I wonder how they would catagorize this, it's issued by the Treasury:
http://2.bp.blogspot.com/-OxmvrX1leMo/TcXOKPwDt8I/AAAAAAAAABA/YYDCK2OlUB4/s1600/US_%252524100_United_States_Note_1966.jpg
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Type: Posts; User: Carl
I wonder how they would catagorize this, it's issued by the Treasury:
http://2.bp.blogspot.com/-OxmvrX1leMo/TcXOKPwDt8I/AAAAAAAAABA/YYDCK2OlUB4/s1600/US_%252524100_United_States_Note_1966.jpg
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"Money of Account" may have been used in old France but here we use "unit of account" and that unit of account is a measure in dollars, paid either in Federal Reserve Notes or in Credit Currency.
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I'm reading your words correctly and I'm telling you your phraseology is wrong. My initial post makes no such claim. You're not agreeing with me, you're attempting twist my argument to fit your...
I'm not disputing the term. By law, the Federal Reserve Note is the Money Of Account. Bookkeeping entries are not money and it's the propagation of that damnably fallacious notion that drives...
Sorry but no. The unit of account remains the money (FRNs); bookkeeping merely tracks the flow of that unit of account.
By the way, there is no money in any bank account of any type anywhere...
Interesting question. Whose estate is being held in trust?
Federal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held...
That inverted pyramid is wrong in that gold was made irrelevant to the equation in 1933.
It all rests on the FRN now.
Credit is not money at all, it is simply book keeping entries that banks have finagled into a currency or, medium of exchange.
FRNs are legal tender money, a unit of account and the basis of all...
Will this do?
http://www.lesjones.com/www/images/posts/exter-inverse-pyramid.jpg
No, not the sum total by a long shot. It's just that I'm neither a typist nor a writer and I'm really picky about the words I choose to use and insuring that they are presented within their proper...
I woke up one morning and all the information that I've picked up over the years on this subject had crystallized into what I've presented here, unfortunately, it took me months to write it.
When...
Thanks.
I'm hoping, with your input, we could build a clearer picture of the realities surrounding the "monetary system".
All money is currency but not all currency is money
Fiat Currency:
Section 31 U.S.C. 5103, defines legal tender as "United States coins and currency (including Federal reserve notes and...