I have always assumed to avoid savings accounts because of their low rates and seemingly counter-productive use of what’s most likely elastic FRNs. As a lawful money redeemer, can we actually use them?
How about other types of accounts like “money market” accounts within investment portfolios, certificates of deposit and treasury bonds?
Can you own these and still maintain your status as a tax exempt lawful money redeemer?
The bank will likely ignore your demand for lawful money.
Make your demand and keep a record of that. When the bank calls and says they do not like the way you signed, go change it to the way the bank likes it. You have proof you made a demand for lawful money. Now you will get the benefits of redeeming lawful money plus interest over time.
The bank makes a profit, over what they pay you in interest by collecting interest on loans.
The Special Deposits are by law to sit in the vault, untouched by anybody but you. Whenever you make a deposit, even after changing the demand on the signature card or electronic deposit authorization, make your demand clear. For example, on the back of your paychecks. Keep copies of both sides. Your bank will probably become used to breaking the law and you will get your interest, as profit and gain. Whenever you withdraw money, make your demand again.
If this feels dishonest to you, that is because it is. Technically if you make a demand then your bank must honor that. But they might close your new checking account if you insist that they cannot lend it out and profit.
From memory Miyamoto Musashi says, in The Book of Five Rings; Timing in Strategy:
- Do not think dishonestly
- The Way is in Training
- Become acquainted with every art
- Learn the ways of every profession
- Distinguish between gain and loss in worldly matters
- Develop intuitive judgment and an understanding for everything
- Perceive those things that cannot be seen
- Pay attention even to trifles
- Do nothing which is of no use
Therefore I propose that with an advanced understanding of lawful money and redemption, you do not endeavor to take advantage of your bank's need to conduct business as usual. We (redeemed) have shut down a credit union chain, costing people jobs. Also a major bank was compelled to shut down trust accounts because, "We do not want to be your Trustee." Meaning they do not rent out vault space.
Regards,
David Merrill.
Yeah, what he said. Make your demand and keep a record of it.
If you're looking to grow your savings, consider buying gold and silver. There are companies that will lease out your metal and pay interest. Added bonus, you're insulated from the collapse of the Federal Reserve dollar. Just keep a little to convert to fine white powder (ask David for recipe). Ask your doctor if this strategy is right for you. But first, ask your chiropractor if asking your doctor is right for you.
Thanks for the good chuckle!Quote:
Originally Posted by marcel
A suitor is looking for a fairly small loan to invest in an Ice Box or two. You know, plugged in out front of convenience stores to buy ice blocks and cubes. Well, they wanted to see his tax returns and then they became curious about the "lawful money redemption".
The suitor called me for any advisement I might have handy. I suggested he send three things, just to show that he knows what he is doing.
- Title 12 USC 411
- Title 31 USC 5115
- Report found at "Fed Assets Current"
These might have been provided from uscode.house.gov but he gathered the pdf printouts and attached them with this report, pointing out Footnote 2, like I often do.
The attorneys requested a deeper explanation why he does it that way. Still keeping it simple, I suggested, "To avoid any tax liability." And he had the idea of including his recent W-4 Form that says EXEMPT from withholdings.
Maybe we will know tomorrow or by Monday. A comment made is that they are going to approve the loan but are hoping for a more thorough explanation about redeeming lawful money sometime soon.