In a recent interview Ron Paul had argued, “We owe $1.6 trillion to the Federal Reserve. But where did they get the money to buy our debt? Well, they created it out of thin air.
So taxpayers keep working hard to pay the interest to the Federal Reserve, as well as to finance these bonds if the Fed wants to take the monies. So I would say that is not a real debt. It’s a fictitious debt. It’s a dishonest debt, and that we’re not obligated.”
HR 2768 currently has no co-sponsors. The bill was referred to the House Committee on Ways and Means. The full text of the bill will be available soon.