Federal Reserve agents

[RiderOnTheStorm]

Title 12 USC §411 Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.

Seems to me federal reserve notes are for use by Federal Reserve agents to make advances and for no other purpose. If your not a federal reserve agent then what does redeeming them in lawful money do? Shouldn't only federal reserve agents be able to redeem them?

[Michael Joseph]

Title 12 USC §411 Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.

Seems to me federal reserve notes are for use by Federal Reserve agents to make advances and for no other purpose. If your not a federal reserve agent then what does redeeming them in lawful money do? Shouldn't only federal reserve agents be able to redeem them?

To fulfill the law in love we make a DEMAND FOR LAWFUL MONEY - it is the Trustee by and thru his/her/its Agent [Agent for Trustee] that does the Redemption. But on my side of the Teller - I can only make a Demand for lawful money.

A century back gold certificates were issued. See that a Certificate is sort of like a Beneficial Interest. The Certificate was EVIDENCE of Interest. So the BEARER [Unnamed Beneficiary] would present the Certificate to a Trustee and the Trustee would tender the gold being held in Trust. If you stop and think you will see the same operation today in Trust Law. Therefore the Trustee is holding the Property in Trust and the Usufruct is granted to the third party beneficiary.

IN my opinion to say that I redeemed the money is a tort. I can only demand that the money be redeemed per 12USC411. Whether or not that occurs is not up to me.

It is long been established well into antiquity that Agent binds Principal.

shalom,
mj

[RiderOnTheStorm]

How can you make a demand if you're not a federal reserve agent?

[Anthony Joseph]

How can you make a demand if you're not a federal reserve agent?

Why are they in your pocket in you're not a federal reserve agent?

[Michael Joseph]

Sort of a double edged sword - huh? But since they are that might mean one is a "Member Bank" - or in banking practices. And that is a benefit. So in mutual exchange - a benefit must have consideration - one might consider that consideration to be a tax or perhaps even a use fee. FEE being the qualification.

But since FRN's are a DUAL purpose note, I can hold a FRN in substance but its NATURE is a USN in redemption - I only have to make a demand - what happens is not my concern. This all is covered quite nicely here - CLICK ME

and CLICK ME TOO

[ManOntheLand]

Sort of a double edged sword - huh? But since they are that might mean one is a "Member Bank" - or in banking practices. And that is a benefit. So in mutual exchange - a benefit must have consideration - one might consider that consideration to be a tax or perhaps even a use fee. FEE being the qualification.

But since FRN's are a DUAL purpose note, I can hold a FRN in substance but its NATURE is a USN in redemption - I only have to make a demand - what happens is not my concern.

Very well put, MJ!

[RiderOnTheStorm]

Sort of a double edged sword - huh? But since they are that might mean one is a "Member Bank" - or in banking practices. And that is a benefit. So in mutual exchange - a benefit must have consideration - one might consider that consideration to be a tax or perhaps even a use fee. FEE being the qualification.

http://www.richmondfed.org/banking/f...ve_membership/

According to their website you have to meet requirements in order to become a Member bank. You asked why are they in your pocket if you're not a federal reserve agent. How about you tell me what they are doing in your pocket. Just because somebody might have thought you were a federal reserve agent doesn't give you the right to use them for some other purpose (as in buying goods and services) as it says in 12 USC § 411 Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized.

I still don't see what gives you the right to demand anything when you're not a federal reserve bank. only the board of governors or the federal reserve banks can make the demand as they are only meant to be exchanged between them.

[Keith Alan]

Why are they in your pocket in you're not a federal reserve agent?

This brings up a question. I hope you don't mind, but the statute says, for the purpose of making advances to Federal reserve banks through the Federal reserve agents...

How do the advances get to you, without first going through an agent? Holders must be banks, having received them from agents, right?

[David Merrill]

This brings up a question. I hope you don't mind, but the statute says, for the purpose of making advances to Federal reserve banks through the Federal reserve agents...

How do the advances get to you, without first going through an agent? Holders must be banks, having received them from agents, right?

You become a federal reserve agent by endorsement.

Another way to describe that is to accept the ability to lend your money out. Or look at the automobile salesman who is willing to extend you credit... Is he a bank? Of course he is! Are you able to lend out money? Yes, you are. Can you charge interest? Sure! You are a bank.

Can you lend out more money than you actually have? Probably not. However if you have a lot of money to qualify for FDIC.... ??

I don't know. I have never studied into it. I suppose you might find an insurance agent (bottomry/admiralty) who would regulate your risk management, license you and tell you when you are getting dangerous by raising your premiums etc.

[David Merrill]

If you endorse the Fed you behave like an agent.