NESARA in 2024: Understanding the Controversial Economic Reform Proposal
NESARA, or the National Economic Security and Recovery Act, is a set of proposed economic reforms for the United States that gained attention in the 1990s [1]. Initially suggested by private citizen Harvey Francis Barnard, the proposals included replacing the income tax with a national sales tax, abolishing compound interest on secured loans, and returning to a bimetallic currency [1]. Barnard claimed these reforms would result in 0% inflation and a more stable economy [1]. However, the NESARA proposals were never introduced before Congress [1].
Since the early 2000s, NESARA has evolved into a cult-like conspiracy theory promoted online by Internet personality Shaini Candace Goodwin, also known as "Dove of Oneness" [1]. Goodwin appropriated the NESARA notions without Barnard's consent and claimed that the act was secretly passed with additional provisions as the National Economic Security and Reformation Act and then suppressed by the George W. Bush administration and the Supreme Court [1]. Goodwin's conspiracy emails gained a large following online and were translated into several languages [1].
Adherents to the NESARA theory also began using the name GESARA, or Global Economic Security and Recovery Act [1], to extend the proposed NESARA reforms outside the U.S. and to the rest of the world [1].
Critical Components of NESARA and GESARA
The proposed reforms under NESARA and GESARA typically include: Resetting of gold standards Debt forgiveness for public and private debts Abolition of income tax and introduction of a new sales tax Increased transparency in banking and financial transactions [2]
Public Perception and Misinformation
Due to their secretive and speculative nature, much misinformation surrounds NESARA and GESARA [2]. These theories are often tied to utopian financial scenarios, contributing to their mystery and allure among followers [2].
Legal and Economic Implications
If such reforms were taken seriously, they would have profound legal and economic implications worldwide, disrupting international markets and legal systems [2].
Global Response and Regulatory Issues
The global adoption of such sweeping reforms would require unprecedented cooperation among governments, which is highly unlikely given the current international political climate [2].
Impact on Financial Markets
The supposed reforms could lead to significant upheavals in global financial markets, affecting currencies, stock markets, and international trade [2].
Influence on National Sovereignty
Implementing GESARA could infringe on national sovereignty, requiring nations to cede significant control over their economic policies [2].
Technological and Administrative Challenges
Implementing such extensive financial reforms would present significant technological and administrative challenges [2].
As of August 17, 2024, NESARA and GESARA remain speculative economic reform proposals without official status or recognition by any government [2].
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