I follow that clearly. To me, what you are saying is probably an accurate application. - All the way back to the Credit River Money Decision for example. The bank put up no consideration, so your credit was the only consideration.

The birth certificate goes a long way toward your Credit Rating - as it identifies you that way, in the legal name and often TO BE PART OF THE SOCIAL SECURITY SYSTEM WHICH IS A PROPER INCOME TAX.

This all, what you said, creates the illusion that there is an account. After all, they were never giving out these FRN/stock certificates in the Fed for free. Endorsement costs you a Return of Income. And therefore the stock certificates stay ready for redemption if you redeem them. Within the Federal Reserve System FRNs are money. But from without it, FRNs are stock certificates in the Fed.

My impression of Motla68's proposal about the 1099 C Form is that one is skirting about on a border, dancing dangerously on the top of a fence.