JFK tried to strip the Federal Reserve Bank of its power to loan money to the government at interest
The move would have bypassed the Fed by restoring to the government the power and authority to issue currency. Executive Order 11110 gave the US government the ability to create its own money --backed by silver! It just might have put the FED out of business.
Some background and basic economics: to pay it's bills, the US government borrows money from the Federal Reserve Bank of New York. The Federal Reserve Notes are not backed up by anything. 'Silver certificates' issued under the authority of JFKs order would have been backed up by government owned silver. If enough had come into circulation, the government would no longer borrow from the FED to pay its obligations. It would have done so with 'silver certificates' issued by the government itself.
like any other commodity, Federal Reserve notes are subject to the laws of supply and demand. The demand for Federal Reserve notes might have collapsed altogether. The FED itself might have been forced out of business.
Executive Order 11110 could have prevented the national debt from reaching its current level. It would have would have made it possible for the gevernment to repay its debt without having to borrow worthless 'notes' from the Fed and having to repay them later at interest.
Executive Order was never repealed and one wonders why no other President ever bothered to utilize it. Could it have anything to do with the fact that JFKs order had made him very, very unpopular throughout the banking establishment? In fact, JFK was brutally murdered in Dallas just five months after issuing the order. No more silver certificates were issued after his murder.
The following year, silver coins were removed from circulation and replaced with the worthless slugs we now use.