On The Subject Of Private Credit

[Carl]

This is exactly what money of account is: bookkeeping entries in a ledger.

The depositing of one's money into a bank transitions it from money of exchange (FRNs) to money of account (checkbook, ledger, or account entries).

Sorry but no. The unit of account remains the money (FRNs); bookkeeping merely tracks the flow of that unit of account.

By the way, there is no money in any bank account of any type anywhere within the U.S., they are all credited accounts.

Gold coin, silver coin, and copper coins are lawful money
Gold coin, silver coin, copper coins, US Treasury Notes, and US Treasury Bills are lawful tender.

U.S. law and the government's ability to impose its will through the use of force has determined that gold and silver coin are not money, regardless of your sentiments on the subject.

An FRN is a note. It is based on dollars. A dollar is a specified weight and grain of silver and per the Coinage Act of 1792.

The coinage act of 1792 was made irrelevant immaterial and beside the point by the Coinage Act of 1965.

While the FRN may resemble the USD, the USD is not the basis of the FRN. The FRN is a private issue currency.

** I stand corrected: If FRNs can be Redeemed for Dollars then that would indicate that Dollars are the basis of FRNs. However, silver plays no part in it.


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