The Bankruptcy of the United States; James Traficant’s Speech

23 Feb

Official portrait of former congressman James ...

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According to Wikipedia, “James Anthony Traficant, Jr. (born May 8, 1941) is a former Democratic Representative in the United States Congress from Ohio (from 1985 to 2002). He represented the 17th Congressional District, which centered around his hometown of Youngstown and included parts of three counties in northeast Ohio’s Mahoning Valley. He was expelled [from Congress] after being convicted of taking bribes, filing false tax returns, racketeering, and forcing his aides to perform chores at his farm in Ohio and on his houseboat in Washington, D.C., and was released from prison on September 2, 2009, after serving a seven-year sentence.”

I don’t know the details or timing concerning Mr. Traficant’s conviction in A.D. 2002, but if the criminal allegations against him were true, I would’ve expected him to have been made Speaker of the House rather than expelled from Congress.

In fact, many people believe that Mr. Trafficant was ultimately tried and sentenced in A.D. 2002 for having made an extraordinary speech in A.D. 1993 to Congress.  In that speech, Congressman Traficant alleged 1) the U.S. government is bankrupt; 2) the federal government was dissolved by the Emergency Banking Act of A.D. 1933; 3) the “receivers” of the US bankruptcy were the “international bankers via the United Nations”; and 4) the US monetary system was a fraud.

As I said, this was an extraordinary speech.  He was lucky to have merely been jailed; he might’ve been shot.

Nevertheless, in A.D. 1993, while the speech was remarkable, the underlying idea that the U.S. government was bankrupt and in the process of reorganization seemed unremarkable or even false.  Everyone who bothered to study “patriot” issues back then already knew the US government was bankrupt, but most assumed that government would simply continue to function forever in that condition.

It wasn’t until A.D. 1997 that I (at least) began to suspect that Traficant was right–sometime after A.D. 1993, the U.S. government had gone through a “reorganization” and, astonishingly, may have ceased to exist.  I based my suspicion primarily on the A.D. 1997 publication of the 7th Edition of Black’s Law Dictionary which deleted the three definitions of “United States” (declared by the US Supreme Court in the Hooven & Allison v Evatt case) that had appeared in Black’s 4th, 5th, and 6th editions, and added a completely new definition of “United States of America” which had not been defined in the 4th, 5th and 6th and which was completely different from the Hooven & Allison definitions.  I can’t prove it, but I believe that the reason “United States” was missing from the 7th (and then 8th) editions of Black’s Law Dictionary is because the “United States” had, in fact, ceased to exist.  The impossible had taken place.  The U.S. government had been  executed in bankruptcy–exactly as Congressman Traficant had predicted or implied 4 years earlier in his speech to Congress.

There are other reasons to suspect that the U.S. government may have ceased to exist:

1) About the same time Black’s deleted the term “United States,” the apparent US gov-co issued a new-and-improved currency that had a completely new design.  The alleged purpose was to “thwart counterfeiting”.  However, I know that, at bottom, “counterfeiting” is a copyright violation.  I speculated that the real reason for issuing a newly designed paper dollar in the 1990s may not have been to “thwart counterfeiting” but rather to create a new bill and a new copyright owned by whatever new entity replaced the former (now “executed”) United States government.  If the “old” United States had owned the copyright to the FRNs and had been executed in bankruptcy, the “new” United States would need a new copyright which would require a new-and-improved design.

2)  Federal court cases that had previously been styled “United States vs Smith” were suddenly styled “United States of America vs. Smith”.  We seemingly had a “new-and-improved” plaintiff with a different name.

3) More recently, if you visit you’ll find a list of over 63 million private corporations.  The data for these listings is provided by Dunn & Bradstreet.  If you enter terms like “The White House,” “House of Representatives,” “Internal Revenue Service,” and “Barack H Obama” into the search engine, you’ll find those entities listed as private corporations.  We’ve found courts and state agencies also listed as private corporations.  It appears that the constitutional governments of the United States and of the States of the Union may have been supplanted or replaced by a conglomerate of private corporations.

4) The term “United States” (missing from Black’s 7th and 8th) has returned to Black’s 9th and is currently defined as “see UNITED STATES OF AMERICA”.  In other words, today, “United States” and “United States of America” are being defined as synonymous.  If that’s so, the earlier Supreme Court decision in the Hooven & Allison case was completely absurd.

I don’t believe the Supreme Court was absurd in the Hooven & Allison case.

Again, I can’t prove it, but I’m drawn to the fantastic conclusion that the “United States government” was executed in bankruptcy somewhere around A.D. 1995-1996–just as Congressman Traficant predicted.

Here’s Congressman Traficant’s speech as reported at

United States Congressional Record, March 17, 1993 Vol. 33, page H-1303.

Speaker-Rep. James Traficant, Jr. (Ohio) addressing the House:

“Mr. Speaker, we are here now in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.

It is an established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress m session June 5, 1933 – Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Governmental Offices, Officers, and Departments and is further evidence that the United States Federal Government exists today in name only.

The receivers of the United States Bankruptcy are the International Bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States Offices, Officials, and Departments are now operating within a de facto status in name only under Emergency War Powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of government for the United States. This new form of government is known as a Democracy, being an established Socialist/Communist order under a new governor for America. This act was instituted and established by transferring and/or placing the Office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. Public Law 94-564, page 8, Section H.R. 13955 reads in part: “The U.S. Secretary of Treasury receives no compensation for representing the United States.”

Gold and silver were such a powerful money during the founding of the united states of America, that the founding fathers declared that only gold or silver coins can be “money” in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or “currency.” Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRNs) make no such promises, and are not “money.” A Federal Reserve Note is a debt obligation of the federal United States government, not “money.” The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the united states of America to issue currency of any kind, but only lawful money, gold and silver coin.

It is essential that we comprehend the distinction between real money and paper money substitute. One cannot get rich by accumulating money substitutes, one can only get deeper into debt. We the People no longer have any “money.” Most Americans have not been paid any “money” for a very long time, perhaps not in their entire life. Now do you comprehend why you feel broke? Now, do you understand why you are “bankrupt,” along with the rest of the country?

Federal Reserve Notes (FRNs) are unsigned checks written on a closed account. FRNs are an inflatable paper system designed to create debt through inflation (devaluation of currency). when ever there is an increase of the supply of a money substitute in the economy without a corresponding increase in the gold and silver backing, inflation occurs.

Inflation is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank who controls the supply and movement of FRNs has everybody fooled. They have access to an unlimited supply of FRNs, paying only for the printing costs of what they need. FRNs are nothing more than promissory notes for U.S. Treasury securities (T-Bills) – a promise to pay the debt to the Federal Reserve Bank.

There is a fundamental difference between “paying” and “discharging” a debt. To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity). With FRNs, you can only discharge a debt. You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or substance. No contract in Common law is valid unless it involves an exchange of “good & valuable consideration.” Unpayable debt transfers power and control to the sovereign power structure that has no interest in money, law, equity or justice because they have so much wealth already.

Their lust is for power and control. Since the inception of central banking, they have controlled the fates of nations.

The Federal Reserve System is based on the Canon law and the principles of sovereignty protected in the Constitution and the Bill of Rights. In fact, the international bankers used a “Canon Law Trust” as their model, adding stock and naming it a “Joint Stock Trust.” The U.S. Congress had passed a law making it illegal for any legal “person” to duplicate a “Joint Stock Trust” in 1873. The Federal Reserve Act was legislated post-facto (to 1870), although post-facto laws are strictly forbidden by the Constitution. [1:9:3]

The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender or underwriter bears the risks, and the Maritime law compelling specific performance in paying the interest, or premiums are the same.

Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it.) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principle.

Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act (1913)

“Hypothecated” all property within the federal United States to the Board of Governors of the Federal Reserve, -in which the Trustees (stockholders) held legal title. The U.S. citizen (tenant, franchisee) was registered as a “beneficiary” of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their “subjects,” the 14th Amendment U.S. citizen, to the Federal Reserve System.

In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit “money substitute” it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as a condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their “economic slaves”, the U.S. citizens as collateral against the unpayable federal debt. They also pledged the unincorporated federal territories, national parks forests, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.

Unwittingly, America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, We the People are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the people have exchanged one master for another.

This has been going on for over eighty years without the “informed knowledge” of the American people, without a voice protesting loud enough. Now it’s easy to grasp why America is fundamentally bankrupt.

Why don’t more people own their properties outright?

Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less?

We are reaping what has been sown, and the results of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.

America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war, bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your Country.” [emphasis added]


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12 responses to “The Bankruptcy of the United States; James Traficant’s Speech

  1. Luke

    February 23, 2011 at 7:53 PM

    “and the State will wither away”

  2. tdr

    February 23, 2011 at 11:04 PM

    Secrets of the Federal Reserve

    The United States Isn’t a Country
    — It’s a Corporation!

    Who Is Running America?
    The Bankruptcy of America, the Corporate United States,
    and the New World Order

  3. Luke

    February 24, 2011 at 4:00 AM

  4. Ed Lecroix

    February 24, 2011 at 5:25 AM


    The economy = the corporate global economy.

    Industrialization = corporate usurpation of production and destruction of the independent craftsman.

    Economic development = replacement of small businesses and self-sufficient local economies with the corporate system.

    Economic freedom = working for the corporations and buying from the corporations.

    Growth = increased corporate profits.

    Job creation =
    1. (Global South) sweatshops, plantations, child labor.
    2. (Global North) paper-shufflers.

    Mobility of capital and ideas = rootlessness, unaccountability.

    Competitive production costs = elimination of environmental, worker safety, & child labor laws.

    Free trade = massive oil-burning transportation system that centralizes economic power in the corporations.

    Privatization = corporate appropriation of public lands and resources.

    The poor = people who live sustainably in true communities and diverse cultures, crafting their own homes, clothing, and utensils, and growing their own organic food, thus requiring little or no cash income. These millions are termed “poor” because industrial capitalism places no value on communities, culture, and the goods and services people provide for themselves.

    Globalization = destruction of all cultures.

    Stabilization = subjugation.

    Shift to export economy = corporate agribusiness theft of peasants’ land forcing migration into big city slums, sweatshops, and massive corporate mono-crop plantations.

    Business-friendly environment = corporate puppet regime installed by U.S. military, CIA, Mossad, MI6, etc., and controlled by detailed and conditional World Bank loans.

    European Union = elimination of local democracy and homogenization of Europe’s diverse cultures.

    Costs outsourcing = subsidies, bailouts, and tax breaks given to corporations in exchange for campaign contributions and cash payments.

    Media = propaganda machine owned by corporations and funded by corporate advertising.

    Industry consultant = corporate lobbyist.

    Market creation = advertising and selling increasingly complex, costly, and unnecessary consumer products.

    Automobile = an expensive, dangerous, stressful, and environmentally destructive personal isolation chamber which disrupts, disperses, and destroys compact pedestrian communities.

    Infrastructure = subsidized freeway sprawl forcing reliance on the automobile.

    Television = an addictive corporate advertising and “news” propaganda device, which wastes time formerly used for family, friends, community, and the reading of books.

    Peace-keeping forces = occupying army.

    Insurgent = local citizen resisting occupation.

    Military-industrial complex = $Trillions/year in obscene upper class profits made from thousands/year senseless lower class deaths.

    American Dream = Corporate Dream.

    “Fascism is the merger of state and corporation.” –Benito Mussolini

    “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage —
    to move in the opposite direction.” –Albert Einstein

  5. whatmeblog54321

    September 7, 2011 at 6:09 PM

    This is a great and wonderful tour de force, Al. We need more like these.
    — writing from North Texas

  6. RetSquid

    October 11, 2015 at 12:12 PM

    This page is full of demonstrable lies, here is the actual Congressional Record that shows the Congressman did NOT say most of what is claimed.


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