A year later, Congress passed the Gold Reserve Act which modified the gold standard with a devalued dollar. FDR then issued a proclamation reducing the gold content of the dollar to 59 percent of what was established by the Gold Standard Act of 1900. These notes were known as credit money - paper money backed by promises by the issuer to pay an equivalent value in the standard monetary metal. By 1963, the U.S. Treasury and Federal Reserve quit promising to pay anything. Yes, that's right.
Politicians require taxpayers to pay interest on their own money.
No greater fraud can be imagined. Since Congress handed over the responsibility of making money to the central bank, and the dollar has been taken off the gold standard, nothing backs Federal Reserve Notes. Politicians, if not bankers, want money to have some auspices. The Treasury still creates coins, but no longer prints U.S. Notes, according to a historian with the Bureau of Printing and Engraving. Some old U.S. Notes are in stock.