The National Economic Stabilization and Recovery Act

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2001 2002 2003
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22 Aug 01 – 25 Apr 03

The National Economic Stabilization and Recovery Act

Monetary and fiscal policy reform that will double the standard of living for every American
within one generation and restore economic and social prosperity across the land.

NESARA—A Bill  |  Status of the Bill  |  NESARA v. Other Bills

The Latest

FAQs  |  What’s In It For Me?  |  News and Updates  |  Political Contacts  |  Contact Us
Stay Informed  |  Notes and Legal Stuff  |  Dictionary  |  Articles & Information  |  Links
Op-Ed  |  Spread the Word  |  What Can I Do?  |  Candidates 2002  |  Search the Site  |  Home




Accounting unit dollar: Token dollar; imaginary accounting unit used to denominate United States currency.

Ad valorem tax: According to value. A tax imposed on the arbitrary and subjective value of property.

Assessment on deposits: The FDIC insurance fee that banks pay for each $100 of deposits they take in.


Bailment: The hiring of another person for safekeeping of property. Property is held in trust by one person for the benefit of another person. The holder is called the bailee, the beneficiary is the bailor.

Barter: Wealth traded by direct exchange.

Bill of credit: Paper document issued as legal tender by the government on its authority and credit, redeemable in specie at a future day, and designed to circulate as money.

Business: Includes all activities engaged in or caused to be engaged in with the object of gain, benefit or advantage, direct or indirect.

Buyer: Purchaser.


Charitable organization: Any entity organized and operated exclusively for charitable, philosophical, scientific, testing for public safety, literary or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals, provided that no part of the entity’s net earnings goes to the benefit of any private shareholder or individual.

Coin: 1) A piece of metal with its commodity type, weight and fineness stated on its face; an item of intrinsic value based in the unconditional, historical domain and often used as a medium of exchange. 2) Monetized bullion or other forms of money manufactured from gold, silver, platinum, palladium, or other metals now or in the future and used as a medium of exchange in the United States or in any foreign nation.

Commerce: Any kind or type of exchange of goods, productions, or property, or the rights to property offered for a consideration to the general public at large.

Contrived Sale: A commercial transaction executed in an extraordinary manner for the purpose of evading the national sales and use tax otherwise due.

Credit: Imaginary demand. Reliance on the truth or reality of something; belief; faith.

Credit-note: Paper document denominated in token dollars; United States Treasury credit-note.

Currency: That which circulates as a medium of exchange; anything that is in immediate, continuous and widespread use as money.

Custody account: a fiduciary account of general warrant deposits whereby rights to deposited funds remain vested in the depositor.


Debt: Debt originates in a transfer of ownership of wealth in which the owner does not immediately receive full compensation in wealth. Debt is always negative quantity. All currencies are physical embodiments of debt. Currency represents wealth not received.

Deflation: A debasement of the monetary system. An decrease in the volume of currency such that there is less currency bidding for goods and services within a free market, tending to force market prices lower. Excessive Supply for available Demand.

Demand: For the individual, Demand is the desire for wealth (goods and services) coupled with the ability to pay. For the society, aggregate Demand varies according to desire for wealth (goods and services) and the quantity of currency in circulation. When money (currency) is offered in trade or commerce, money is Demand.

Derivative: A financial instrument, traded on or off an exchange, the price of which is directly dependent upon (that is, “derived from”) the value of one or more underlying securities, equity indices, debt instruments, commodities, other derivative instruments, or any agreed upon pricing index or arrangement (for example, the movement over time of the Consumer Price Index or freight rates). Derivatives involve the trading of rights or obligations based on the underlying product, but do not directly transfer property. They are used to hedge risk or to exchange a floating rate of return for fixed rate of return. In short, derivatives are bets that banks can legally make. The leverage is so great that interest rates moving in the wrong direction (against the bet) by even a ¼ point can wipe out a bank’s total capital.

Direct tax: any tax levied on people or property.

Dollar: A unit of weight, as construed in the U.S. Constitution and in the Coinage Act of 1792, equal to 371 and 1/4 grains; equivalent to 24.0566 grams or 0.77344 troy ounces.


Eagle: A gold coin containing one troy ounce of gold; an easily recognizable standard United States coin which may be used as money.

Exchange value: Instantaneous parity of a thing at the time of the exchange.

Expediency: That which is apt or suitable to an end in view.


Federal Reserve Note: Paper document denominated in token dollars; a token note having only exchange value; a type of U.S. currency adopted by custom and through the imposition of legal tender laws; a direct obligation of the United States; fiat money; scrip.

Fiat: A sanction; decree.

Fiat money: Paper documents or token coins, normally issued by governments and made legal tender by fiat or statutory law, not redeemable in specie; an item of exchange valuebased in the conditional, future domain; accepted by the issuer as compensation for taxes, fees, duties or debts; accepted by others in anticipation of future exchanges.

Free market: One in which any individual may exchange their products or services by competitive bidding, open to all, without constraint.

Fungible: Goods and commodities that are identical with other goods and commodities and of the same nature.


General warrant deposits: fungible deposits allowing banks to return property like-for-like.

Gold certificate: A document certifying that a like amount of its face denomination in (gold) eagles is on deposit with and held in trust for its immediate redemption at the U.S. Treasury or at a designated agent of the U.S. Treasury.

Gold eagle: Eagle.

Groceries: Food or drink advertised or marketed for human consumption and sold in the same form, condition, quantities, and packaging as is commonly sold by grocers, such as: cereals and cereal products; milk and milk products; meats and meat products; fish and fish products; eggs and egg products; vegetables and vegetable products; fruits and fruit products; sugars, sugar products and sugar substitutes; coffees and coffee substitutes; teas, cocoa and cocoa products, carbonated and non-carbonated soft (nonalcoholic) drinks; spices, condiments and salt; or any combinations of food products or food product substitutes, whether sold prepared or unprepared. The term does not encompass chewing gum, cocktail mixes, alcoholic drinks, proprietary medicines, lozenges, tonics, ice, vitamins and other dietary supplements, or food or food products not for human consumption such as pet food. Nor does it encompass food or drink served or furnished in or by cafes, restaurants, lunch counters, cafeterias, delicatessens, hotels, drugstores, social clubs, nightclubs, cabarets, resorts, snack bars, caterers, carryout shops, and other like places of business, whether fixed or mobile, such as pushcarts, motor vehicles or other mobile facilities, at which prepared food or drink is regularly sold; nor food or drink vended by machines for a vendor; nor food or drink furnished, prepared, or served for consumption on or near the premises of the retailer although such food or drink is sold on a “take out” or “to go” order and is bagged, packaged, or wrapped and taken from the premises of the retailer.


Indirect tax: any tax levied on an activity or event.

Inflation: A debasement of the monetary system. An increase in the volume of currency such that there is more currency bidding for goods and services within a free market, tending to force market prices higher. Excessive Demand for available Supply.

In rem: Against the thing. In rem taxes are against property and not people.

Interest: Compensation paid to a creditor for loss of the use of their own currency.

Intrinsic value: Inherent value usually related to cost of production, more properly related to marginal utility.

Irredeemable: Not convertible into specie at the pleasure of the holder; inconvertible; not terminable by payment of the principal.


Lawful money: Lawful money of account; specie; silver dollars, eagles.

Lawful: Authorized; sanctioned; not contrary to nor forbidden by law; constitutional.

Legal: Done or performed in accordance with the forms and usages of law, or in a technical manner. An Act may be legal but, if not constitutional, it is not lawful.

Legal-tender: Default medium of exchange; forced use of a government specified medium of exchange when parties to a mercantile transaction fail to specify a specific medium of exchange.

Levy: assessing and collecting a tax or payment


Manufacture: The operation of producing a new product, article, substance, or commodity different from and having a distinctive name, character, or use from its constitute raw or prepared materials.

Medium of exchange: Currency; an intermediate used during trade or commerce; an expediency accepted in an exchange; that which is used as money in an exchange.

Monetization: The act of creating and introducing currency into circulation through debt.

Monetization fee: Payment required for the monetization of debt; pseudo interest.

Money: A psychological creation; a concept; the mental image of that which is used as a medium of exchange.


Note: Certified claim on wealth; a written or printed paper acknowledging a debt and promising payment.


Payment: Discharge of an obligation or debt by delivery of value, usually lawful money. The execution and delivery of negotiable papers [instruments] is not payment unless it is accepted by the parties in that sense (UCC 3–410).

Person: Any individual, firm, partnership, joint adventure, corporation, estate, or trust, or any group or combination acting as a unit, but not a governmental unit, and the plural as well as the singular number.

Personal property: Exclusive individual ownership of private property.

Private property: Everything subject to ownership, not denominated as real estate; an individual’s right or interest in things, either corporeal, meaning moveable and tangible things such as animals, furniture, merchandise, etc., or incorporeal, meaning rights to intangible things such as personal annuities, stocks, shares, patents, copyrights, etc.

Precious metal bullion: Any refined precious metal, such as gold, silver, platinum, and palladium, which is in a state or condition where its value depends primarily upon its precious metal content and not its form.

Profit: A benefit, advantage or gain, particularly a pecuniary gain of excess returns over expenditures, accruing to an owner through the use or exchange of their property, or their rights to property, other than an individual’s personal labor, barter or trade.

Progressive tax: A levy which collects more from those better able to pay.

Property rights: Any type of right to specific property.

Property: Everything that is the subject of ownership, corporeal or incorporeal, tangible or intangible, visible or invisible, real, private or personal.

Purchase price: The cost or consideration paid by the purchaser, exclusive of any direct tax imposed by territorial, state, or local government and exclusive of the national sales and use tax.

Purchase: The transfer of property or property rights from one person to another by voluntary act or agreement in exchange for a valuable consideration.

Purchaser: Person who acquires property or rights to property in commerce for a valuable consideration; buyer; vendee.


Real estate: Land and those things erected or growing upon it, such as buildings, fences or crops. The term embraces items such as light, plumbing and heating fixtures when permanently attached.

Regressive tax: An onerous levy, one which unduly burdens poorer families and individuals less able to pay.

Retail sale: All sales other than wholesale sales.

Retailer: Person doing a retail business, known to the trade and public as such, and selling in commerce to any user or consumer; also called vendor or seller.


Sale: The commercial exchange of property or property rights for money, for other property or property rights, or for a consideration, either immediate or over a period of time, as in an installment or credit transaction, rent or lease. The term does not include gifts to immediate family members; nor does it encompass transfers of assets among persons holding ownership interests in those assets providing such transfers are in direct proportion to their interest in either settlement or rearrangement of those interests-such as: the transfer of assets between a partner and a partnership in the formation or dissolution of the partnership; the transfer of assets between a shareholder and a corporation in the formation or dissolution of the corporation; the transfer of assets between parent and subsidiary corporations; or the repossession of private property or property rights by a person with an ownership interest-and the purpose of such transfers is merely an exchange of assets, not to avoid the national sales and use tax otherwise due.

School: Any institution or person offering training or educational services to the public.

Scrip: Provisional certificate; evidence that the holder or bearer is entitled to receive something.

Seigniorage: The difference, which may be positive or negative, between the face value of specie (coin), silver or gold certificates, or fiat money and its commodity value in a free market.

Seller: Any person who transfers property or property rights by sale in commerce; a merchant, a retail dealer, a supplier, a retailer, a vendor; one who offers a service or buys to sell.

Silver certificate: A document certifying that a like amount of its face denomination in dollars of coined silver is on deposit with and held in trust for its immediate redemption at the U.S. Treasury or at a designated agent of the U.S. Treasury.

Silver dollar: A coin containing a dollar weight—371 and 1/4 grains—of silver; an easily recognizable standard United States coin which may be used as money.

Source: Point of origin or creation.

Specie: Coin, usually of silver or gold.

Supply: Goods and services; wealth held by the community at large.


Tangible private property: Corporeal private property.

Tax: Either a fee payable by the purchaser of property or of rights to property subject to taxation, or an aggregate amount of fees due from the taxpayer, as the context may require.

Taxpayer: Any person obligated for taxes payable, to be collected, collected, or due.

Tender: Any offer to settle a debt or obligation with any accepted medium of exchange accompanied by means for fulfillment of that offer.

Token coin: A piece of metal intended for use as currency, issued at a nominal or face value normally far in excess of its commodity value; United States clad coins and subsidiary coins of base alloys.

Token dollar: Imaginary accounting unit dollar; debt; an artificial creation, irredeemable in specie.

Token: Something that serves as what it is not.

Treasury bill: Obligation of the U.S. Treasury for a specified term of three, six or twelve months from the date of issue, bearing no interest but sold at a discount.

Treasury bond: Paper document issued by the government as evidence of long-term indebtedness.

Treasury certificate: Obligation of the U.S. Treasury generally maturing in one year on which interest is paid by coupon.

Treasury credit-note: United States currency; paper document denominated in token dollars, designed to circulate as money, having exchange value, irredeemable, with limited legal-tender character, authorized by the Congress of the United States, issued by the U.S. Treasury bearing no interest and spent into circulation through voluntary acceptance; an obligation of the United States; fiat money.

Treasury note: Obligation of the U.S. Treasury, with a maturity of one to five years and interest paid by coupon.


Unit: Any specified or determinable amount or quantity adopted as a standard of measurement. Unity; one.

Units of Measure—Common Equivalents: Accurate to one part per million or better; included for reference only;

1 grain = 0.06479891 grams
1 pound, Troy = 12 ounces, Troy;
1 pound, Troy = 373.2417216 grams;
1 pound, Troy = 5,760 grains
1 ounce, Troy = 480 grains


Vendee: Purchaser.

Vendor: Seller.

Virtual wealth: Potential wealth to be created through future production and assumed to currently exist for accounting purposes; wealth that could be created provided all requirements for its production existed.


Wealth: Ownership of labor, and of anything upon which labor has been expended, whether material or immaterial, which can directly satisfy human wants, needs or tastes. Goods and services (property) owned. Wealth is always a finite positive quantity, but its value often proves difficult to express in terms of currency.

Wholesale sale: A sale by manufacturers, producers or wholesalers to retail merchants, jobbers, dealers, or other manufacturers, producers or wholesalers for ultimate resale but not sales made to users or consumers not for resale, even when made by or to a recognized manufacturer, producer or wholesaler, the latter sales being deemed retail sales.

Wholesaler: Person doing regularly organized wholesale or jobbing business, known to the trade as such and selling to retail merchants, jobbers, dealers, or other wholesalers for resale.

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NESARA—A Bill  |  Status of the Bill  |  NESARA v. Other Bills
FAQs  |  What’s In It For Me?  |  News and Updates  |  Political Contacts  |  Contact Us
Stay Informed  |  Notes and Legal Stuff  |  Dictionary  |  Articles & Information  |  Links
Op-Ed  |  Spread the Word  |  What Can I Do?  |  Candidates 2002  |  Search the Site  |  Home

The National Economic Stabilization and Recovery Act

Monetary and fiscal policy reform that will double the standard of living for every American
within one generation and restore economic and social prosperity across the land.

NESARA—A Bill  |  Status of the Bill  |  NESARA v. Other Bills

The Latest

FAQs  |  What’s In It For Me?  |  News and Updates  |  Political Contacts  |  Contact Us
Stay Informed  |  Notes and Legal Stuff  |  Dictionary  |  Articles & Information  |  Links
Op-Ed  |  Spread the Word  |  What Can I Do?  |  Candidates 2002  |  Search the Site  |  Home


Status of the Bill

January 28, 2002: The bill has not been enacted into law, has not been introduced into Congress, and has not yet been assigned a tracking number. Please contact the President, yourrepresentative and senators, and ask if they support the bill. Send them all a copy of the bill (further contact information is available on our Political Contacts page).

After the bill is assigned a number, the status of the bill also can be viewed at the Thomas locator registry. However, the bill will not appear in the Thomas registry until the bill has been assigned a number.

Introduced into Committee: We still need at least one representative to sponsor the bill, obtain a bill number, and enter the bill into the record. The two House committees that would be interested in the bill are the Financial Services and the Ways and Means Committees. The two Senate committees that would be interested in the bill are the Finance and the Banking, Housing, And Urban Affairs Committees. Please contact the representatives on those committees, especially if one of the members happens to be your representative (contact information is available on our Political Contacts page).

Representatives and senators are becoming aware of the bill. Please continue your phone calls, faxes, emails, personal contacts, etc. Grass roots pressure is beginning to work, so please continue applying pressure. See our Political Contacts page for more information. Please also continue spreading the word—see our Spread the Word page for ideas. If you wish to help financially, please see our What Can I Do? page for details.

Bill number: None

Congressional members publicly supporting the bill:


Congressional members who have been informed about NESARA:

House Senate


J.D. Hayworth

Bob Schaffer

Michael Bilirakis

Philip Crane

Richard Baker

Roy Blunt

New Jersey
Frank Pallone

New York
John E. Sweeney

North Carolina
Richard Burr

Steve Chabot
Michael G. Oxley
Tom Sawyer
Bill Thomas

Steve Largent

Jim Greenwood

Dick Armey
Ken Bentsen
Ron Paul

Adam Smith

Mark Green

John McCain
Bob GrahamIowa
Chuck Grassley

Ted Kennedy
John Kerry

Debbie Stabenow

New Hampshire
Judd Gregg

New Jersey
Jon Corzine
Robert Torricelli

New York
Charles E. Schumer
Hillary Rodham Clinton

North Carolina
John Edwards
Jesse Helms

Mike DeWine
George Voinovich

Rick Santorum
Arlen Specter

South Dakota
Tom Daschle

Phil Gramm
Kay Bailey Hutchison

Bob Bennett
Orrin Hatch

The Treasury Department is aware of the bill:

Other public people who have been informed or are aware of NESARA:

President George Bush
Secretary of State Colin Powell
U.S. Supreme Court
Constitution Party
Democratic Party
Green Party
Libertarian Party
Natural Law Party
Reform Party
Republican Party
Argentina Ambassador to the U.S.
National Retail Sales Tax Alliance
Alan Keyes
Steve Forbes
Lawrence Reed, Mackinac Center for Public Policy
Heritage Foundation
Bill O’Reilly, Fox News
Editor, Detroit Free Press
Lew Rockwell,
Tim Swanson,
Eric Englund,
David Dieteman,
Joseph Sobran,
Gary North,
Swiss America Corp. Coin Dealers
M. Hager, USA Today
Joseph Farah, WorldNetDaily News
Jane Chastain, WorldNetDaily News
Barbara Simpson, WorldNetDaily News
Linda Bowles, WorldNetDaily News
Julie Foster, WorldNetDaily News
Anne Williamson, WorldNetDaily News
Geoff Metcalf, WorldNetDaily News
Jude Wanniski, WorldNetDaily News
Jon Dougherty, WorldNetDaily News
Jeff Dantre, Sierra Times News
David Horowitz, FrontPage Magazine
Jeff Dantre, Sierra Times News
Lawrence W. Reed, Mackinac Center for Public Policy
We would greatly appreciate being informed about any public people you contact regarding NESARA. Thank you for your help.



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