Friday, June 10, 2011

Man Sues Federal Reserve


Citizen Sues Atlanta Fed based on the allegation that the Fed is issuing Federal Reserve Notes that it has no intention of redeeming, which amounts to counterfeiting! The Plaintiff asks that the Atlanta Fed's charter be forfeited!

In his complaint, Scott Beach points out that United States Code Title 12 Chapter 3 Section 341 provides that "Federal Reserve Banks can be sued" (item Fourth), and can that they can "Forfeit [their] franchise for violation of law" (item Second).

The complaint by Mr. Beach alleges that all of the Federal Reserve Banks (including Atlanta) stopped allowing Federal Reserve Notes to be redeemed in the early 2000's and that - because United States Code Title 12 Chapter 3 Section 411 requires the notes to be redeemable - continuing to issue notes without allowing redemption amounts to counterfeiting.

Mr. Beach therefore is asking that the Atlanta Fed's charter be forfeited based on the laws which it is not adhering to.

See the actual filing here


This will be interesting to watch.

The whole of Title 12 Chapter 3 could be an interesting read as well!
Summer reading anyone?

No comments: