shall be issued under this paragraph after the President has declared by proclamation that the emergency recognized by the President by proclamation of March 6, 1933, has terminated, unless such circulating notes are secured by deposits of bonds of the United States bearing the circulation privilege.

When required to do so by the Secretary of the Treasury, each Federal reserve agent shall act as agent of the Treasurer of the United States or of the Comptroller of the Currency, or both, for the performance of any of the functions which the Treasurer or the Comptroller may be called upon to perform in carrying out the provisions of this paragraph.

Appropriations available for distinctive paper and printing United States currency or national bank currency are hereby made available for the production of the circulating notes of Federal reserve banks herein provided; but the United States shall be reimbursed by the Federal reserve bank to which such notes are issued for all expenses necessarily incurred in connection with the procuring of such notes and all other expenses incidental to their issue, redemption, replacement, retirement and destruction”. [8]

Remember

Recall that we have previously seen that for the first century of U.S. history our monetary system was in accordance with the Constitution: it was a hard money system of gold and silver coin.

Next, gold and silver certificates were issued that were 100% backed by gold and silver coins.

Eventually, paper bank notes were issued and backed by the precious metals, but only by fractional reserves (40% at the highest point).

Finally, our monetary system devolved into a dysfunctional mess of bills of credit or paper money, backed by nothing but empty promises and obligations to pay – paper fiat debt-money.

Section 401, as quoted above, goes a long way in destroying and debasing the original hard money system of the Constitution, where payment of debt could actually be transacted with the circulating currency: gold and silver coin.

Hard money of gold and silver coin was not, and is not, representative of debt or promises to pay; it is the means to pay debt. One cannot pay debt with debt – to believe such is to accept the unacceptable.

The present day monetary system, where the currency in circulation is backed by nothing but other government obligations of paper debt, i.e. bonds – is a mere shade of its former self. It is nothing more than a tax payment coupon or debt obligation. It is not payment but putting off unto others, the same as a bookie does to offset his risk and exposure.  

We have gone from a solid monetary system of assets – of hard money, in the form of constitutionally mandated gold and silver coin, to a system of paper debt-money, backed by promises to pay with other promises to pay: obligations of debt. Promises backed by promises.

Our monetary system has stepped over the edge, into the abyss; we now have a public national credit system where debt is legal tender money, which is allowed to circulate and be accepted as the de facto currency of the realm.

Such a system is the elite collectivist’s dream come true, as it is the perfect wealth transference mechanism. Suffice it to say that such a system is an abomination that walks the earth in darkness, casting shadows far and wide.  

Clarity

What exactly does it mean when the national or public debt is allowed to circulate as the currency, and is accepted as legal tender? It means that all the people’s faith and credit has been pledged as the surety for the debt, by the same Congress who created the means that allowed the debt to be issued in the first place. And how was this done, by House Joint Resolution 192.

Before moving on to House Joint Resolution 192, let’s make sure we understand exactly what it means when all the people of the country pledge their faith and credit as surety for the national or public debt.

The Federal Reserve accepts the public’s pledge of faith and credit, issued by and through the Treasury’s power to tax that same faith and credit, as surety for the national debt.

The Fed has implicit faith that the government will pay the Fed back the money it lends it, based on the assumption that the government’s power to tax the people is so great, that it alone is sufficient collateral for the loans the Fed makes to the Treasury.

So, why is it said that the people are collectively giving their faith and credit as a pledge of surety for the payment of the national debt? First, remember, the national debt cannot be paid off – it is impossible.

The reason why the people are said to be giving their faith and credit as surety, is because the only means the government has to procure money from, is by the collection of taxes, and its issuance of U.S. Treasury paper; in other words – from We The People. But not all bonded debt is bought by U.S. entities; China and Japan now buy over 40% of our government debt (bonds).

In other words, when the government promises to pay, those promises are made using our labor, our lives, and our time spent on earth working, in order to earn income to pay our taxes with. Consequently, it is the people who are pledging their faith and credit – literally, as we are contractually obligating ourselves to continue to work, produce, and earn, enough money to service the interest rate payments on the national debt.

Joint Resolution 192

On June 5, 1933, Congress passed House Joint Resolution 192 in order to suspend the gold standard, and to make it appear that the gold clause in the national constitution had been revoked.

House Joint Resolution 192 states in part that:

“Whereas the holding or dealing in gold affects the PUBLIC INTEREST, and are therefore subject to proper regulation and restriction: and whereas the existing emergency has disclosed that provisions of obligations which purport to give the obligee a RIGHT TO REQUIRE PAYMENT in gold or a particular kind of coin or currency....ARE INCONSISTENT WITH THE DECLARED POLICY OF CONGRESS IN THE PAYMENT OF DEBTS........... 

...........PAYMENT in gold or a particular kind of coin or currency, or in an amount in money of the United States measured thereby, IS DECLARED TO BE AGAINST PUBLIC POLICY:

........................AND...........EVERY OBLIGATION, HERETOFORE OR HEREAFTER INCURRED, SHALL BE DISCHARGED upon payment, dollar for dollar, in any coin or currency which, at the time of payment, is legal tender for public and private debts....

All coins and currencies of the United States (including Federal Reserve Notes and circulating notes of Federal Reserve banks and national banking associations) heretofore, or hereafter, coined or issued, SHALL BE LEGAL TENDER for all debts, public and private, public charges, taxes, duties, and dues....” [9]

The suspension of the gold standard, and the prohibition against paying off debts with gold and silver coin, removed the last vestige of real honest money, replacing it with a national public credit system, where debt is circulated and accepted as the currency by the mandate of legal tender laws.

The year 1933, saw a general banking crisis bad enough for the government to declare a national emergency, which meant that in only twenty short years after being created, the Federal Reserve screwed the whole thing up bad enough to warrant a national crisis, which supposedly was one of the Fed’s reasons for being created – to stop panics and runs on banks, to avert exactly what they created – a National Emergency.

And yet we find that it was the Federal Reserve that was dictating to the President how to handle the crisis, the crisis it had caused. It was the Federal Reserve that wrote the blueprint to save the banks – by confiscating and outlawing We The People’s Gold, which is one of the most basic and important rights that the Constitution grants.

Where was the protection of our constitutional rights, which is the reason the Constitution was written, the same reason why the government was created, and the reason why the President takes an oath of office to preserve, protect, and to defend that selfsame Constitution?

And these far sweeping changes were implemented in less than 40 minutes by Congress. Here is what a true representative of the people had to say about the passage of this bill:

Congressman Lundeen:

“Mr. Speaker, today the Chief Executive sent to this House of Representatives a banking bill for immediate enactment. The author of this bill seems to be unknown. No one has told us who drafted the bill. There appears to be a printed copy at the speaker’s desk, but no printed copies are available for the House Members. The bill has been driven through the House with cyclonic speed after 40 minutes debate, 20 minutes for the minority and 20 minutes for the majority.

I have demanded a roll call, but have been unable to get the attention of the Chair. Others have done the same, notably Congressman SINCLAIR of North Dakota, and Congressman BILL LEMKE, of North Dakota, as well as some of our other Farmer Labor Members. Fifteen men were standing, demanding a roll call, but that number is not sufficient; we therefore have the spectacle of the great House of Representatives of the United States of America passing, after a 40- minute debate, a bill its Members never read and never saw, a bill whose author is unknown. The great majority of the Members have been unable to get a minute's time to discuss this bill; we have been refused a roll call; and we have been refused recognition by the Chair. I do not mean to say that the Speaker of the House of Representatives intended to ignore us, but everything was in such turmoil and there was so much excitement that we simply were not recognized.

I want to put myself on record against procedure of this kind and against the use of such methods in passing legislation affecting millions of lives and billions of dollars. It seems to me that under this bill thousands of small banks will be crushed and wiped out of existence, and that money and credit control will be still further concentrated in the hands of those who now hold the power.

It is safe to say that in normal times. After careful study of a printed copy and after careful debate and consideration, this bill would never have passed this House or any other House. Its passage could be accomplished only by rapid procedure, hurried and hectic debate, and a general rush for voting without roll call.

I believe in the House of Representatives. I believe in the power that was given us by the people. I believe that Congress is the greatest and most powerful body in America, and I believe that the people have vested in Congress their ultimate and final power in every great, vital question, and the Constitution bears me out in that.

I am suspicious of this railroading of bills through our House of Representatives, and I refuse to vote for a measure unseen and unknown.

I want the RECORD to show that I was, and am, against this bill and this method of procedure; and I believe no good will come out of it for America.

We must not abdicate our power to exercise judgment. We must not allow ourselves to be swept off our feet by hysteria, and we must not let the power of the Executive paralyze our legislative action. If we do, it would be better for us to resign and go home and save the people the salary they are paying us.

I look forward to that day when we shall read the bill we are considering, and see the author of the bill stand before the House and explain it, and then, after calm deliberation and sober judgment – after full and free debate – I hope to see sane and sensible legislation passed which will lift America out of this panic and disaster into which we were plunged by the World War”. [10]

It almost sounds like somebody went bankrupt, or would have, if they didn’t get all that gold into their grimy little clutches. They say there was a national crisis, but they were wrong – again. The real crisis was confiscating the people’s gold and trampling the Constitution into the ground in the process.

First, the people’s money of gold coin, one of the two forms of honest or lawful money according to the Constitution, was taken from them and made illegal to have possession of – a basic right of ownership to private property granted by the Declaration of Independence, and the Constitution – The Supreme Law of the Land.

Next, the people were forced to accept paper money, no longer redeemable in gold coin. This certainly was a New Deal, if not a raw deal. Is it any wonder social security rose phoenix-like from the ashes of the hard money system of gold and silver coin the Constitution mandates?

Something – anything had to be offered to the public, to make it appear that the government was in control of the fiscal and monetary affairs of the country, and that the people would be taken care of. As long as the people are dependent upon the government, the government retains control over them. So what talisman did the government offer to the people, tossed as a bone to a starving dog: Social Security.

This was a sad day in the affairs of man – a great theft had been made, but the most precious loot was not the gold that was confiscated – it was the freedom and liberty of the Constitution that had been stomped into the mud and stripped from the people, as if rags upon their backs. Lest not forget:

“The fate of the nation and the fate of the currency are one and the same." ^[11]

Invito Beneficium Non Datur

No one is obliged to accept a benefit against his consent 

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Douglas V. Gnazzo
Honest Money Gold & Silver Report

1. Thomas Jefferson in a letter to John Taylor, 1816

2. Public Papers of the Presidents of the United States, Herbert Hoover, Containing the Public Messages, Speeches, and Statements of the President, January 1, 1932 to March 4, 1933

3. As above

4. Emergency Banking Relief Act of 1933

5. Same

6. Trading with the Enemy Act Section 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L. 411)

7. “Section 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L. 411), is hereby amended to read as follows per the Emergency Banking Relief Act of 1933

8. Same as four above

9. House Joint Resolution 192 - June 5, 1933

10. Congressional Records (1933) Congressman Lundeen remarks made on March 9, 1933

11. Dr. Franz Pic

About the author: Douglas V. Gnazzo writes for numerous websites and his work appears both here and abroad. Just recently he was honored by being chosen as a Foundation Scholar for the Foundation for the

Advancement of Monetary Education (FAME).

Disclaimer: The contents of this article represent the opinions of Douglas V. Gnazzo. Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Douglas V. Gnazzo is not a registered investment advisor. Information and analysis above are derived from sources and using methods believed to be reliable, but Douglas. V. Gnazzo cannot accept responsibility for any trading losses you may incur as a result of your reliance on this analysis and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Do your own due diligence regarding personal investment decisions. This article may contain information that is confidential and/or protected by law. The purpose of this article is intended to be used as an educational discussion of the issues involved. Douglas V. Gnazzo is not a lawyer or a legal scholar. Information and analysis derived from the quoted sources are believed to be reliable and are offered in good faith. Only a highly trained and certified and registered legal professional should be regarded as an authority on the issues involved; and all those seeking such an authoritative opinion should do their own due diligence and seek out the advice of a legal professional. Lastly Douglas V. Gnazzo believes that The United States of America is the greatest country on Earth, but that it can yet become greater. This article is written to help facilitate that greater becoming. God Bless America.

-- Posted Sunday, 8 June 2008 | Digg This Article