You are saying there are two pieces of paper...both look similar...One is a Federal Reserve note...the other is a United states note...Both decreed (fiat or by decree) to be legal tender...but according to you one of them...the United States note is also Lawful money...
Ok remedy...
The above conversion of your Federal Reserve notes into United States notes...Not Dollars...IOU's...convert IOU's issued by one source into IOU's issued from another...
Then there is the GOLD is money remedy...Convert your Federal Reserve notes into gold or silver coinage...A very simple operation...visit your local coin dealer...No need to jump through hoops in court or play any other games...
You get a coin that has face value like the notes above and the content of Silver or Gold...unlike the above notes which are paper...
If the face value of the coin fails you then you have the content...On the above notes...If the face value fails you...you are left with content which is paper coated with ink...
Which remedy is better?
I choose the coins constructed out of silver and gold...that's the best remedy.
Coins constructed out of lesser metals are even superior to paper and more useful...
So again I still don't see how your so called remedy is better than the one that already exists...
To attempt to turn people away from the current remedy towards your remedy means that you have something to gain by doing that...
And while I know gold by itself is not money...Gold and silver certainly make better money than United States notes since the vast majority of civilizations used silver and gold as money for 1000's of years...I can find zero evidence that United states notes were used as money by the vast majority of the pre existing civilizations...
As far as I can tell...United States notes were created out of thin air sometime prior to 1900...
"The establishment of the Bureau of Engraving and Printing can be traced as far back as August 29, 1862, to a single room in the basement of the main Treasury building where two men and four women separated and sealed by hand $1 and $2 United States Notes which had been printed by private bank note companies."
United States notes printed up by private banknote companies...
So what you are saying is that to escape a pile of IOU's from a printing press you just exchange them for a pile of IOU's from a printing press...
So far after multiple threads...That's where we still are...
Or you could do like they do over at Gold is Money...convert your Federal reserve notes into Gold and/or silver...
I support the gold is money remedy...It's a proven method...a proven remedy.
and it's simple...
Step One...go to your nearest coin shop...
Step Two...say...hey...see those coins over there Issued by the US Government?...I would like to exchange these Federal Reserve Notes for them...
Ok says the coin dealer...
Step Three...Get your coins and say...Cya, thanks...then go home...
But that's too much fooling around...your method is more simple than that and superior...Right?
It's just that our minds have been conquered and you are having a tough time attempting to punch holes through our thick heads so that your light can penetrate so that we all say...holy cow...I see the light...remedy.
So far you say exchanging one piece of paper for another is remedy...
That's it...You think that is a remedy...I know it is not...That is all I'm pointing out...
Dialogue? About what?
"So there you have it. That is what happens whenever a bank wants to get out of the Federal Reserve system. Just redeem your notes in lawful money - by definition, US notes shall be lawful money. Not FRNs."
United States Code
§ 5103. Legal tender
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
Nothing in there about United states notes...That most likely falls under currency.
"The establishment of the Bureau of Engraving and Printing can be traced as far back as August 29, 1862, to a single room in the basement of the main Treasury building where two men and four women separated and sealed by hand $1 and $2 United States Notes which had been printed by private bank note companies."
It's now a department within the treasury system...And they print the FEDERAL RESERVE Notes...
Now you are saying that all that has to be done is that the US Government either nationalize the FEDERAL RESERVE system or create a new central banking system from scratch and instead of printing Federal Reserve Notes...print United states notes...
There problem solved.
At times, sarcasm can result in misunderstanding. After multiple careful reads of the above (US Notes), I am unable to determine your position with regard to the implementation of sovereign money US Notes denominated in Dollars? I spent the better part of 10 years studying this matter as well, and have naturally reached many of the same conclusions as you. However, I have also concluded that the Dollar is indeed the "Coca-Cola" brand media-of-payment and the property of the United States sovereign. Therefore, my monetary reform proposals include, inter alia, that commercial banks (and the FED) be prevented from issuing dollar denominated liabilities and that the Dollar-brand be re-claimed by the United States. Banks would not be prevented from issuing their own commercial paper liabilities if they so chose, but they would be no different from any other debt instrument ie JPM credits or Citi-credits. Under my plan (the "Big Apple Plan") the Dollar would be a purely liquid asset (without an associated liability); each Dollar unit/token of which would be uniquely identifiable (think of the serial numbers on your Federal Reserve Notes - but expanded to include all Dollars); Legal tender laws would only make the Dollar legal tender for taxes, levies and fees of the government, but would NOT be forcibly accepted in settlement of debts unless agreed to in advance by both parties; Legal Tender for liquidation of debt could be agreed to use any media of exchange provided by mutually consenting parties etc... There's much more. A key element also entails the recognition of a separate Unit-of-Account used only for pricing and accounting -- which I've named Quanta. Quanta is a quantity of energy (one tenth of the reduced Planck energy constant - about the amount of energy represented by a ten-100 watt light bulbs burning for a little more than an hour, or a liter of diesel fuel, or 15 horses working for one hour).
ReplyDeleteKey point, relating to your final paragraph: the actual implementation of the Big Apple Plan is well designed to coincide with the debt deflation "implosion" which you have so well described in your previous posts. More details of my solution are described here:
https://twitter.com/wesfree/moments
Question: were you being sarcastic, or do you think a debt-free US Note, born without interest, is a feasible solution?