Quote Originally Posted by Richard Earl View Post
Since you are holding and using Federal Reserve Notes, you are holding an advance or credit.

The obligations become many.



When they are redeemed, the obligations remain with the United States and the Federal Reserve banks.
Technically when you redeem your paychecks you reduce the national debt rather than raise it. I like your explanation! It makes it seem so simple to understand. One way I have been saying it is that fully bonded FRNs function like lawful money. The question is whether or not you pledged your own substance during the initial transaction?