NESARA

NESARA

The National Economic Security and Recovery Act (NESARA) is a proposed economic reform intended to bring about significant changes in the financial and governmental systems of the United States. Although NESARA has never been enacted into law, it has been the subject of various conspiracy theories and discussions among certain groups.

Overview

NESARA was initially proposed by Harvey Francis Barnard in the 1990s. Barnard's proposal aimed to reform the American economic system by implementing measures such as abolishing compound interest on secured loans, replacing the income tax with a national sales tax, and returning to a bimetallic currency standard.

Key Provisions

The original NESARA proposal included several key provisions:

• Abolition of Compound Interest: The act proposed eliminating compound interest on secured loans, which Barnard believed would alleviate debt burdens on individuals and businesses.
• National Sales Tax: NESARA suggested replacing the federal income tax with a national sales tax, which would simplify the tax system and reduce the burden on taxpayers.
• Currency Reform: The proposal included a return to a bimetallic currency standard, using both gold and silver to back the currency, which was intended to stabilize the economy and prevent inflation.

Legislative History

Despite Barnard's efforts to promote NESARA, the proposal was never introduced to Congress or enacted into law. However, it gained a following among certain groups who believed in its potential to transform the economic system.

Conspiracy Theories

Over time, NESARA became associated with various conspiracy theories. Some proponents claimed that the act had been secretly passed and was being suppressed by powerful interests. These theories often included elements such as:

• Global Financial Reset: The belief that NESARA would lead to a global financial reset, erasing debts and redistributing wealth.
• Suppression by Elites: Claims that powerful elites were preventing the implementation of NESARA to maintain control over the global economy.
• Extraterrestrial Involvement: Some theories even suggested that extraterrestrial beings were involved in the NESARA agenda.

Criticism and Skepticism

Critics of NESARA and its associated conspiracy theories point out the lack of evidence supporting the claims and the impracticality of some of the proposed measures. Economists and financial experts have expressed skepticism about the feasibility of abolishing compound interest and returning to a bimetallic standard.

Also see

• Economic reform
• Conspiracy theories
• Monetary policy
• Taxation in the United States