Originally Posted by
Freed Gerdes
Actually the Treasury had issued $300 million in 'lawful money' after FDR called in the gold in 1933; the banksters sold half in Europe and kept the profits, Congress spent half of their half, and $300 million in gold (valued at $42/ounce) was retained to back the lawful money. It is inelastic and may not be used for reserves for fractional reserve banking, which is what the Federal Reserve notes are for. So 'lawful money', US Treasury notes, represent value, wealth, while Federal Reserve notes are debt obligations. While the two types of notes circulate concurrently, and trade at par, Treasury notes are 'backed' by gold (not redeemable in gold), while FRN's are backed by a lien on the future labor and income taxes of the US government's 14th Amendment 'citizens.' 12USC Sections 415 and 417 make it clear that FRN's are not 'lawful money'. Since 1938 the courts have tended to interpret history to conveniently suit the Federal government's desire to become a totalitarian state, and to provide confusion so the uninformed citizenry will not figure out the remedy offered by Section 411. Both notes are legal tender, but there is a world of difference between wealth as money and debt as money (debt is the money of slaves). The demand to use lawful money per 12 USC 411 is asking for the $300 million of inelastic currency issued by the US Treasury, not the debt instruments issued by the Federal Reserve.
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