NESARA The National Stabilization and Economic Recovery Law.- Executive Summary Reform of monetary policy

• Establishes three types of currency in the United States: standard silver currency, standard gold currency and treasury credit notes (restores constitutional currency)


• The Treasury of the United States purchases and cancels all outstanding shares of capital of the former Federal


Reserve banks

• The privately owned Federal Reserve System becomes a public entity, the Treasury of the United States


Reservation system

• A new Board of Governors of the Treasury Reserve System uses a specific plan required by law to maintain and stabilize the exchange value of the currency.


• The new Board assumes all the powers and responsibilities of the former Federal Open Market


Committee

• The existing Federal Reserve regional banks become treasury reserve banks and continue the operations of the clearing house and other banking services under the direction of the Office of the Comptroller of the Currency


• All commercial banks must exchange their government obligations that generate revenue from treasury.


Credit notes (reduces the national debt).

• Only the credit notes of the treasury can be maintained as bank reserves


• Fundamental changes are required in the reimbursement of all outstanding fractional reserve loans in guaranteed property: the capital must be repaid before paying the monetization fee (it is applied retroactively to existing mortgages reducing the private debt)


• A progressive federal indirect tax is imposed on the privilege of making commercial loans in for-profit currency.


• Commercial financial institutions such as credit unions, with some restrictions, are provided with Opportunities to operate with fractional reserves.


Tax policy reform

• Modifies the existing federal income tax system.


• A national tax on retail sales (excise taxes) is imposed on non-exempt retail trade activities (21 categories of exemptions covering the majority of the necessities of life)


• The Internal Revenue Service is reorganized as the National Tax Service to administer the collection of the new tax.


What NESARA does not do immediately


• Eliminate all payroll taxes, such as Social Security and Medicare taxes


• Eliminate constitutional taxes on regulated activities.


• Immediately eliminate the entire national debt.


• Stop inflation immediately (the economy needs some response time before inflation disappears).



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