What if this man (acting as beneficiary for trustee) signed for each check issued in full LEGAL NAME for cash? What would make the green bills in hand a bond? How would this man (with rights of use as holder) be responsible for paying the principal and interest on that debt money absent an acount (not eligible for lending upon)? Who has signed the notes away as bondage? Not this man. The signature, two forms of govt ID, and thumbprint serves as proof of "to the order of", no? The "value-less" green linen paper can still be exchanged for meat, milk, bread, gas, etc. - the time may come to the contrary.Originally Posted by Rock Anthony;
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IMHO: The demand for lawful money prevents fractional reserve lending. One absent an account who deducts from employee's acount in exchange for green bills is doing the nation a favor. Banks can't lend from the bills stuffed under the mattress. What if every "person" with an account were to close/cancel/stop doing business with bank and demand cash all at once? This would surely make the news. The other day, the bank didn't have enough $100 bills for exchange due to the "holiday" - had to settle for 50s - perhaps more green linen is being stuffed under the mattress these days.
Sad that the paper has come to replace the metal of yesteryear. The linen paper will burn, but is remarkably endurable and will stand the test of time if used in its original intent. Ever been to one of those bars with the green stuff stapled to the walls and ceiling for 20s of years? Try that with newspaper.
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