Hi David,
I have watched both videos. Here's what I understand up to this point, and please correct me if I am wrong. Setting aside the whys and wherefores for now:
We essentially have 2 forms of government: The US Government and the Federal Government.
More like two forms of currency in circulation - US notes (US currency notes) are in limited circulation between the 12 Fed Banks only so that they do not wear out by handling. They are not to be used for a reserve currency so they are inelastic.
Federal Reserve Notes (FRN's) are lawful
elastic money, aka called private credit because the Federal Reserve Banks is privately owned.
It is being elastic that prevents FRN's from being fully lawful money and the law stipulates they may be redeemed in lawful money - US notes.
U.S. Notes (now called U.S. Currency Notes) are lawful
in-elastic money - aka public money because they are issued by the U.S. Government.
Originally Posted by
US v Rickman; 638 F.2d 182
In the exercise of that power Congress has declared that Federal Reserve Notes are legal tender and are redeemable in lawful money.
and
Originally Posted by
US v Ware; 608 F.2d 400
United States notes shall be lawful money, and a legal tender in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt.
Congress has the authority to define money - the courts describe money accurately. However the January 1, 2011 Memorandum to IRS agents mis-applies Rickman so citing this with your Return is no longer wise - as it may not be brought to the attention of an IRS attorney these days.
Fractional reserve banking practices can be applied to elastic money but not to in-elastic money.
Yes. For a better explanation
Click Here.
When I endorse a check with just my signature, that creates a presumption by the Fed/IRS that I understand I am agreeing to use their private credit, and am therefore required to pay income tax on those funds, over and above $1000 per year.
Actually that is $6K I believe, before you are required to file at all. The $1K is an exemption that may still be applied, I don't know, on coinage as lawful money. Understand that the 1984 Author was not aware apparently that the same Demand in Title 12 U.S.C. §411 could be applied to all cash - US notes in the form of FRN's.
So instead of agreeing further, I may endorse checks: "Redeemed in Lawful Money Pursuant to Title 12 U.S.C. Sec. 411, My Name, My Legal Name on Paycheck". This process eliminates income tax liability (but save copies of checks to prove it to the irs at the end of the year) and reduces the national debt.
Is that the gist of this?
Yes. Thank you for sharing first impressions. It helps teach me what people glean from the videos.
Thank you,
earthshake