Additional Titles









Are Monetary & Banking Crises Inevitable in the Near Future?

"Homeland Security" -- For What and For Whom?













Dr. Edwin Vieira, Jr., Ph.D., J.D.
December 19, 2006

The jungle drummers are already beating out the message: The �Amero��the new currency for the North American Union�is coming...and Americans should accept it with alacrity. The party line is that the North American Union, as a new supra-national political entity, should have a currency of its own. Such is the propaganda. What is the reality?

It might be politic for the North American Union to emit a new currency, to reflect the ostensibly equal positions of Canada, the United States, and Mexico. But such a sop to the residual nationalistic sensibilities of Canadians and Mexicans makes little business sense, not only because most Mexicans will soon be living in Los Estados Unidos anyway, but especially in light of the economic difficulties that would be encountered in the emission of a brand-new currency.

The Federal Reserve Note, after all, is not simply some second-rate national currency, such as the provincial Canadian �dollar,� or the execrable Mexican �peso�. The FRN is a, if not still the, �world reserve currency.� The Amero is an unknown quantity. Why risk economic instability�particularly in the course of a political maneuver as tricky as the merger of Canada, the United States, and Mexico�by changing monetary horses in midstream? Especially from what its touts claim is a thoroughbred to what might turn out to be a three-legged mule?

Moreover, how is the emission of the Amero to come about, legally? Whether or not the banks of Canada and Mexico could start issuing Ameros tomorrow under their local laws, the Federal Reserve System�even if it were not unconstitutional�certainly cannot issue Ameros under United States law. After all, under the Federal Reserve Act, FRNs are the only currency the System can now emit. FRNs must be �redeemed in lawful money.� All �lawful money� of the United States �is expressed in dollars.� And �United States coins and currency (including Federal reserve notes * * * ) are legal tender for all debts, public charges, taxes, and dues.� Compare 12 U.S.C. � 411 with 31 U.S.C. �� 5101 and 5103. So, to inject the Amero into this structure would require Congress to perform a major legislative overhaul of both the Federal Reserve System in particular and the monetary system as a whole.

Possibly, a new Northern-Hemispheric central bank could be erected to emit the Amero. But could that occur before the North American Union itself came into existence? And if so in practice, on what authority in law? Where in the Constitution, for example, does Congress�or the President, in cooperation with foreign officials�have authority to create a new monetary and banking system for Canada and Mexico?

Of course, inasmuch as the entire North American Union is patently unconstitutional and a blatant attack on the Declaration of Independence (as I explained in my last Commentary), the purely legal questions may not count for much among the forces pushing for both the North American Union and the Amero. But people who care enough about these principles to make them the centerpieces of litigation and political campaigns could surely complicate matters to a degree that would discomfort the North American Union�s partisans.

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The simplest solution to these problems for proponents of the North American Union would be to adopt the Federal Reserve System as the Union�s central bank and the FRN as its currency. Then, after the Union�s legislative body was in operation, it could enlarge the Federal Reserve System with several regional banks in Canada and Mexico, and at length authorize the hemispheric Federal Reserve System to emit FRNs with new colors, new designs, and even new portraits of Canadian and Mexican political celebrities. (Given the similarities between politicos and banditos, Pancho Villa would make a make a good choice.)

The beauty of such a plan would be: (i) its use of a monetary and banking system already in place and proven in operation; (ii) the ostensibly �federal� structure of the Federal Reserve, which would tie in well both politically and propagandistically with what will surely be touted as the �federal� structure of the North American Union; and especially (iii) the ability of the supra-national bankers to retain the FRN, on which their present power rests, rather than to risk triggering a monetary crisis that could threaten that power by trying to introduce an altogether new currency.

So why are the jungle drums throbbing for the Amero? Could it be that the architects of the North American Union believe that a monetary and banking crisis will soon engulf the United States, together with whatever parts of the world still rely on the FRN as a �reserve� currency? And that the FRN, and even the Federal Reserve System as a whole, are about to self-destruct?

And is it too much to presume that the Money Power and its political Pinocchios have planned for�and indeed are counting on�this? Could they not expect that the coming immolation of the FRN, and the attendant economic instability if not chaos it will engender, will stampede people into accepting the Amero out of practical necessity, and with the Amero the whole agenda of the North American Union?

To be sure, if such a crisis does break out, the Establishment cannot allow it to set off a rip-roaring depression of 1930s� proof, because of the almost certainly uncontrollable political instability�manifested most likely in intense revolutionary conflagrations�such a depression would ignite. The Establishment can, however, allow a monetary and banking crisis to burn itself out in serious inflation, even hyperinflation. After all, as Germany in the 1920s and Argentina several times in the last generation or so have proven, big business can muddle through hyperinflation.

Of course, during a hyperinflationary blowup of the monetary and banking systems, massive social unrest will be unavoidable. And the Establishment expects no less, as its headlong rush to set up a National police-state apparatus under the guise of �homeland security� proves. Yet, simply by setting up this apparatus, the Establishment also telegraphs its intention to contain, and then suppress, whatever social unrest eventuates.

Indeed, the Establishment may be counting on extensive social unrest throughout the Northern Hemisphere to provide a practical entree for the North American Union, in the form of an excuse to deploy Canadian and Mexican �peace keepers� within the United States, and American troops within Canada and Mexico, so that soldiers from each army can be ordered to oppress, and even shoot down, foreigners with whom they have no social ties or sympathies.

Perhaps this is part of the reason why, on 1,300 acres at the Aberdeen Proving Ground in Maryland, the United States Army is erecting a simulated city�complete with mock airport, railroad stations, and port facility�in which soldiers will be trained in �anti-terrorism� operations and urban warfare. In what modern-day Stalingrads these shock-troops will be deployed remains to be seen. But most revealing of the possibilities closest to home will be whether large contingents from Canada and Mexico pass through this war-gaming center in the near future.

That the Establishment may be plotting along such lines should hardly be surprising. Everyone conversant with monetary and banking economics knows that fractional-reserve central banking, even with a currency redeemable in silver or gold, is inherently unstable�as the banking collapse of 1932 proved with respect to the Federal Reserve System itself. In 1933 and 1934, Franklin Roosevelt saved the Federal Reserve System by licensing it to default on its debts through the political trick of �going off the gold standard.� In 2007 and beyond, that will not be possible, because the Federal Reserve System is not on �the gold standard,� but on �the debt standard.� Openly to default on these debts will be to destroy the System. Yet, when the pyramid of interlocking, unpayable public and private debts that �back� the System�s currency finally does come unglued and collapses of its own rotten overweight, the only alternative for the Power Structure will be openly to seek out a new source of seemingly credible �liquidity� that can bail out the big-money boys and keep the masses one plate of cold beans ahead of starvation and revolution.

Such a scheme of monetary switcheroo has worked before, at least domestically. In order to cartelize the fractional-reserve banking industry and ally it inextricably with the professional political class, Congress created the National Banking System in the 1860s. The National Banking System could not prevent periodic banking crises, however. So, in 1913, Congress created the Federal Reserve System (which absorbed the National Banking System) in order, so the party line then held, to apply �scientific� management to money and banking, and thus supposedly eliminate the very possibility of financial crises.

But everyone found out how well that theory held up in practice�first, in 1921, in the depression following World War I; then, throughout the 1930s, in the Great Depression; and all too soon, perhaps, in the Great Collapse of 20??. So, now, for Congress simply to attempt to pull the same scruffy rabbit out of its hat, by ostensibly �strengthening� the existing Federal Reserve System, or even by creating a super-Federal Reserve System (in analogy to what it did with the National Banking System), will not suffice. Even the herds of sheeple within the United States will likely no longer be fooled by such political conjurers� sleights of hand in their own backyard.

Not for the big cheeses to worry, though. The monetary magicians simply must move their act to a larger, less well lighted, and especially more distant stage, where the audience cannot see as clearly what is really going on. Therefore, the Amero.

To be sure, the Amero is an entirely untested currency. But so was the FRN when it was first introduced. And, precisely because the Amero is untried, it has not yet had an opportunity to prove itself a device as delusive and destructive as the FRN. Of course, the theory on which the Amero will be emitted is as wrong as the theory that rationalized emission of the FRN. But, syllogisms not being their strong points, all too many Americans suffer great difficulty in debunking phony political and economic theories on their own. So one can expect the Amero to pass the political con man�s test of workability: namely, �you can fool all of the people some of the time, and some of the people all of the time�and that�s good enough!�

But perhaps this Commentary brings owls to Athens. After all, how difficult is this matter to understand? With every beat of the jungle drums promoting the Amero, the Establishment is telling Americans what to expect, if only they bother to listen and think. Indeed, so brazenly self-assured has the Establishment become, that it dares openly to announce 2010 as the pivotal year in the formation of the North American Union!

What, then, is to be done? Certainly, Americans with any sense whatsoever cannot afford simply to sit back and watch events unfold on cable-TV, as if enjoying a re-run of �The Last Days of Pompeii.� Those who only stand and wait will serve only the Establishment. And the Establishment is banking on that.

The Establishment�s strategy appears to depend upon the sequence:

  • The rapid decomposition of the FRN�which the Establishment doubtlessly understands it cannot prevent, but which it expects to be able to employ to its political advantage�will create economic chaos and social unrest.
  • Economic chaos will rationalize replacement of the FRN by the Amero; and acceptance of the Amero by common Americans will grease the skids for absorption of the United States into the North American Union.
  • The social unrest attendant on economic chaos will serve to excuse the imposition of a para-militarized police state on Canadians, Mexicans, and Americans alike. And thus,
  • The dark nature of the North American Union�a hemispheric totalitarian state run in the interests of supra-national big business and high finance�will finally meet the light of day, when it is too late for common people to do anything about it except to wonder why they never did anything about it.

To counter this strategy, American patriots must realize, and act on the realization, that control over America is the key to victory or defeat, because:

  • No North American Union, Western Hemispheric Union, or New World Order can come into existence, or long endure, while the United States remains outside�independent, free, and powerful.
  • American politicians and the special-interest groups that pull their strings are the primary instigators of and activists in the conspiracy to inflict a New World Order upon mankind.
  • In the final analysis, America being a representative self-government, Americans themselves are responsible for what their villainous public officeholders do purportedly in their name.
  • The Federal Reserve System�for which Americans also are responsible�has caused and will exacerbate the dire economic conditions conducive to creation of the North American Union, so it is the biggest part of the problem. And,
  • In its recognition that �[a] well regulated Militia[ is] necessary to the security of a free State�, the Constitution provides the biggest part of the solution�if people will take it seriously and enforce it strictly.

Therefore, the tactics necessary for patriots to employ are two-fold:

First, in some State, in the immediate future, Americans must put monetary reform into practice, in order to provide silver and gold as currencies competitive with FRNs, so that the Amero will not be common people�s only �hope� when FRNs take the deep six.

Second, Americans must immediately revitalize �the Militia of the several States,� State by State, so that, if monetary and banking chaos does descend upon the United States, it will not result in a National para-military police state.

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For a long time, many patriots have contended that Americans will do nothing to save their country until a major crisis bursts upon them. Well, the crisis is here. Now that theory can finally be put to the test. It had better prove correct. 'Arriba'

� 2006 Edwin Vieira, Jr. - All Rights Reserved

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Edwin Vieira, Jr., holds four degrees from Harvard: A.B. (Harvard College), A.M. and Ph.D. (Harvard Graduate School of Arts and Sciences), and J.D. (Harvard Law School).

For more than thirty years he has practiced law, with emphasis on constitutional issues. In the Supreme Court of the United States he successfully argued or briefed the cases leading to the landmark decisions Abood v. Detroit Board of Education, Chicago Teachers Union v. Hudson, and Communications Workers of America v. Beck, which established constitutional and statutory limitations on the uses to which labor unions, in both the private and the public sectors, may apply fees extracted from nonunion workers as a condition of their employment.

He has written numerous monographs and articles in scholarly journals, and lectured throughout the county. His most recent work on money and banking is the two-volume Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution (2002), the most comprehensive study in existence of American monetary law and history viewed from a constitutional perspective.

He is also the co-author (under a nom de plume) of the political novel CRA$HMAKER: A Federal Affaire (2000), a not-so-fictional story of an engineered crash of the Federal Reserve System, and the political upheaval it causes.

His latest book is: "How To Dethrone the Imperial Judiciary"

He can be reached at:
13877 Napa Drive
Manassas, Virginia 20112.

E-Mail: Not available










It might be politic for the North American Union to emit a new currency, to reflect the ostensibly equal positions of Canada, the United States, and Mexico.