Quote:
|
Originally Posted by nralien
Great read free_martha!
I have one question about your article that said:
"Anyone can present Federal Reserve notes to any Federal Reserve bank and demand redemption in public money -- i.e., legal tender United States notes and coins. A Federal Reserve note is a fixed obligation or evidence of indebtedness which pledges redemption (12 USC 411) in public money to the note holder."
Have you ever demanded and recieved United States notes and coins?
nralien
|
Great inquiry! If I may; I have heard they will gladly give you FRNs for your FRNs. The word of art being "legal tender".
In other words, once in cash form, there is no difference between public and private "money". Or maybe more accurately the credit with the Federal Reserve through the bank note/birth certificate manifest in a credit rating; the credit in private money becomes upon endorsement (cash and) public money. Once again the only distinction is endorsement. Your signature makes private money into public money; especially your signature on a loan of any kind.
That is one reason I am so stimulated by the article. I will listen to it a few times more. It makes more sense, "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE". I had not given that latter part, the distinction between public and private much thought.