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Originally Posted by Friendsplacect
David, I truly enjoyed the video. I remember you talking about Public Money in other threads, now I have a better understanding of it. Have you or anyone here tried to exchange Private Money for Public Money at the Bank?
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Yes. Many people are doing this.
Make up a rubber stamp for convenience but simply handwrite the non-endorsement meanwhile.
Someone suggested non-redeemable FRNs instead of non-negotiable FRNs. That makes sense but according to Shoonra, the article about the IRS auditors deeming the stamped paychecks non-taxable events is true.
Negotiable means they can be traded for higher forms of currency (FRNs for USNs). But if you have non-negotiable FRNs, then you are handling USNs in the form of FRNs.
Here's the golden lesson here though folks:
Even if it turns out I am incorrect with the verbiage, you have a right to public money. The Supreme Court says you are entitled to redeem FRNs! Therefore if any judge is deeming that you have not redeemed private credit for public money he begs the question, "Am I entitled to redeem FRNs?"
Well the answer is yes; which begs the question, "Then I am simply doing it incorrectly?"
See? If the attorney wearing the black robe is the custodian of law in the room, then he has already acknowledged you made a good faith effort to redeem private credit. And furthermore he has determined that the rubber stamp does not do that for you.
Now it is encumbent upon him to explain how you did it incorrectly and furthermore why your good faith attempts to do so originally cannot be honored.
Furthermore he must explain why the Fed's presumption that you endorsed private credit should be honored since your very first paycheck ... ever!
See where we are going with this??
Regards,
David Merrill.