Ron Paul Introduces Bill to Cancel America’s Fictitious $1.6 Trillion Debt to the Federal Reserve & Lower the Debt Limit by the Same Amount

Ron Paul introduced a bill (HR 2768) that would cancel America’s $1.6 trillion debt to the Federal Reserve and simultaneously lower the debt limit by an equal amount.

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.

[pullshow id=”debt”]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. [pullthis id=”debt”]It’s a fictitious debt. It’s a dishonest debt[/pullthis], 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.

  • OhioCommonSense

    I hope not to offend anyone (based on your age) with this statement, but am I the only one who thinks we need Ron Paul to point out all of the mistakes of the Baby Boomer generation. I mean on both sides of the isle too. On one hand, you have people wanting the government involved in just about everything. Then, on the other hand you have people who say they don’t, but go along with the passage of everything yet won’t pay for it. And, here we are. 15 Trillion Dollars in debt. And, an entire generation (holding control of power centers, wealth, and jobs) who so selfishly just bicker back and forth while they continue down the same path, never admitting any wrong doings.


  • david devore

    Let us not forget the Income Tax is equal to the interest payment on our debt to the Fed. By cancelling the debt and the indebtedness whether the bankers like it or not, would make the Income Tax unnecessary which Ron Paul repeatedly says. Obviously he’s right.

    Ron Paul for President !!!

  • David Devore

    The Fed is a foreign owned enemy of the American People and should be treated as such.

  • Rolando Diaz

    He’s too intelligent to be president.

    • Chris

      RIGHT! we should make him king!!! XD jk jk, but for real he is pretty damn intelligent.

  • JOHN

    The Public Banking Movement based on the successful North Dakota model would grant the fractional -reserve money creation power currently enjoyed by private banks to the individual states.see for more information.

  • Go Ron!! or Invoke the Federal Reserve “buy out” clause!! Found link said-> “buy out” of the Federal Reserve on the basis of 12 USC Sec. 411. Lawful Money vs Legal Tender at the $38.00 to $1.00 ratio. Tell me this is true and we are doing it NOW!


    Thr real issue is who shall have the power of money creation in The United States.Please see for a thorough introduction to the subject.

  • John Peters

    There is no possibility of the congress joining Ron Paul in dismissing the Federal Debt, and the reason is obvious: they would in effect admit that this is a debt formed out of thin air. If we dismiss that debt, well why not all the rest? The Fed owns nearly half the treasury’s debt! However, its not a bad idea when you think about it. But there is no way the congress would admit that the Fed is merely printing money.

    Rather than this strategy I would offer an alternative to the Tea Party and Ron Paul. Go after the strength of the dollar! If you can point out to the American people that they are losing control of their spending power, this on top of the unemployment, you can generate a great deal of support from the bottom up.

    • John Peters

      I did not finish my last entry before my computer decided to fire away on its own…so…I would like to say that making these things clear to the American people is what really matters. The majority of people simply do not understand how the Fed is compromising their dollar. They just dont understand why and how the dollar is being devalued and what that does to their buying power. It is important to hammer away at that cause. To make certain that they understand that by dismissing debt, we are raising prices on everything we buy as the dollar becomes as ubiquitous as the sand pebbles at the beach. Also, it is important for the Tea Party to make certain that the media outlets on the internet do not shut down or over “moderate” the people’s comments. By doing so they are preventing people from being told the truth. Lastly there is no more effective action for a supporter of Ron Paul to do than to take the time to GET THE WORD OUT! TELL PEOPLE THE TRUTH! Make sure there is an effective method of propagating the truth amongst supporters. People do not understand what this is all about, without making it clear to them, the cause will be lost. P.S. there will be another stimulus, global in nature, this is almost certain…this will mean more debt, and extremely dangerous levels for the average person’s buying power.

  • Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, there is no human relation between master and slave. Debt- government, corporate and household has reached astronomical proportions. Where does all this money come from? How could there BE that much money to lend? The answer is…there isn’t. Today, MONEY IS DEBT. If there were NO DEBT there would be NO MONEY.
    If this is puzzling to you, you are not alone. Very few people understand, even though all of us are affected. here is the animated short documentary on this called money as debt:
    after watching this 47 minute documentary I want someone on this website to respond to me with their opinion of it.

  • Immigrant

    I favor his proposal END THE FED, but I’m against his proposals of taking away citizenship from babies born in a Nation (U.S) if the parents are not legally living here, I believe we are all free, and if a person is not free, so President Kennedy was wrong,_1963)_John_Fitzgerald_Kennedy_trimmed.theora.ogv . I honor we live under a Republic, because Benjaming Franklin told to a lady (if we can keep it), so at no point, the founding fathers discriminated anyone for being born here, of for coming here without permission to the land of the Navajo, Cherokee, Pewanee (the land of ALL NATIVES).

    I honor the U.S contitution article 1 section 8 and 10, so I honor what Andrew Jackson did, and Abraham Lincoln, just like JFK did with executive order 11110.

    I’m an immigrant, I live here, I work here, I die for this country, not for the mean people who think they made earth and think this is their land just because the were born here before my sons did. I die for the country that believes in liberty, justice, God and His Son JesusChrist. JesusChrist was the first human citizen to give us an example to follow, and look at us! Telling that we cannot go here, and we cannot be citizens.

    Humans have many challenges, oil will run out, coal will run out, tap water will run out. And instead of governments must be helping each other, instead they tell their citizens ‘go and kill’ ‘put them in jail, no liberty exist to work here’ This is not right.

    Does anyones know how much money the FED prints for mexican drugdealers? they do not want ingots of gold or silver for what they sell, they want the FED notes’.

    As an immigrant I pay taxes too. No store tell me “you’re immigrant you must not pay taxes” “we won’t charge taxes to immigrants”

    Let’s work something out for everyone, I do not cry for unemployment, I do not cry for tax returns, I do not cry for medicare, welfare, housing, I only CRY FOR MY LIBERTY TO WORK. and If I’m not free then I guess I am an slave.

    • Will

      If you are implying that we should allow illegal immigrants the right to work I can’t disagree more. Show me a country that allows this…Mexico? I don’t think so. If the parents are here illegally so is the baby! And a person is free to apply for legal citizenship. Then they can claim that they are a citzen of the greatest country in the world.

  • JOHN

    RON PAUL should join with the American Monetary Institute at

  • dakeParamount
    • lgn

      Open borders wouldn’t mean much if the tax burden was equal among all residents. Cause and effect. Your point is invalid.

  • Anonymous

    News flash, all money is created out of thin air. Ron Paul is just making a show of things when he knows better. Maybe we should just cancel all debt because it’s all fake? That’d have great real world implications.

    Keep on thinking the big thoughts.

    • Jim

      Great idea, a global jubilee.

      Debt is only good for those who are the debt holders. While we are at it, lets outlaw usury as well. Forbidding usury would go a long long way towards reining in these predatory bankers.

      Debt is NOT a requirement for daily life. How is it that we can’t even rent a car without a credit card? How is it that banks penalize you for paying your debt off early? Why would that be folks? Stop buying into the notion that we HAVE to have debt. We don’t, the bankers just want us to have that kind of thinking and have mentally molded us into that kind of thinking.

    • Me

      The problem is not that all money is created out of thin air. Its that someone else created “Official US currency” out of thin air and conned us in to borrowing it from them. When we could just as well have done it for ourselves and owed nothing to anyone.

      • Jim

        Well, I think that most of the countries that have a central bank, adhere to the fiat system. I think it’s rather interesting that, pretty much all the countries that DON’T have a central bank, are the ones we are fighting. Hmmm.

        Could it be, they don’t buy into the globalists ideals?

    • Libertarian777

      Dumbass. Only fiat money is created out of thin air. The green federal reserve note in your wallet isn’t money, it’s a debt claim (on the fed reserve bank) note on a debt claim (us treasury debt).

      Haven’t seen any gold eagles created out of thin air, have you?

  • Anthony

    See post below!!!
    Talk to each other!!
    Debate and communication is the answer to all problems.
    Im willing to talk to any Ron Paul and limited government supporters.
    If you live in my area(Southern California-San Fernando Valley-Santa Clarita Valley-Palmdale or anything close to those areas)I would be willing to get together,exchange ideas and use our free time to put them into action..Please no weirdos or anyone with ideas that are NOT peaceful.
    [email protected]

  • Anthony

    People people people..The cause of liberty is going to die an awful death,unless “WE THE PEOPLE”get out and do something about it.I have posted several times my email address to talk to like minded people.And all I get is thumbs up..Im sorry folks,thumbs up will do nothing in the big picture.
    One thing wrong with conservatives,is we tend to mind our own business a little to much..And what I mean by that,is this..Liberals and people that support there leaders,actually get out and protest..In GREAT numbers I might add..We can not continue to complain and do nothing..We are the majority!!!BUT…NOT FOR MUCH LONGER!!!10 more years of the border being open,the men that are planning our countries DOWN FALL,will have all the voters they will need to vote in what ever they wish..By simply offering them welfare,amensty,and a majority vote!!!Get out there folks,READ,ACT or DIE

  • Sharla Evans

    Michael, simply put you are trolling…leave it alone and find somewhere else to do so please.

  • Zane

    Michael, You are truly an idiot. I am a Libertarian, and will be supporting Ron Paul this November in the primaries. I really hope that people like you are wrong. If you don’t like Paul this much, why are you spending your day posting on this site? Go jerk your cock to a picture of Obama.

  • Steve

    awww poor fed… they might have to print 1.6 trillion new pieces of paper all over again haha.

    • Starving Artist

      The really funny thing is they don’t actually print the money. They “The Federal Reserve” just say abracadabra and out of nowhere appears a blank check and they just fill in the numbers. Just like magic there is “money” in the kitty. All the while they still want to tax us to death. I wish I could do that when I have to write a check to the IRS… sorry no money in the bank but how about you pretend this is a real check with real money behind it. Of course they would tell me “You will be charged late penalties and interest and maybe we even toss you in to jail for writing a rubber check”! Government goes on spending binges they don’t have a clue how to balance their budged like we must do. The county I live in just raised property taxes 35 percent. They have the audacity to say it’s to maintain services. I try to think of what services and I can’t think of anything other than police and they have never been helpful in my neighborhood which has gone to hell. The school system is abysmal!
      A bunch of highway robbers , these well groomed, gold watch wearing, shiny car driving, tailored suit wearing government stooges are!