06-30-2005, 01:10 AM
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Come and Get Some!
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Join Date: Jun 2005
Location: kingdom of heaven
Posts: 1,562
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Land, US Postal Money Orders & Lawful Money
Without Prejudice.
Last edited by fulltitle : 02-05-2007 at 09:34 PM.
Reason: (better title)
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06-30-2005, 10:22 AM
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Come and Get Some!
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Join Date: Oct 2004
Posts: 1,685
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Quote:
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Originally Posted by fulltitle
A good buddy of mine ... is an old school legal counsel specializing in commercial finance ... was helping a 'religious organization' with commercial loan papers as pertained to their intent to buy land whereupon they were to build a community center and meeting place on.
The interesting thing was that he specifically utilized the term 'lawful money of the United States" and I have seen the term "in U.S. funds" utilized distinctly differently from the other term. However in that same financing agreement, the RO was to make payments ****ONLY**** with UNITED STATES POSTAL MONEY ORDERS.
Also I recalled that he spelled out the state/province/region or w/e as say, for example, "Alabama" rather than "AL". *ahem*
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The PO is part of the UPU (Universal Postal Union)and I believe one reason why they were privatized. It is said, unlike the federal government, that the PO is solvent and the MO are backed by gold & silver. Whether this is true I do not know. I was told at the local PO where I live that PMOs are good forever and never expire, somewhat the same as American Express Travelers Checks. "If" MOs are truly backed by gold, as I have heard, this is a good thing, no, yes?
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06-30-2005, 10:41 AM
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Mental Jujitsu
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Join Date: Oct 2004
Posts: 805
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I can't see how they are backed by gold. They are redeemed in FRN's. If you hold onto them for 10 years, you will not get back a gold standard of value, only FRN's which would have depreciated accordingly. I don't see how they are good forever either. They are only good while the PO exists and is able to redeem them.
My 2 cents,
KT
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06-30-2005, 11:16 AM
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Come and Get Some!
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Join Date: Jun 2005
Location: kingdom of heaven
Posts: 1,562
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Without Prejudice.
Last edited by fulltitle : 02-05-2007 at 09:34 PM.
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06-30-2005, 11:17 AM
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Come and Get Some!
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Join Date: Oct 2004
Posts: 1,685
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Quote:
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Originally Posted by KaosTheory
I can't see how they are backed by gold. They are redeemed in FRN's. If you hold onto them for 10 years, you will not get back a gold standard of value, only FRN's which would have depreciated accordingly. I don't see how they are good forever either. They are only good while the PO exists and is able to redeem them.
My 2 cents,
KT
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I did not say I believe they are backed by gold, but just that is what I have been told. I also agree that they are good as long as the PO exists and I am also alive to cash them. Not trying to be litteral here. LOL |
06-30-2005, 11:24 AM
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Come and Get Some!
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Join Date: Oct 2004
Posts: 1,685
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Quote:
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Originally Posted by Fulltitle
Last I've seen a US Money Order it read "United States Dollars".
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Just checked a couple of MOs I have and sure nuff says "United States Dollars" on it. That is very interesting. |
07-01-2005, 11:02 AM
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Mental Jujitsu
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Join Date: Oct 2004
Posts: 805
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"United States Dollars"......hmmm.....yeah it is interesting.
What if you operated a business that only accepted and operated with "United States Dollars"? Would you need a business license or TIN to operate such a business?
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07-01-2005, 12:44 PM
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Come and Get Some!
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Join Date: Oct 2004
Posts: 1,685
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Quote:
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Originally Posted by KaosTheory
"United States Dollars"......hmmm.....yeah it is interesting.
What if you operated a business that only accepted and operated with "United States Dollars"? Would you need a business license or TIN to operate such a business?
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I have friend that ran a business in California without a TIN or Business License and confronted the local governement about it and was left alone. Yes, it can be done. |
07-02-2005, 11:27 AM
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Mental Jujitsu
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Join Date: Oct 2004
Posts: 805
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Was he using only gold and silver to run his business or FRN's?
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07-02-2005, 03:13 PM
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Unplugged
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Join Date: Oct 2004
Location: Colorado
Posts: 138
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It is my understanding that the postal money order is backed by real gold held in France. If you buy a one dollar u s postage stamp, look at the dollar $ mark. It has two lines through the S not one. That is a real dollar simble and it was originally a U through a S which stood for units silver.
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