Lee Metcalf: “this Nation can reduce our national debt by $600 billion and reduce our annual interest payments by $30 billion with no…”

“this Nation can reduce our national debt by $600 billion and reduce our annual interest payments by $30 billion with no harm to anyone nor to any program. That sounds too good to be true, but it is true. Most people have little knowledge of how money systems work and are not aware that an honest money system would result in great savings for the people. We really can cut the national debt by $600 billion and reduce our Federal interest payments by $30 billion a year. How? By merely issuing our own United States Treasury currency. It is an undisputable fact that the Federal Reserve notes, that is, our circulating currency today, are 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, the Federal Reserve notes. This unnecessary cost is about $100 per person per year in our country. Why are our citizens paying $100 per person each year to rent the Federal Reserve's paper money when the United States Treasury could issue the paper money exactly as it issues our coins? The coins are minted by the Treasury and essentially sent into circulation at face value. The Treasury will make a profit of $880 million this year from the issue of 1 billion new gold-colored dollar coins.”