Andrew BrownUSD is an "asset-based currency": Treasury bonds, notes, and bills are a debt from the perspective of the Treasury, Congress, and general population of the United States, however, they are an asset to those who own them. The obligation is a structural component of the trust and faith of the US Government and is a core basis of the US dollar's value. Currently, income taxes are collected to maintain those obligations.
Andrew BrownUSD is issued in when the Treasury creates new debt securities (bonds, notes, and bills). Since those are technically assets, USD is an asset-based currency. In 2008, rules were changed that allow the FED to issue USD in exchange for non-Treasury issued assets called Collateralized Debt Objections (CDO's). Both can be called "debt-assets", because they represent the future income-stream of interest and principal payments. Can USD be issued against other assets that are not time-based income streams (debts)? Yes.
Andrew BrownHow to retire the national debt? Is there a way to uphold the obligation and satisfy it, while eliminating tax liability? The answer is yes, and requires the introduction of a negotiable debt instrument known as a Federal Credit Receipt (FCR). The FCR represents the Treasury bonds, notes, and bills owed to a particular person or entity, removed from the secondary market, and held in custody at the Treasury. The FCR represents has no interest rate attached and ensures it is without encumbrances. The FCR is created when the Treasury debt is voluntarily placed into custody at the Treasury and retired. The FCR can then be negotiated for another asset deemed of benefit to the economy or infrastructure.
Andrew BrownInfrastructure and improving the economy: Each FCR is individually negotiated between the debt-owner and a transjurisdictional commission, to include the Federal Reserve, Treasury, Congress, State legislature, and local authorities (County Commission and City Council, for example). If the FCR is not redeemed for another asset within 1 year, a new Treasury bond is issued.
Andrew BrownFinancing and/or money supply: The FCR can either be used as collateral for a loan, or the Federal Reserve can issue currency against the FCR and/or asset(s) the FCR purchases. The purchased asset(s) might be land, corporation, derivative representing the income-stream, or other derivative representing an asset delivered over time.
Andrew BrownThe above plan provides each State with up to $1,000,000,000,000 (trillion) to build infrastructure or improve the economy. Potential projects might include high-speed rail, driverless-car cities, intra-state stock markets, remediation and improvements, etc.