NESARA GESARA : Global Currencies Reset, 2020 (Free Book)

© May 21, 2020: J Jericho & The Free School www.thefreeschool.education Price USD 0
Copyright is waived if the author is acknowledged.
Author Jay
Holds a Doctorate in Social Sciences from the University of Sydney.
This educational book is not for commercial sale. It strives to inform diligent researchers and
scholars of developments that relate to NESARA and GESARA. Images in this book acknowledge
sources. Royalty free use is claimed under the fair illustration purposes in education.
This public exposure draft was penned without assistance. I am grateful to receive feedback
about errors and ideas from any source. You may e-mail the author at jay@journalistethics.com
This book has no sponsors, contributor or editors. All opinions are those of the author.
NESARA National Economic Security and Reformation Act
National Economic Stabilization and Recovery Act
National Economic Security and Recovery Act
NESSA National Economic Security Strategy Act (2018) (Unenacted Bill)
GESARA May substitute the word ‘National’ for ‘Global’ in NESARA acronyms above.
Annex 1 NESARA ‘Folk Lore’ Bill (Circa 1999). p. 35
Annex 2 Coronavirus Aid Relief Economic Security Act (CARES) Act (2020) p. 124
Annex 3 S.2757 - National Economic Security Strategy Act of 2018 p. 372
Annex 4 America’s Constitution p. 382

j o u r n a l i s t e t h i c s . c o m N E S A R A : P a r t I I
Narratives p. 1
Numbers p. 4
Statistics p. 5
Trends p. 7
Act p. 8
Technology p. 14
UBI p. 16
Stealth p. 18
‫נחמיה‬ p. 19
QAnon p. 20
Usury p. 21
Orwell p. 23
ኒሂል p. 24
Νοέμβριος p. 27
References p. 28 Review p. 32 Index p. 34

1 j o u r n a l i s t e t h i c s . c o m N E S A R A : P a r t I I
Narratives
This book is about the enigmatic NESARA. It contains four
parts beyond this summary page.
The next segment, the largest, contains six sub-sections.
Discussion centers on post June 2019 political and economic
developments as publicly reported by a range of sources.
Part Three examines alternative news sources that outline
information that is implicitly and explicitly relevant to the
essence of the fabled NESARA global economic reset model.
The penultimate chapter places NESARA in the Coronavirus
COVID-19 false flag, black swan ‘plannedemic’ context.
The conclusion centers on policy and financial developments
that are unfolding in real-time that are relevant to the
possible implementation of a stealth version of NESARA.
Discussion centers around America’s place in a local financial
reset. Any version of NESARA that involves America is bound
to have profound transnational implications.
The notorious
NESARA has
not officially
appeared on
the radar since
Part 1 of this
series was
published in
June 2019.
She may have
snuck sub
sonar on
the sly.

This book supplements NESARA: Part I published by this
writer in June 2019. Readers may access a free digital
copy of this 201 pages document c/- the references
section of this text (Jericho, 2019).
The offering in this text, Part II, contains minimum
repetition from the Part 1 volume. I encourage readers
to peruse the first version prior to reading Part II.
There is confusion in public sources about the meaning of the NESARA acronym. For example:
The proper noun shown on the book cover, above, matches The News Tribune article, above.

This image may be the first page of The National Economic Stabilization and Recovery Act
presented to America’s Congress sometime between January 3, 2003 to January 3, 2005. The
authenticity of this public-access document has not been publicly validated by any government.
This 88-pages document is attached in Annex 1 of this book.

Numbers
www.congress.gov/116/bills/hr6666/BILLS-116hr6666ih.pdf
https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2020060606&tab=PCTBIBLIO
ስድስት ‫שש‬ έξι
What is Live Action Role Play?

Statistics
The impetus to write this book comes from numerical observation. From June 2019 to December
2019, NESARA Part 1 was downloaded around 12,000 times in various public-access repositories.
These include sites like Scribd, SlideShare, Academia and ResearchGate. Between January 2020
and mid-late May 2020, this book has been downloaded around 110,000 further times in total
from the same locations. This supports my observations from other research projects. I conclude
that a stronger public interest in NESARA has emerged during 2020. This momentum is growing.
The reasons for this expansion in interest are not certain. The echo-chamber affect in
independent truth news media is likely a major driver. Tyler tells Anne about NESARA. Anne tells
Tom, Tracey, and Stacey. And so on. These image extracts are examples among hundreds of
independent news media that have created new content about NESARA since after this writer
published NESARA Part 1 in June 2019. Both uploads below are dated May 2020.

The saying that ‘you should be careful what you wish for’
is a cute clique. Many artists fantasize about having their
art listed as a # 1 ranking on Google as a result of a one-
word search string. It disturbs this researcher the Google
offers the following listing to the search string ‘NESARA’.
The book left, above, NESARA: The Facts Part 1 ranks second as a Google response, only after
Wikipedia. The image above appears above the Wikipedia response. It is Google’s first offering.
Google’s
2nd
response.
I would like to think that Google lists the cover page of my book as the # 1 responses because it
is the only public-access offering that is free to access and is based on doctoral level research and
analysis principles. I doubt that this is the case. As a professional researcher, who works six days
a week, this writer notices that Google continues to promote fake news disinformation sizes
owned by globalist arch criminals such as George Soros and his fake so-called ‘fact check’ website
Snopes. Google likes core content in my book that aims to offer an objective account of NESARA
– a phenomenon that I clearly label as unproven folklore. The Socialist Basic Income ‘money for
nothing’ promise of NESARA may be the part that causes Alphabet-Google executives to lick their
lips and salivate profusely. Free money for millions? Please – be careful what you wish for.

Trends
For many, maybe most, the imploding global economic
collapse has become obvious during the post COVID-19
new world economic disorder. This magazine cover is one
illustration example, among hundreds, that explicitly
portray this sentiment of what is obvious to many millions.
Please consider these US economic statistics:
 4.4 million Americans filed for unemployment
benefits in one week during April in 2020 (Forbes, 2020).
 Total non-farm payroll employment fell by 20.5 million in April 2020 (bls.gov, 2020).
These airbrushed fake statistics are unlikely to improve noticeably within a few months of
America’s state governors reversing their lockdowns. Global supply chains have been disrupted.
Tens of thousands of small and medium family businesses have evacuated their premises and
disposed stock and furnishings. Most of these business will not return within the next 12 months.

Act
This image is an extract from digital page 1 of the Coronavirus Aid Relief Economic Security Act
(CARES) Act. This Bill was enacted by America’s Federal Congress on March 26, 2020.
A full copy of this 247-pages Act is annexed in Appendix 2 of this document. The images overleaf
are a full inventory of the summary points showcased by the Forbes article dated March 29, 2020.

It is beyond the scope of this book to analyze all aspects of this 247-pages long Act. As far as this
author can gauge, from extensive research, the number of public spaces that explicitly connect
The CARES Act (2020) to NESARA is close to zero.
The NESARA folk lore Bill in Annex 1 aims to implement profound long-term changes.
The CARES Act 2020 largely promotes temporary changes such as one-off payments.

This image is a rare example that briefly links NESARA and The CARES Act. At mid-late May 2020,
this book may offer the most detailed specific analysis that compares NESARA to The CARES Act.
I invite readers to compare The CARES Act 2020 (Annex 2), the Act summary (pp. 8-10), and the
folk lore 88-pages NESARA Bill (Annex 1) to see if they can identify overlap between these
sources. This book desists from offering extended analysis on this point. The 88-pages bill in
Annex 1 has never been validated by an authority source such as a .gov website.
The delayed abolition of payroll taxes is a partial similarity shown on page 31 of the folk lore bill
and The CARES Act. This connection is weak. The folk lore bill does not immediately abolish
payroll tax. It briefly hints at the eventual abolition of this taxation category.
This book analyses the concept of Universal Basic Income (UBI) in the penultimate subsection of
this chapter. Discussion compares UBI in the folk lore bill to The CARES Act 2020.

This Bill, that has never been enacted, may arouse readers who are interested to learn more
about its history and intention. Its unofficial acronym NESSA bears some resemblance to NESARA.
Readers may access this brief Bill in Annex 3 of this book. The image below confirms that this
document is a bill. It has never been enacted as legislation.
Democrat and Republican members introduced this bill into Congress (DC) on April 25, 2018.

Technology
A dominant theme among those who discuss the mythical NESARA financial reset claim that the
release of suppressed technologies is a key component of this regime. These images are an
illustration example dated after NESARA Part 1 was published in June 2019 by this author.
This news commentator post dated May 19, 2020 is one of hundreds of blog-style uploads dated
after June 2019 that link NESARA to the release of deliberately suppressed technologies.
This image above, a blog post, emphasizes how the vast bulk of so-called facts and opinions
about NESARA are published by private individuals and not recognized sources such as .gov sites.

Baughman’s book (2019, Chapter 7) offers a methodical connection between NESARA and
suppressed technologies. This book contains 18 chapters. Most chapters are open-access online.
GESARA is the international version of NESARA in the minds of thousands of speakers and writers.
The G stands for ‘Global’. The GESARA acronym substitutes ‘National’ for ‘Global’. Around half of
all persons who discuss NESARA speculate that this regime only relates to America.

UBI
The notion of Universal Basic Income (UBI) is a partial connection between the NESARA (folk lore)
Bill (Appendix 1) and The CARES Act 2020 (Appendix 2). There is no official custodian that has sole
right to define UBI in America or globally. This definition and explanation of policy mechanics by
Amadeo (2020) is consistent with themes put forward by most informed commentators.
The terms “basic income” and “universal basic income” do not appear in either bill/act annexed
in Appendix 1, Appendix 2 or Appendix 3.

This section from the NESARA (folk lore) Bill shows characteristics that partially resemble UBI.
Bear in mind that this Bill was supposedly drafted in circa 1998. $2,000 per annum may be worth
around $6,000 in 2020 prices. The ‘free money’ above is not universal. It excludes 80% of citizens.
This section of The CARES
Act legislates temporary
payments for a restricted
category of persons.
This section of this Act
refers to the first point of
the summary published by
Forbes (2020) on page 8 of
this book.

Stealth
Analysis in the prior section shows that the NESARA folk lore Bill and The CARES Act do not aim
to legislate Universal Basic Income. This observation aligns with NESARA’s critics who claim that
national governments, such as Washington DC, plan to incrementally install Universal Basic
Income. Implementation via multiple smaller steps may ‘creep under the radar’. It is generally
accepted that most Americas equate universal government income with undesirable Socialist
regimes, as witnessed in countries such as the former Soviet Union and modern-day China. A
common theme in these discussions is that the US Government incentivizes the unemployment
lifestyle by paying tens of millions of citizens an income higher than their previous paycheck.
This opinion article by Talgo (2020) in The Hill hints at the danger of “the end of the republic”.

‫נחמיה‬

QAnon
As a matter of policy, this writer avoids promoting QAnon or discussing QAnon in detail.
Anonymous activists and accusers have no credibility. Of course, people are welcome to make
up their own minds. Those who wish to draw multiple, deep connections between QAnon (see
www.qanon.pub) and NESARA may draw on these images as avenues of independent inquiry.
This author doesn’t believe in the fabulous Q.
But if Q is true, Q’s lead is probably JFK Jr.
‘Go figure’ that logic (politely said).

Usury
The NESARA folk lore Bill contains clauses that outlaw cumulative interest on commercial loans.
The word ‘usury’ is somewhat popular among the circa 150 million plus followers of Judeo-
Christian faiths in America. The word ‘interest’ appears 113 times in the folk lore Bill over its 88
pages. Most of these refer to financial charges imposed on loans. Please visit this document and
inspect these many references. These extract images are examples from this bill.
The policy summary section of the alleged NESARA Bill strives to outlaw compound interest on
loans. I.e., this bill bans cumulating interest charged on the loan principal.

Independent news commentators who discuss NESARA speculate that certain forms of debt
forgiveness that have occurred in the past year are precursors for an imminent, inevitable global
financial reset. These images below show key thematic words that fall in this category. Debt
forgiveness shown on this page refers to narrow contexts that may not have wider implications.
Readers may draw on the images above to look deeper into this rarely discussed phenomenon.
Can you find one source, of any type, that explicitly links NESARA and/or GESARA
to the Trump Administration’s cancellation of disabled veteran’s student loans?

Orwell
George Orwell’s classic dystopian novel is
available to read online, via free (open-access)
sources. Readers may access this book via the
link in the references section of this text.
I encourage free-willed readers to ascertain
connections between current local/global
social and economic trends and visions put
forward by Orwell (1984), The CARES Act and
the NESARA folk lore Bill.

ኒሂል

Thousands of independent news reporters confidently speculate that the Coronavirus COVID-19
‘event’, a so-called pandemic, is a cover for a Black Swan (false flag) economic overhaul. Most
theories fall into one of three camps. I label these views: nefarious, constructive, and mixed.
Nefarious speculations claim that COVID-19 aims to further consolidate the power of apex rank
mafia elites such as the Venetian crime families (Rome), heavily inbred European Royals and
their direct report minions such as the Rockefeller and Rothchild Crime Families. Claims that
Americans are being deceived into accepting a Socialist ‘free money’ system fall in this category.
Constructive speculators argue that powerful institutions that promote peace and justice are
using COVID-19 as a cover to transition into a new economic model. This revised system erases
personal, institutional, and national debt. Mechanisms such as lower tax rates and the abolition
of usury are key principles that will eliminate perpetual wage-debt slavery. These extracts are
among several in the NESARA folk law Bill talk about specific debt cancellations (pp. 45 & 77).

Curious readers may freely investigate legislative, policy and funding responses that transpire
below America’s Federal level. It is beyond the scope of this book to examine 50 states and other
non-state jurisdictions such as Puerto Rico, DC, and the thousands of counties. I urge readers to
consult .gov sources direct. Secondary sources such as news articles and blog discussions may
contain errors. Some may twist the truth when they interpret original sources, such as legislation.
This image above, published by the California State Government, is an extract from a web page.
Please visit this web page to comprehend the total content, in its full context.

Νοέμβριος
This handbook is a 142-pages free text published by this author in May
2020. It is an inventory of dominant themes about the COVID-19 ‘event’.
The article that explores ‘Mixed’ theories about the COVID-19 false flag. Stories that emphasize
‘disinformation’ and ‘misinformation’ topics mostly refer to the numerous competing theories
about COVID-19 that depart from ever-changing narratives propagated by biased, corrupt
agencies such as governments, cash harlot ‘elite’ universities, fake news (e.g. CNN, Xinhua, BBC)
and Bill Gates’s China-centric World Health Organization vaccine mass murder crime agency.
The ‘he said,
she said’
thematic
title of the Coronavirus Handbook, above, shares a dominant message that runs throughout this
text, NESARA – Part II. There are too many competing, unofficial discussions about NESARA to
take the topic seriously. As at mid-late May 2020, NESARA retains its fairy folk lore status quo.
In contrast to the COVID-19 circus, governments are silent about the proper noun NESARA. This
may be because there is no NESARA. On the flipside, silence may aim to avoid mass panic. A US
or global model of the 88-pages NESARA folk lore bill would be the Mother of all Financial Shocks.
One thing is certain in the minds of many. Our 2019 world is forever gone. ለበለጠ ወይም ለከፋ.

References
Amadeo, K. (2020), Universal Basic Income, Its Pros and Cons With Examples Should Everyone
Get a Guaranteed Income?, www.thebalance.com/universal-basic-income-4160668
Baughman, M. (2019), The Greatest Transition In Human History: Transition into True Freedom,
Advanced Technology, and the Prosperity Era,
https://books.google.com/books?id=VJzGDwAAQBAJ&pg=PT132&lpg=PT132&dq=suppressed+technology+disclosure+2020&source=bl&ots=8iuODXHmR
8&sig=ACfU3U0IJahNWVRvnux2OROBJzlzewmNHw&hl=en&sa=X&ved=2ahUKEwjz8Zr3mL_pAhXqhOAKHcuRCzoQ6AEwCHoECAoQAQ
Bureau of Labor Statistics (2020), The Employment Situation — April 2020,
www.bls.gov/news.release/pdf/empsit.pdf
California State Government (2020), Get Financial Help,
https://covid19.ca.gov/get-financial-help/
Congress (2020a), 116TH CONGRESS, 2D SESSION H. R. 6666,
www.congress.gov/116/bills/hr6666/BILLS-116hr6666ih.pdf
Congress (2020b), S.3548 — 116th Congress (2019-2020),
www.congress.gov/116/bills/s3548/BILLS-116s3548is.pdf
Forbes (2020a), Another 4.4 Million Americans Filed For Unemployment, But The Worst May Be
Over, Experts Say,
www.forbes.com/sites/sergeiklebnikov/2020/04/23/another-44-million-americans-filed-for-
unemployment-but-the-worst-may-be-over-experts-say/#5af7725e2f86

Forbes (LaBrecque, L.) (2020b), The CARES Act Has Passed: Here Are The Highlights,
www.forbes.com/sites/leonlabrecque/2020/03/29/the-cares-act-has-passed-here-are-the-
highlights/#3dbc6f1968cd
GovTrack (2020), S. 2757 (115th): National Economic Security Strategy Act of 2018,
https://www.govtrack.us/congress/bills/115/s2757/text/is
Japan Today (Yamaguchi, M.) (2020), Japan launches new unit to step up defense in outer space,
www.japantoday.com/category/politics/japan-launches-new-unit-to-step-up-defense-in-outer-space
Jericho, J. (2019), NESARA – The Facts: Part 1; June 2019,
Jericho, J. (2020), Coronavirus Handbook: He Said, She Said.
https://journalistethics.com/nesara/
Kaalaman 88 (2020), The wonderful benefits of NESARA are upon us!,
www.youtube.com/watch?v=EzcoDZ9zUBo
Lancaster Online (Wereschagin, M.) (2020), Why disinformation and misinformation are thriving
in the COVID-19 pandemic,
https://lancasteronline.com/news/politics/why-disinformation-and-misinformation-are-
thriving-in-the-covid-19-pandemic/article_d761464a-83d0-11ea-862a-c3bfc0626c6a.html
NESARA Podcasts (2020), NESARA,
https://player.fm/podcasts/NESARA

Newsbreak (2020), War With The International Banking Cartel? Or NESARA?
www.newsbreak.com/news/0OaRXl2Q/war-with-the-international-banking-cartel-or-nesara
Nordangård, I (2020), Still Waiting for NESARA?,
http://pharos.stiftelsen-pharos.org/still-waiting-for-nesara/
Orwell, G. (1949), 1984, London, England: Secker & Warburg,
www.globalgreyebooks.com/nineteen-eighty-four-ebook.html
QAlerts. app (2020)[2017], QAnon Posts: 425, https://qalerts.app/?n=425
QAnon (2019), Premium Episode 46: NESARA & The Dove of Oneness Cult (Sample), 23 October
2019, https://podcasts.apple.com/gh/podcast/qanon-anonymous/id1428209307
Santa Surfing Beach Broadcast (2020), NESARA Incoming? Trump Fed Reserve Announcement -
Feds lower rates to 0.25%, and See Qpost 425!, www.youtube.com/watch?v=Ngw2Vd8uoPQ
Svidén, Ove (2020), The Event is Now: NESARA, National Economic Security And Reformation
Act, www.peace.se/blog/2019/09/19/the-event-is-now-nesara-national-economic-security-
and-reformation-act/
The Hill (Talgo, C.) (2020), Universal basic income and the end of the republic,
www.thehill.com/opinion/finance/497244-universal-basic-income-and-the-end-of-the-republic
The Morgan Report (2020), What is NESARA and Does it Matter to Me?,
www.youtube.com/watch?v=EcHV3mR61WE&t=763s

The News Tribune (Robinson, S.) (2004), Up against 'the dark agenda',
www.thenewstribune.com/news/special-reports/article25855078.html
Trends Journal (2020), Special edition: Destruction of the Free World & Global Economy,
https://trendsresearch.com/
Twitter (2019), Tedros Adhanom Ghebreyesus,
https://twitter.com/UrbanMaoism/status/1250860174849511432/photo/1
USA Today (Miller, R.)(2019), 'Flabbergasted': Chase Bank forgives all credit card debt for
Canadian customers, www.usatoday.com/story/money/2019/08/09/chase-bank-canada-
forgives-all-credit-card-debt-customers/1964419001/
White House (Petitions), Announce and Implement the NATIONAL ECONOMIC SECURITY AND
REFORMATION ACT – NESARA, Created by F.P. on September 28, 2011.
https://petitions.obamawhitehouse.archives.gov/petition/announce-and-implement-national-
economic-security-and-reformation-act-nesara/
World Intellectual Organization (2020), 1. WO2020060606 - CRYPTOCURRENCY SYSTEM USING
BODY ACTIVITY DATA,
https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2020060606&tab=PCTBIBLIO
WYQ (2020), WYQ @xxfwyq_wyg, Apr 23, 2019,
https://twitter.com/i/web/status/1120777554279800832

Index
China pp. 15, 18-19, 27
Congress pp. 3-4, 8, 13, 18
COVID-19 false flag scam pp. 1, 7, 25, 27
Debt cancellation, deferral pp. 10, 12, 22, 25-26
Economic data p. 7
Legislation, Acts, Bills (Official) pp. 4, 8, 13, 17, Annex 2, 3 & 4
NESARA folk law Bill pp. 2-3, 6, 8, 11-12, 16-17, 21, 23, 27; Annex 1
NESSA p. 13
Numbers pp. 4-6
Orwell, George pp. 23, 30 (free PDF download)
QAnon p. 20
Technology pp. 4, 14-16
The CARES Act (2020) pp. 8-12, 17-18, 23
Trump Administration pp. 20, 22, 27
Universal Basic Income pp. 6, 16-19
Usury, interest pp. 21, 25; see Debt cancellation (above)
World Health Organization pp. 24, 27
ABC and their fake news friends (MSNBC, Fox, CNN, BBC et al.) rapidly introduced a new popular
phrase in the English language – COVID-19 new normal. They promote ስድስት mandatory vaccine
certificate passports and social distancing fear paranoia. MK Ultra mind control social norms.

Annexes 1 to 4
You may download the 436 pages version of this book for free in PDF format at:
https://journalistethics.com/nesara/
https://prepareforchange.net/2016/03/08/nesara-the-national-economic-stabilization-and-recovery-act/
SlideShare does not allow this author to upload the attachments onto its platform. You may
also access these attachments direct via these links.
Annex 1 NESARA ‘Folk Lore’ Bill (Circa 1999)
https://www.docdroid.net/O1StJEB/nesara-pdf
Annex 2 Coronavirus Aid Relief Economic Security Act (CARES) Act (2020)
https://www.congress.gov/bill/116th-congress/senate-bill/3548/text?q=product+update
Annex 3 S.2757 - National Economic Security Strategy Act of 2018
https://www.congress.gov/bill/115th-congress/senate-bill/2757
Annex 4 America’s Constitution
https://www.senate.gov/civics/resources/pdf/US_Constitution-Senate_Publication_103-21.pdf

NESARA
The National Economic Stabilization and Recovery Act
http://nesara.org 1
108th
CONGRESS
2nd
Session
H. R. ________________
(This bill has not yet been introduced into Congress)
To amend the Federal Reserve Act of 1913, as amended; and the Internal Revenue Code of 1939, as
amended; in order to secure for the American people their unalienable right to Life, Liberty, and Property.
IN THE HOUSE OF REPRESENTATIVES
_____________________ for himself, _____________________,
_________________, _________________, _________________,
introduced the following bill; which was referred to the committee on
____________________
A BILL
To amend the Federal Reserve Act to provide for the American people a constitutionally accurate, sound,
safe, and honest medium of exchange; and,
To amend the Internal Revenue Code enacted on February 10, 1939, as amended, to abolish the collection
of revenue based on income and to establish a constitutional tax system within the classes of imposts,
excises and duties;
So that the endeavors of the American people in agriculture, industry and commerce may prosper.
TITLE: NATIONAL ECONOMIC STABILIZATION AND RECOVERY ACT
Be it enacted by the Senate and House of Representatives of the United States of America in Congress
Assembled,

NESARA
http://nesara.org 2
Table of Contents
Purpose.........................................................................................................................................................4
What is wrong with America?...................................................................................................................4
Can We Really “Fix” America? Can One Bill Repair The Damage? .......................................................4
Executive Summary ....................................................................................................................................5
Monetary Policy Reform...........................................................................................................................5
Fiscal Policy Reform.................................................................................................................................5
What NESARA Does Not Immediately Do..............................................................................................5
Detailed Summary–Part I Banking and Monetary Reform....................................................................6
Immediate Relief and Results ...................................................................................................................6
The Federal Reserve System.....................................................................................................................6
Monetary Policy........................................................................................................................................6
Banking .....................................................................................................................................................7
Detailed Summary–Part II National Sales and Use Tax..........................................................................8
Immediate Relief and Results ...................................................................................................................8
The Income Tax ........................................................................................................................................8
Sales and Use Tax .....................................................................................................................................8
Part I. Banking and Monetary Reform...................................................................................................10
Section 1. Definitions..............................................................................................................................10
Section 2. Findings..................................................................................................................................13
Section 3. Congressional Control Of The United States Monetary System............................................14
Section 4. Provisions For United States Currency ..................................................................................14
Section 5. Reformation Of The Federal Reserve System........................................................................18
Section 6. Reformation Of The Federal Reserve Banks..........................................................................21
Section 7. Regulation Of Commercial Banks And Other Financial Institutions.....................................22
Section 8. Excise Tax Imposed On Monetization-Fee Or Interest Income.............................................24
Section 9. Regulation Of The Exchange Value Of Treasury Credit-Notes.............................................25
Section 10. Authorization For Limited Bank Charters............................................................................26
Section 11. Regulation Of Postal Money Orders ....................................................................................26
Section 12. Crime Defined And Punishment Established.......................................................................27
Section 13. All Inconsistent Acts Repealed ............................................................................................27
Part II. National Sales and Use Tax.........................................................................................................28
Section 1. Definitions..............................................................................................................................28
Section 2. Findings..................................................................................................................................30
Section 3. Federal Income Tax Abolished ..............................................................................................31
Section 4. Revision Of The Internal Revenue Service............................................................................32
Section 5. National Sales And Use Tax Imposed....................................................................................32
Section 6. Liability For And Disposition Of The National Sales And Use Tax......................................34
Section 7. Compensation For Tax Policy Changes .................................................................................37
Section 8. Recovery Of Taxes, Penalty, And Interest.............................................................................37
Section 9. Crime Defined And Punishment Established.........................................................................40
Section 10. All Inconsistent Acts Repealed ............................................................................................41
Appendix A ................................................................................................................................................42
Part I. Banking and Monetary Reform Explanation and Details.............................................................42
Appendix B ................................................................................................................................................54
Part II. National Sales and Use Tax Explanation and Details.................................................................54

NESARA
http://nesara.org 3
Appendix C ................................................................................................................................................66
Fair or Equitable?....................................................................................................................................66
Imagine Legislation That… ....................................................................................................................67
Promotes Universal Home Ownership................................................................................................67
Terminates or Drastically Reduces Existing Mortgage Debt..............................................................69
Provides New Banking Rules That Are Equitable To All...................................................................70
Eliminates Federal Income Taxes .......................................................................................................71
Enables Single Parents to Support Their Families ..............................................................................72
Restores Financial Privacy..................................................................................................................73
Restores Inner Cities as Vital Economic Areas...................................................................................74
Improves the Balance of Trade ...........................................................................................................75
Restores High-Paying Productive Jobs ...............................................................................................75
Increases Benefits to Senior Citizens ..................................................................................................76
Doubles the Average Standard of Living............................................................................................77
Eliminates Bank Failures ....................................................................................................................78
Provides 500 Billion Dollars for Infrastructure Projects.....................................................................82
Makes the Public Responsible for Currency Creation ........................................................................83
Eliminates A Trillion Dollars of Public Debt......................................................................................83
Eliminates Inflation.............................................................................................................................84
Benefits Americans with an Unprecedented Economic Boom ...........................................................85
Provides a More Secure Future For All...............................................................................................85

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Purpose
• To provide monetary reform by amending the Federal Reserve Act of 1913.
• To provide fiscal reform by amending the Internal Revenue Code of 1939.
• To secure for the American people their unalienable right to Life, Liberty, and Property.
What is wrong with America?
• The income gap between the rich and poor continues to widen
• Earnings for the poorest fifth of American families rose less than 1% between 1988 and 1998
• Earnings for the richest fifth of American families rose more than 15% between 1988 and 1998
• Income tax preparation costs Americans more than $225 billion and more than 5 billion hours per
year in nonproductive labor
• Social woes and problems continue to escalate
• Income tax laws continue to erode privacy rights
• Asset forfeitures continue to rise due to inequitable monetary policy and tax laws
• The American Dream is quickly disappearing
• Unsound monetary and fiscal policies encourage waste and graft
• Public and private debt continue to rise
• Current banking practices and policies no longer support the people but special interests
• Current monetary and fiscal policy provides no mechanism to stop or defeat inflation
Can We Really “Fix” America?
Can One Bill Repair The Damage?
NESARA will:
• Reduce social inequalities and problems by doubling the average standard of living
• Eliminate trillions of dollars of public and private debt
• Return control of the currency to the public
• Reduces the cost of using public currency
• Provide new banking rules that are equitable and fair to all
• Provide $500 billion of new public works projects
• Replace the income tax with a fair tax
• Improve the balance of trade problems
• Rebuild American industry with high-paying, productive jobs
• Eliminate inflation

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Executive Summary
Monetary Policy Reform
• Establishes three types of United States currency: standard silver coin, standard gold coin and
treasury credit-notes (restores Constitutional currency)
• The United States Treasury buys and cancels all outstanding capital stock of the former Federal
Reserve Banks
• The privately owned Federal Reserve System becomes a public entity, the United States Treasury
Reserve System
• A new Board of Governors of the Treasury Reserve System uses a specific law-mandated plan to
maintain and stabilize the exchange value of the currency
• The new Board assumes all powers and responsibilities of the former Federal Open Market
Committee
• The existing regional Federal Reserve Banks become Treasury Reserve Banks and continue
clearinghouse operations and other bank service functions under the direction of the Office of the
Comptroller of the Currency
• All commercial banks must exchange their income-producing government obligations for treasury
credit-notes (reduces the national debt)
• Only treasury credit-notes may be held as bank reserves
• Fundamental changes are imposed on the repayment of all outstanding fractional reserve loans on
secured property—principal must be repaid before the monetizing-fee is paid (applies retroactively to
existing mortgages reducing private debt)
• A progressive federal excise tax is imposed on the privilege of making commercial loans of currency
for profit
• Commercial financial institutions such as credit unions are provided, subject to some restriction, with
opportunities to operate with fractional reserves
Fiscal Policy Reform
• Amends the existing federal income tax system
• A national retail sales (excise) tax is imposed upon non-exempt retail activities of commerce (21
categories of exemptions covering most necessities of life)
• The Internal Revenue Service is reorganized as the National Tax Service to administer the collection
of the new tax
What NESARA Does Not Immediately Do
• Eliminate all payroll taxes, such as Social Security and Medicare taxes
• Eliminate constitutional excise taxes on regulated activities
• Immediately eliminate the entire national debt
• Immediately halt inflation (the economy needs some response time before inflation will disappear)

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Detailed Summary–Part I Banking and Monetary Reform
Immediate Relief and Results
• Eliminates approximately $1 trillion of the nation’s public debt
• Reduces future private debt by approximately $1 trillion
• Immediately eliminates some private debt, especially for many homeowners
The Federal Reserve System
• The Federal Reserve Act of 1913 is amended
• The Federal Reserve System is abolished and replaced by a new Treasury Reserve System
• Control of the currency is moved from private control of the Fed to public control of Congress and
the new Treasury Reserve System
• Congress sets the standards for the new monetary system but the people create as much or as little
currency as they need
• Functions of the Federal Open Market Committee are transferred to the Board of Governors of the
new Treasury Reserve System
• A new mechanism, the Treasury Reserve Account, is created to provide the Treasury Reserve System
Board of Governors a better method to fine-tune the money supply, effectively eliminating inflation
• The Treasury Reserve System Board of Governors will continue using the previous three mechanisms
for controlling the money supply: 1. Setting reserve requirements. 2. Setting the national discount
rate. 3. Purchasing U.S. Treasury securities on the open market.
• All U.S. Treasury securities purchased by the Treasury Reserve System Board of Governors will be
immediately turned over to the U.S. Treasury and cancelled out of existence.
Monetary Policy
• People are provided with several alternatives for currency
• Constitutional currency is restored
• Currency becomes debt free as the people stop paying interest payments for their use of a public
utility
• Unlike previous policy, the new Treasury Reserve Board is provided one very specific mandate:
maintain a stable currency
• Expansion of the economy is returned to the free market
• Private coinage is encouraged
• Exchange ratios for the various currencies are published at least weekly
• Printing of redeemable gold and silver certificates is allowed
• Postal money orders are made available in denominations of gold and silver coin

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Banking
• Returns the banking industry to serving public interests
• For secured loans, compound interest is outlawed and replaced with a monetization fee
• Provides stricter banking controls by imposing excise taxes to discourage high or runaway
monetization fees
• On secured loans obtained from a fractional reserve bank, principal must be paid in full before the
bank begins collecting its monetization fee
• Eliminates the façade for banking insurance (FDIC)
• Except for fraud and criminal activities, virtually eliminates bank failures
• Banks are prohibited from using as reserves any commercial paper
• Only Treasury credit-notes can be used as bank reserves
• Banks are prohibited from purchasing government issued debt, effectively removing banks from
influencing monetary policy
• Checking accounts against gold and silver deposits are prohibited
• Commingling of funds among the various money accounts without owner’s permission is prohibited
• All currency deposits with banks are general warrant deposits and custody accounts.

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Detailed Summary–Part II National Sales and Use Tax
Immediate Relief and Results
• Workers maintain better control of their earnings
• Production is no longer taxed, just consumption
• Most of the necessities of life are not taxed
• Encourages production thus revitalizing industry in America
• Encourages rebuilding of inner cities
• Discourages wasteful uses of natural resources
• Exposes the true cost of government
• Greatly eliminates the struggle between tax “protesters” and bureaucracy
• Allows the “underground” to resurface and become a viable contribution to production of goods and
services
• Greatly restricts the influence of special interests and lobbyists
The Income Tax
• The Income Tax Act of 1939 is amended
• People need no longer fear the IRS
• Billions of hours of nonproductive labor are eliminated
• Mounds of paper work are eliminated
• The cost of the income tax is no longer hidden and embedded in the cost of doing business and passed
down the chain with the consumer paying the final tab
• Most likely eliminates state income tax plans because state income taxation piggybacks on federal
income taxation
• The IRS is reformed into the National Tax Service
• Volumes of complicated tax code are history
• Eliminates personal income taxes
• Eliminates corporate income taxes
• Eliminates gift taxes and estate taxes
• Eliminates capital gains taxes
Sales and Use Tax
• Tax rate of 14%
• Government entities are exempt
• Government mandated expenses such as licenses, permits, passports, are exempt
• Sales of bullion, coin and currency are exempt

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• Sales made by or to nonprofit schools are exempt
• Sales of prescription drugs, medical supplies and services are exempt
• Real estate rents and leases are exempt
• Sales of groceries are exempt
• Sales of plants, livestock and fish used in the production of food for human consumption are exempt
• Insurance sales are exempt
• Segregated portions of labor in retail service contracts are exempt
• Incidental or occasional sales such as garage or rummage sales are exempt
• Sales for the purposes of recycling are exempt
• Meals provided by companies at company expense are exempt
• Sales that are nonprofit in nature are exempt

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Part I. Banking and Monetary Reform
Section 1. Definitions
Definitions for terms used in this part are equivalent to those of the United States Constitution and the
Coinage Act of 1792 or are explicitly stipulated below.
Accounting unit dollar: Token dollar; imaginary accounting unit used to denominate United States
currency.
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.
Coin: 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.
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.
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 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 value based 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.
Fiat: A sanction; decree.

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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.
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: Authorized; sanctioned; not contrary to nor forbidden by law; constitutional.
Lawful money: Lawful money of account; specie: silver dollars, eagles.
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.
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 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)
Scrip: Provisional certificate; evidence that the holder or bearer is entitled to receive something.

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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.
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.
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.
Source: Point of origin or creation.
Specie: Coin, usually of silver or gold.
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 pound, Troy = 373.2417216 grams;
• 1 pound, Troy = 12 ounces, Troy;

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• 1 pound, Troy = 5,760 grains;
• 1 ounce, Troy = 480 grains;
• 1 grain = 0.06479891 grams
Section 2. Findings
The Congress finds that —
(1) an excessive debt, both public and private, is the cause of much of this nation’s economic distress.
(2) outdated banking, monetary and fiscal practices, supported by national statutes, codes and regulations,
led to the creation of a large portion of this debt.
(3) the nation’s privately owned central banks of the Federal Reserve System exercise significant control
over the national economy through manipulation of monetary policy.
(4) the private character of the Federal Reserve System was recognized in the Act creating the system
when Congress reserved to itself “[t]he rights to amend, alter, or repeal” the authorizing legislation. (38
Stat. 251, 275)
(5) the reservation of “[t]he right to amend, alter, or repeal” the Act establishing the Federal Reserve
System displays Congressional concern to obviate any possibility that the private parties comprising the
Federal Reserve System might acquire, directly in or through application of the statute, any rights,
powers, privileges or immunities that the courts could later hold were constitutionally immutable.
(6) the federal courts have also recognized that, although the Federal Reserve System may perform
various functions purportedly on behalf of the national government, it is not an agency of the United
States. Lewis v. United States, 680 F.2d 1239, 1240 (9th Cir. 1982)
(7) the Supreme Court of the United States noted in 1896 that “National banks are instrumentalities of the
Federal government, created for a public purpose, and as such necessarily subject to the paramount
authority of the United States.” Davis v. Elmira Savings, 161 U.S. 275
(8) the Board of Governors of the Federal Reserve System and the Federal Open Market Committee were
given a mandate to “maintain long run growth of the monetary and credit aggregates commensurate with
the economy’s long run potential to increase production, so as to promote effectively the goals of
maximum employment, stable prices, and moderate long-term interest rates.”
(9) the performance of the Federal Reserve System, particularly in pursuit of its mandate to “promote
…stable prices and moderate long-term interest rates,” has been considerably less than satisfactory. A
1950 dollar is worth only 18 cents in 1990, losing 82 percent of its value in 40 years.
(10) changes in the economic behavior of the American people, particularly since World War II, have
greatly reduced the ability of the Federal Reserve System to regulate monetary policy.
(11) Federal Reserve System regulators struggle to maintain stability, hampered by conflicting goals and
grossly inadequate monetary tools.

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(12) the authority of Congress to issue irredeemable, legal tender paper currency, or to delegate such a
power, finds no basis in Article I, § 8, cl. 5 of the United States Constitution, which grants Congress the
power “To coin Money, [and] regulate the Value thereof.”
(13) the constitutional power “To borrow Money” found in Article I, § 8, cl. 2 does not authorize
Congress to issue “Bills of Credit” or to delegate such a power.
(14) reconstruction of the national banking and monetary system can begin based on the unquestionably
constitutional premises that:
(a) Congress has the power and duty to provide the nation with a sound monetary system; and,
(b) Congress has the power to borrow money; and,
(c) Congress has no power or privilege to emit bills of credit, nor to delegate such a power; and,
(d) Congress has the power and duty to protect commerce from irresponsible banking practices.
(15) the reform of the current monetary system as outlined in this Act is necessary to ensure the American
people of their unalienable rights to Life, Liberty, and Property, and to provide for them a constitutionally
accurate, sound, safe, and honest medium of exchange.
Section 3. Congressional Control Of The United States Monetary System
(A) The monetary system of the United States shall be under the control of Congress.
(B) It shall be administered within the Department of the Treasury of the United States by the Secretary of
the Treasury and by other government officers.
Section 4. Provisions For United States Currency
(A) Congress hereby directs the Secretary of the Treasury to authorize the production and immediate
distribution of United States Treasury credit-notes, denominated in 1, 5, 10, 20, 50, and 100-token dollar
units, in sufficient quantity to replace all outstanding United States legal tender paper currency of every
type.
(B) The following characteristics, among others, define the United States Treasury credit-notes:
(1) paper document denominated in token dollars
(2) an obligation of the United States
(3) created by authorization of the United States Congress
(4) issued by the United States Treasury bearing no interest
(5) placed in circulation through voluntary acceptance

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(6) designed to circulate as money
(7) irredeemable in specie
(8) having exchange value
(9) having limited legal-tender character
(C) Congress hereby declares that, from the date of passage of this Act, United States Treasury credit-
notes are legal-tender for all debts—public, private, and personal—where such debts are not explicitly
stated and understood by the parties involved to be dischargeable in some other stipulated medium of
exchange.
(D) All existing forms of United States legal tender paper currency of whatever type, denominated in
dollars and produced on or before the date of passage of this Act, are exchangeable or replaceable at a
face value of one for one for the new United States Treasury credit-notes. Federal Reserve Notes,
National Bank Notes, and State Bank Notes will no longer be printed.
(E) Congress hereby directs the Secretary of the Treasury to authorize the production of standard silver
and gold coins from the following sources:
(1) coinage at the public mints of all government-owned silver and gold bullion except for minimum
amounts which may be required under the Strategic and Critical Materials Stock Piling Act (50 USC
98 et seq.); and,
(2) coinage at the public mints of silver and gold bullion acquired on the world market by the
Secretary of the Treasury at not more than the then current average world price; and,
(3) unlimited coinage at the national mints of privately owned bullion; and,
(4) encouragement of private coinage.
(F) Congress hereby directs the Secretary of the Treasury, under Article I, § 8, cl. 5 of the United States
Constitution, to establish and implement procedures and necessary regulations to encourage each of these
sources to its maximum extent.
(G) United States Coinage
(1) The standard unit of the domestic monetary system shall be a lawful United States constitutional
silver dollar coin, containing 371 and 1/4 grains of silver, as construed in the United States
Constitution and the Coinage Act of 1792. The Secretary of the Treasury shall provide for the minting
of 1, 1/2, 1/4, and 1/10-dollar pieces, containing weights of silver in these exact proportions to the
standard silver dollar.
(2) The Secretary of the Treasury shall provide for the minting of standard gold coins. A standard
gold coin, called the eagle, will contain 1 troy ounce of gold. The Secretary of the Treasury may, by
discretion, provide for companion-pieces containing 1/10 troy ounce of gold, the 1/10 eagle; and 1/4
troy ounce of gold, the 1/4 eagle; and 1/2 troy ounce of gold, the 1/2 eagle.

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(3) Despite any other provision of law, the Secretary of the Treasury shall provide for the minting and
issuance of standard gold and standard silver coins of the following character:
(a) consist of an alloy of —
(i) the specified weight of the precious metal; plus
(ii) other metal, weighing not more than 1/10 of the total weight of the coin, included to
increase the coin durability;
(b) a silver dollar will contain 371 and 1/4 grains of silver, being a minimum of 90 percent silver
by weight, with the 1/2, 1/4, and 1/10dollar pieces containing weights of silver in exact
proportions to the standard dollar;
(c) an eagle will contain 1 troy ounce of gold, being a minimum of 90 percent gold by weight,
with 1/2, 1/4, and 1/10eagle pieces containing weights of gold in exact proportions to the standard
eagle;
(d) have a standardized design which remains unchanged for thirty years —
(i) symbolic of Liberty on the obverse side; and
(ii) of an eagle on the reverse side;
(e) have inscriptions —
(i) indicating denomination, such as “One-half Dollar” or “One Eagle”; and
(ii) actual type and weight of precious metal content, such as “371 & 1/4 Grains Silver” or
“One Troy Ounce Gold”; and
(iii) “Liberty”; and
(iv) “United States of America”;
(f) are marked —
(i) to identify the mint of origin; and
(ii) with the first year of the decade of minting or issuance;
(g) all standard silver coin will have a twelve-sided polygon design with reeded edges;
(h) all standard gold coin will have a sixteen-sided polygon design with reeded edges;
(4) To compensate for abrasion of the lawful coinage, the “Value” of any particular coin is equal to its
actual weight divided by its specified total weight expressed in appropriate terms of dollars or eagles.

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(5) The Secretary of the Treasury shall immediately open the public mints to unlimited coinage of
both metals, levying a charge, denominated in treasury credit-note dollars, for seigniorage at the
minimum level necessary to fund the mints’ operations.
(6) The Secretary of the Treasury shall determine and publish at least weekly, but more often if he
deems necessary, the exchange-ratios between —
(a) a treasury credit-note dollar and a United States standard silver dollar and
(b) a treasury credit-note dollar and a United States eagle,
such ratios being calculated by adding the current average world market price, denominated in
treasury credit-note dollars, for the bullion equivalent weight of the standard coin to the mint
seigniorage charge to produce a standard coin.
(7) All existing laws or regulations authorizing governmental seizure of precious metals for monetary
policy purposes or prohibiting the recovery and use of the bullion content of lawful coins are hereby
repealed.
(H) Private Coinage
(1) As part of the duty, under Article I, § 8, cl. 5 of the United States Constitution, to supply the
country with an adequate coinage, Congress requires the Secretary of the Treasury to, upon request of
United States wholly owned and operated private mints, have prepared and make available at cost,
dies for the minting of standard silver and gold coin of the United States.
(2) The Secretary of the Treasury is hereby directed to create, subject to the approval of Congress, the
necessary policies, procedures and regulations to ensure that the quality of standard silver and gold
coinage produced by private parties equals or exceeds the public standard. Any penalties provided
will apply equally to officers of the public mints.
(I) The Secretary of the Treasury may issue silver and gold certificates, denominated in dollars and
eagles, respectively.
(1) The silver series shall include 1, 5, and 10-Dollar Silver Certificates of the following character:
(a) They are printed on a distinctive paper of silver color.
(b) They have inscriptions —
(i) “United States of America”; and
(ii) “In God We Trust”; and
(iii) indicating year of issue; and
(iv) indicating denomination, such as “Five Dollar Silver Certificate”; and

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(v) indicating promise of redemption, such as “The United States Treasury will pay face
value to the bearer on demand in standard silver dollar coin.”
(2) The gold series may include 1, 5, and 10-Eagle Certificates of the following character:
(a) They are printed on a distinctive paper of gold color.
(b) They have inscriptions —
(i) “United States of America”; and
(ii) “In God We Trust”; and
(iii) indicating year of issue; and
(iv) indicating denomination, such as “Ten Eagle Certificate”; and
(v) indicating promise of redemption, such as “The United States Treasury will pay face
value to the bearer on demand in standard gold coin.”
(3) These certificates shall represent only standard coined silver and gold actually on deposit with the
United States Treasury, or with designated Treasury agents, and must be redeemed on demand.
(4) Any failure to redeem silver certificates or gold certificates issued under the provisions of this Act
upon any demand
(i) shall cause an immediate audit by two independent qualified public auditors at the expense of
the Treasury and
(ii) will be prima facie cause for the removal of the Secretary of the Treasury.
(J) All accounts of record of all monetary transactions of whatever type, subject to the jurisdiction of the
United States, are hereby required to show the form or forms of currency used. The use of the term
“dollar” or the symbol “$” without other qualifiers will designate United States Treasury credit-notes or
its subdivisions such as clad token coins and subsidiary token coins of base alloys. The terms “silver
dollar,” “silver $,” “dollars silver” or “$ silver” without other qualifiers will designate standard silver
dollar coin containing 371 and 1/4 grains of silver and its appropriate subdivisions. The term “eagle”
without other qualifiers will designate standard gold coin containing 1 troy ounce of gold and its
appropriate subdivisions.
Section 5. Reformation Of The Federal Reserve System
(A) The Federal Reserve Act of 1913, as amended, is hereby further amended, as per its provisions for the
dissolution of and recovery of assets of the Federal Reserve System.
(B) Administration of the Federal Reserve System is hereby vested in the United States Treasury in a new
department of the Treasury, hereby established and called the United States Treasury Reserve System or
by the short title of Treasury Reserve System.

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(C) A Board of Governors of the Treasury Reserve System is hereby established and charged with the
administration of the Treasury Reserve System, to exercise all powers and duties granted within the
provisions of this Act and those powers and duties, some of which are subject to modifications by this
Act, previously specifically granted to the Board of Governors and to the Federal Open Market
Committee of the Federal Reserve System. This Board will consist of thirteen officers including a
Director of the Board plus one Governor of the Board from each of the existing twelve Federal Reserve
Bank Districts, hereafter called United States Treasury Reserve Districts.
(1) All officers of the Board of Governors of the Treasury Reserve System will be appointed by the
President of the United States with the advice and consent of the Senate, the initial selection of all
thirteen officers commencing with the passage of this Act and following the guidelines set forth
herein. Selection shall be made without discrimination because of race, creed, color, sex, or national
origin. No individual who is or has been a Senator or Representative in Congress shall be an officer of
the Board of Governors of the Treasury Reserve System.
(2) The officer who serves as Director of the Board of Governors of the Treasury Reserve System:
(a) shall be a United States citizen; and,
(b) shall be selected from the nation at large; and,
(c) shall be a person of tested banking or economic experience; and,
(d) shall receive a salary equivalent in amount to the salary of a member of the United States
Senate; and,
(e) shall maintain an office within the District of Columbia; and,
(f) shall have no specific term of office, being replaced at the pleasure of the President of the
United States with the advice and consent of the Senate.
(3) Each officer who serves as a Governor on the Board of Governors of the Treasury Reserve
System:
(a) shall be a United States citizen; and,
(b) shall have been a resident for at least two years of the Treasury Reserve District which they
represent; and,
(c) shall be actively engaged in their Treasury Reserve District in commerce, agriculture, the
medical arts, education, industry, services, or consumer or labor affairs; and,
(d) shall not at the time of their selection, nor at any time during that period of service, be or have
been an officer, director, employee, or a direct stockholder of any bank; and,
(e) shall not have held State elected or appointed office; and,

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(f) shall not be an Officer of the Court, a Member of the American Bar Association, nor a
practicing Attorney; and,
(g) shall maintain an office within the Treasury Reserve District which they represent; and,
(h) shall receive a salary equivalent to the salary of a member of the United States House of
Representatives; and,
(i) shall, on good behavior, serve a minimum term of four years, being replaceable at the pleasure
of the President of the United States with the advice and consent of the Senate except that, after
initial selection of all thirteen officers, no more than four of the twelve Governors may be
replaced in any one four-year period or in any one presidential term of office.
(4) A Lieutenant Governor will be selected for each of the twelve Treasury Reserve District Offices
in the same manner and under the same guidelines as are Governors except that, after the initial
selection, more than four new selections for that office are permitted in any one presidential term
when the purpose of each additional selection is to fill an office which becomes vacant. Each
Lieutenant Governor—
(a) shall receive a salary equivalent in amount to 85 percent of the salary of a member of the
United States House of Representatives; and,
(b) shall assume the powers, responsibilities, duties and salary of the Office of the Treasury
Reserve District Governor upon the resignation or during any period of incapacity of the
Governor of the District or in the event that the holder of that office is convicted of a felony.
(5) All officers of the Board of Governors of the Treasury Reserve System will receive their written
Delegations of Authority from and be sworn into office by the Secretary of the Treasury.
(6) All officers of the Board of Governors of the Treasury Reserve System are hereby charged to
administer the affairs of the nation’s monetary system with the sole purpose of maintaining a long-
term, stable exchange value for United States Treasury credit-notes.
(a) All actions undertaken by the Board will require an affirmative vote, recorded as part of the
public record in the District of Columbia Office of the Director of the Board of Governors, by
nine of the thirteen officers.
(b) The officers need not be physically present in order to cast their vote.
(D) A Treasury Reserve Account which will be administered at the sole discretion of the Board of
Governors of the Treasury Reserve System is hereby established.
(E) The Federal Open Market Committee of the existing Federal Reserve System is hereby abolished, its
powers and responsibilities being transferred to the Board of Governors of the Treasury Reserve System.
(F) All rights, titles, properties, interests, and every claim of the Board of Governors of the Federal
Reserve, of all Federal Reserve Banks, of all member banks, of all Federal Reserve agents, and of all
individuals, in and upon the Federal Reserve System is hereby transferred to and vested in the United

NESARA
States Government to be held in and administered by the United States Treasury under the Treasury
Reserve System.
Section 6. Reformation Of The Federal Reserve Banks
(A) The word “Federal” within the titles of the twelve existing Federal Reserve Banks is hereby changed
to “United States Treasury” as “Federal Reserve Bank of New York” becomes “United States Treasury
Reserve Bank of New York.”
(B) At the written request of the Board of Governors of the Treasury Reserve System, the Secretary of the
Treasury is hereby directed to authorize the production of United States Treasury credit-notes for the
Treasury Reserve Account in sufficient quantity to complete the exchanges or replacements specified by
this Act. On request of the Board of Governors or at the discretion of the Secretary of the Treasury,
treasury credit-notes may be produced in any desired denominations larger than $100.00 provided that
their use is restricted to the Treasury Reserve Banks, the Treasury Reserve Account, and the General
Account of the United States Treasury.
(C) All securities, notes, bonds or other evidences of indebtedness, whatever the source, type or issue,
held by the twelve United States Treasury Reserve Banks shall be delivered to the Office of the Director
of the Board of Governors of the Treasury Reserve System and exchanged for United States Treasury
credit-notes from the Treasury Reserve Account at an equivalent face value of one for one. These credit-
notes may be used for the ordinary operating expenses of the Treasury Reserve Banks.
(D) All evidences of indebtedness and obligations of the United States other than United States Treasury
credit-notes, whatever the type or issue, received in the Office of the Director of the Treasury Reserve
Board of Governors will be delivered to the Secretary of the Treasury whereupon they shall be canceled
out of existence.
(E) All United States Treasury Reserve Banks are hereby declared to be Treasury agents. The Secretary of
the Treasury shall distribute the standard gold and silver coin of the United States among the twelve
Treasury Reserve Banks as it becomes available to the Treasury. Any individual may trade treasury
credit-notes for standard gold and silver coin at any Treasury Reserve Bank at the current exchange-ratio
on an as available basis.
(F) United States Treasury Reserve Banks shall continue their normal operations under the Office of the
Comptroller of the Currency except that they are prohibited from purchasing or holding for their own
account income-producing obligations of the United States or those of other nations. This Act does not
change their present clearinghouse functions.
(G) The Office of the Comptroller of the Currency is hereby directed to revise or create, subject to the
provisions of this Act and the approval of Congress, the necessary policies, procedures and regulations to
promote the normal operation of the United States Treasury Reserve Banks. Fees charged for
clearinghouse functions and other such banking services at all Treasury Reserve Banks will be uniform
and approved by the Comptroller of the Currency. Treasury Reserve Banks shall not issue checks against
nor otherwise make dispersals from accounts which contain no funds.

NESARA
Section 7. Regulation Of Commercial Banks And Other Financial Institutions
(A) All persons and every national banking association holding capital stock in former Federal Reserve
Banks are hereby required to deliver that stock to the Office of the Director of the Board of Governors of
the Treasury Reserve System. A compensation of one-hundred dollars ($100) plus one-half of 1 percent
per month from the period of last dividend, if earned, will be paid from the Treasury Reserve Account in
United States Treasury credit-notes for each share. All stock in former Federal Reserve Banks is hereby
canceled, declared irredeemable 90 days after this Act becomes law.
(B) All securities, notes, bonds or other evidences of indebtedness or obligations of the United States
other than United States Treasury credit-notes, whatever the type or issue, held by any bank subject to the
jurisdiction of the United States, whether as bank reserves or for the banks’ investment account, shall be
delivered to its district’s Treasury Reserve Bank which will forward them to the Office of the Director of
the Board of Governors of the Treasury Reserve System. They will be exchanged at a face value of one
for one, plus earnings, if any, current to the date this Act becomes law, for United States Treasury credit-
notes. The banks may receive compensation on a dollar for dollar basis from their District Treasury
Reserve Bank in treasury credit-notes or as a deposit to a Treasury Reserve Bank account in their name.
(C) Every bank subject to the jurisdiction of the United States is hereby prohibited from purchasing or
holding for their own investment account income-producing obligations of the United States, such as
Treasury bills, bonds, certificates, or notes, or those of other nations. Only United States Treasury credit-
notes will be counted as bank reserves.
(D) No financial institution under the jurisdiction of the United States making commercial loans of
currency for profit may grant a loan to any person, or to members of their immediate family, while that
person is a director, officer or employee of that financial institution nor shall a financial institution grant a
loan to itself.
(E) All financial institutions shall maintain separate accounts of record based on currency type. The form
of currency used in any account of record will determine whether that account is an eagle (gold) account,
a silver dollar account, or a credit-note dollar account. One type of account of record will not be
commingled with another type of account of record. No funds of any type of account will be converted to
funds of another type of account without written authorization of the owner of the funds indicating the
owner’s agreement to a specific exchange-ratio.
(F) All tenders in repayment, which have been previously made or which are made on any secured loans
outstanding on or made after the date of passage of this Act with any financial institution making such
loans on a fractional reserve basis, will be credited to repayment of the loan principal prior to any credits
being applied to any monetization-fee on that loan.
(1) The repayment rate for each loan will be calculated as:

NESARA
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rb
r
m
rf
r
m
r
m
r
LCnMC
LRM
R
f
nRC
R
f
R
n
n
nf
R
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=
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+=
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=
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2
where:
Rr = repayment rate, $ per $ per month
n = number of equal payments, months
fm = bank monetizing-fee per month, expressed as a decimal
Cf = cost factor for the loan
L = amount of the loan
Mb = base monthly payment
Cb = base cost for the loan
(2) The requirement for bank reserves for the conversion of loans outstanding on the date of passage
of this Act is hereby eliminated.
(3) Compound monetization-fees or charges on monetization-fees earned are prohibited.
(4) A service charge may be imposed by the lender for each tender in payment recorded, retroactively
and on future tenders in payment, provided it does not exceed a total or 25 dollars monthly for any
one loan and the total service charges for any one converted loan do not exceed 50% of the savings to
the borrower.
(5) All new secured loans made on a fractional reserve basis may —
(a) be subject to a maximum origination fee of 50 dollars or 1 percent of the principal loan
amount, whichever is greater; and,
(b) be issued with a prepayment of discount points up to a maximum of 5 percent of the principal
amount of the loan, the allowed maximum being proportionally decreased at the rate of 1 percent
for each 1 percent increase in the loan interest rate above 7 percent.
(G) Commercial banks may open and maintain accounts for their customers in any type of currency if:
(1) the accounts are kept segregated by currency type; and,

NESARA
(2) they retain as reserve 100 percent of the deposited standard gold or silver coin or its equivalent in
Treasury gold or silver certificates; and,
(3) all gold and silver accounts are custody accounts only, the ownership of the funds deposited
remaining vested in the depositor; and,
(4) checkable accounts or travelers checks on gold accounts or silver accounts are not allowed;
however, gold or silver funds on deposit may be transferred between like accounts within a bank or
between like accounts of different banks within banking systems by a Lawful Money Bank Transfer
Order properly authorized by the owner of the funds; and,
(5) all credit-note dollar accounts are general warrant deposits; and,
(6) all demand credit-note dollar accounts are custody accounts only; and,
(7) any other type of credit-note dollar account, where the deposited funds are considered loans to the
bank, require written agreement by each depositor acknowledging the loan.
(H) No bank may advertise itself as a “full service bank” if it fails to offer its customers choices of gold
accounts, silver accounts, and treasury credit-note accounts.
(I) In case of a bank failure or closing, regardless of the reason, the holders of gold and silver accounts
will have immediate preferential treatment in the return of their deposits or a settlement of equal value.
(J) The Office of the Comptroller of the Currency is hereby directed to revise or create, subject to the
provisions of this Act and the approval of Congress, the necessary policies, procedures and regulations to
regulate the service operations of all banks subject to the jurisdiction of the United States.
Section 8. Excise Tax Imposed On Monetization-Fee Or Interest Income
(A) An excise tax is hereby imposed on the monetization-fee or interest income of all financial
institutions or persons, subject to the jurisdiction of the United States, who make commercial loans of
currency for profit. The amount of the excise tax is calculated upon the annualized rate of the
monetization-fee or interest:
(1) For loans secured with physical property —
(a) No excise tax imposed on income received at rates less than 5 percent; plus,
(b) An excise tax of 10 percent on the portion of income received at rates between 5 percent and
12 percent; plus,
(c) An excise tax of 20 percent on the portion of income received at rates exceeding 12 percent.
(2) For unsecured loans —
(a) No excise tax imposed on income received at rates less than 10 percent; plus,

NESARA
(b) An excise tax of 20 percent on the portion of income received at rates between 10 percent and
20 percent; plus,
(c) An excise tax of 40 percent on the portion of income received at rates exceeding 20 percent.
(B) The excise taxes hereby imposed will be deposited within three working days of receipt of that
income with any authorized federal depository which will transfer these funds to the Treasury Reserve
Account.
Section 9. Regulation Of The Exchange Value Of Treasury Credit-Notes
(A) The Office of the Comptroller of the Currency will establish a method for calculating and publish at
least weekly a United States Treasury Credit-Note Exchange-Value Index which will track the exchange
value of treasury credit-notes against a composite list of not less than 12 nor more than 24 commonly
traded items, including labor rates, rents, cost of professional services and basic commodities, excluding
gold and silver. The initial list will be prepared by the Comptroller of the Currency with the approval of
Congress and, once approved, will not be changed more than once in any five-year period and then only
with the consent of Congress. The exact method used for calculating the Treasury Credit-Note Exchange-
Value Index will remain fixed and will be published as part of the public record. The initial value of the
Treasury Credit-Note Exchange-Value Index will be set at 100.000 as of the date this Act becomes law.
(B) The Board of Governors of the Treasury Reserve System will administer the affairs of the nation’s
monetary system by adjusting the aggregate amount of the nation’s currency and credit to maintain the
Treasury Credit-Note Exchange-Value Index within a range of 97 percent to 103 percent of its initial
value by using four primary regulation tools:
(1) By setting the percentage of reserves required of the commercial banks. Commercial banks will
not be penalized should their reserves fall below the percentage required provided —
(a) the bank grants no new loans for 90 days after any day on which its reserves were below the
requirement; and,
(b) the bank does not call for immediate repayment of any outstanding loans which are
performing within normal limits; and,
(c) the reserves of a commercial bank do not fall below 50 percent of the reserve requirement, at
which point the bank would be declared insolvent.
(2) By setting the national discount interest rate, the interest rate at which commercial banks borrow
funds from Treasury Reserve Banks.
(a) Commercial banks may obtain loans from their district Treasury Reserve Bank at the national
discount interest rate in exchange for their best acceptable commercial paper.
(b) District Treasury Reserve Banks may obtain funds for these loans from the Treasury Reserve
Account, paying that account one-half of the interest income earned as a fee for using these funds.
(3) By purchasing income-producing United States Treasury obligations in the open market.

NESARA
(4) And by impounding funds within the Treasury Reserve Account or by transferring funds from the
Treasury Reserve Account to the General Account of the United States Treasury or by depositing
funds with commercial banks. All funds within the Treasury Reserve Account are maintained
separately from all other United States Treasury funds and may not be transferred, appropriated or
expended by the United States Treasury except at the sole discretion of the Board of Governors of the
Treasury Reserve System.
Section 10. Authorization For Limited Bank Charters
(A) Currently operating financial institutions such as credit unions may obtain charters as limited national
banks to operate on a fractional reserve basis to grant loans within the local community if they —
(1) apply to the Office of the Comptroller of the Currency; and,
(2) meet the financial requirements imposed on commercial banks and the necessary policies,
procedures and regulations imposed by the Office of the Comptroller of the Currency; and,
(3) have a paid-up capital of at least five million dollars; and,
(4) grant, under these limited operating provisions, only loans secured by physical property.
(B) To meet the provisions of this section and to increase efficiency, several financial institutions located
within a Treasury Reserve District may, at their request, be combined into a single organization or they
may be allowed to operate in partnership with an existing bank.
Section 11. Regulation Of Postal Money Orders
(A) To meet the currency provisions of this Act, postal money orders will hereafter be issued in three
types denominated in —
(1) silver dollars in the standard currency units of 1, 1/2, 1/4, and 1/10 dollar, each with an aggregate
maximum limit of 1,000 silver dollars; and,
(2) eagles in integer units, no fraction of an eagle being allowed, each with a maximum limit of 10
eagles; and,
(3) any appropriate amount of treasury credit-note dollars with a maximum limit of 1,000 dollars
each.
(B) Postal money order blanks shall have distinctive color and markings for each of the three types of
standard currency, those to be denominated in standard silver or gold coin being similar in appearance to
their respective silver certificates and gold certificates.
(C) Postal money orders shall be issued only for the type and amount of currency actually tendered.
(D) The fee for issuing any postal money order shall be one dollar.

NESARA
(E) Except in unusual circumstances, postal money orders shall be redeemable in the designated currency
at any United States Post Office within the jurisdiction of the United States within three working days of
their submittal for exchange.
Section 12. Crime Defined And Punishment Established
(A) Any person convicted of willfully violating the monetary and fiscal responsibility provisions of this
Act resulting in aggregate losses exceeding 5,000 dollars in any 12-month period shall be deemed guilty
of a felony and shall be subject, on each conviction, to a fine not exceeding 5,000 dollars, or a term of
imprisonment of not more than 5 years, or both.
(B) Any person convicted of any willful violation of this Act that results in the production or circulation
of substandard silver or gold coin shall be deemed guilty of a felony and shall be subject on each
conviction to a fine not exceeding 10,000 dollars, or a term of imprisonment of not more than 20 years, or
both.
(C) Any person providing information leading to the conviction of one or more individuals for the
violation of any provisions of this Act shall be paid from the United States Treasury the sum of 10 eagles.
(D) Any person who is not paid from the United States Treasury lawful money on demand for United
States Silver Certificates or for United States Eagle Certificates according to the provisions of this Act
shall be paid from the Treasury the sum of 5 eagles.
Section 13. All Inconsistent Acts Repealed
(A) All Acts or parts of Acts inconsistent with the provisions of this part are hereby repealed.

NESARA
Part II. National Sales and Use Tax
Section 1. Definitions
Definitions for terms used in this part are equivalent to those of the United States Constitution or are
explicitly stipulated below.
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: 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.
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.
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.

NESARA
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.
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.
Primary sales of commercial securities: The original sale or transfer of a commercial security for the
exclusive benefit of the issuer.
Private property: Everything subject to ownership, not denominated as real estate; a person’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 name, image, endorsements,
annuities, stocks, shares, patents, copyrights, etc.
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.
Property: Everything that is the subject of ownership, corporeal or incorporeal, tangible or intangible,
visible or invisible, real, private or personal.
Property rights: Any type of right to specific property.
Purchase: The transfer of property or property rights from one person to another by voluntary act or
agreement in exchange for a valuable consideration.
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.
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.
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.
Retail sale: All sales other than wholesale sales.
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—

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