Lee Metcalf: “does one believe it would be possible to reduce our national debt by $500 billion and to reduce our annual interest…”

“does one believe it would be possible to reduce our national debt by $500 billion and to reduce our annual interest payments by $25 billion, with no harm to anyone, nor to any program? Sounds too good to be true but it is possible, and it is simple. Most people have little knowledge of how money systems work and are not aware that an honest money system would result in a great savings for the people. We really can cut the national debt by $500 billion and reduce our Federal interest payments by $25 billion per year. It is an undisputable fact that Federal Reserve notes, that is our circulating currency, is issued by the Federal Reserve in response to interest-bearing debt instruments. Thus, we indirectly pay interest on our paper money in circulation. Actually, we pay interest on the bonds that back our paper money, that is, the Federal Reserve notes. This unnecessary cost is $100 each year to each person in our country. The Federal Reserve obtains these bonds from the banks at face value in exchange for the currency, that is the Federal Reserve notes, printed by the Bureau of Engraving and Printing and given to the Federal Reserve without cost. The Federal Reserve appears to pay the printing costs but in fact the taxpayers pay the full cost of printing our Federal Reserve currency. The total cost of the interest is roughly $25 billion, or about $100 per person in the United States.…”