The redemption movement consists of supporters of an American conspiracy theory. Redemption theory involves claims that when the U.S. government abandoned the gold standard in 1933, it pledged its citizens as collateral so that it could borrow money. Other theories claim this happened in 1913 with the establishment of the Federal Reserve System. The movement also asserts that common citizens can gain access to funds in secret accounts using obscure procedures and regulations.
According to the theory, the government created a fictitious person (or "straw man") corresponding to each newborn citizen with bank accounts initially holding $630,000. The theory further holds that through obscure procedures under the Uniform Commercial Code, a citizen can "reclaim" the straw man and write checks against its accounts.
There have been many well-publicized convictions of citizens attempting to take advantage of this theory. The Federal Bureau of Investigation (FBI) regards the instructors and promoters of Redemption schemes as fraudsters while the Internal Revenue Service has included the "straw man" claim in its list of frivolous positions that may result in the imposition of a $5,000 penalty when used as the basis for an inaccurate tax return.
Read more about Redemption Movement: Redemption Theory, Legal Status, See Also
Famous quotes containing the words redemption and/or movement:
“Now when these things begin to take place, stand up and raise your heads, because your redemption is drawing near.”
—Bible: New Testament, Luke 21:28.
“What had really caused the women’s movement was the additional years of human life. At the turn of the century women’s life expectancy was forty-six; now it was nearly eighty. Our groping sense that we couldn’t live all those years in terms of motherhood alone was “the problem that had no name.” Realizing that it was not some freakish personal fault but our common problem as women had enabled us to take the first steps to change our lives.”
—Betty Friedan (20th century)