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Could lawful money simply be a legal term for reserve currency of the federal banking system?
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The opposite. US notes cannot be used as a reserve currency.
To piece this together consider that there is a $1K tax deduction available for using coins and US notes. There is no designation of Federal Reserve tokens on the coins. -
David, I've heard this $1K talk before. Please provide your source. Thanks.Originally posted by David Merrill View PostComment
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Originally posted by Christopher David View Post
I have been hunting for verification in the US IRC lately. My source is the 1984 Article of my first video:
The reason I am bold enough to utilize the Article is that I have verified all the other citations. The IRC is so extensive that I have never bothered looking through exemptions. I gave it a shot on the coins forum. The closest I got to any verification was:Anyone who uses private credit -- e.g., bank accounts, credit cards, mortgages, etc. -- voluntarily plugs himself into the system and obligates himself to file. A taxpayer is allowed to claim a $1000 personal deduction when filing his return. The average taxpayer in the course of a year uses United States coins in vending machines, parking meters, small change, etc., and this public money must be deducted when computing the charge for using private credit.
David Merrill: It is a law that would be used by the taxpayer while filling out the 1040 Form, agreed. Thank you. Can you tell me where in the volumes of Title 26 it can be found?there are laws on the books that aren't used this is one of those laws as simple as that
I might shop for a tax consultant forum and will try starting thread on Quatloos but you know how they are... However, I continue there because they do teach a lot through all the hatred and fear. From A Course in Miracles (ACIM) - To Have Peace - Teach Peace to Learn It; The Lessons of the Holy Spirit; Chapter 6 - The Lessons of Love p. 107. A psychotomimetic drug-induced (Bill THETFORD for MKULTRA) Jesus CHRIST speaking:
From 1971 to 1978 Thetford, along with David Saunders, headed the CIA mind control Project MKULTRA Subproject 130: Personality Theory.Accordingly I am on the fast track over at Quatloos!Accordingly, the Holy Spirit's first lesson was "To have, give all to all." 3 I said that this is apt to increase conflict temporarily, and we can clarify this still further now. 4 At this point, the equality of [having] and [being] is not yet perceived. 5 Until it is, [having] appears to be the opposite of [giving.] 6 Therefore, the first lesson seems to contain a contradiction, since it is being learned by a conflicted mind. 7 This means conflicting motivation, and so the lesson cannot be learned consistently as yet. 8 Further, the mind of the learner projects its own conflict, and thus does not perceive consistency in the minds of others, making him suspicious of their motivation. 9 This is the real reason why, in many respects, the first lesson is the hardest to learn. 10 Still strongly aware of the ego in yourself, and responding primarily to the ego in others, you are being taught to react to both as if what you do believe is not true.Comment
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Interesting ... from the website of the Board of Governors of the Federal Reserve System:
What is lawful money? How is it different from legal tender?
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"Lawful money" is a term used in the Federal Reserve Act, the act that authorizes the Board of Governors of the Federal Reserve System to issue Federal Reserve notes. The Act states that Federal Reserve 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." The Act did not, however, define the term "lawful money," but up until 1913, the only currency issued by the United States that was legally recognized as "lawful money" was various issues of "demand notes" (subsequently known as "old demand notes") and "United States notes" authorized by Congress during the Civil War.
At the time, some currency was not considered legal tender, although it could be used by national banking associations as "lawful money reserves." Thus, the term "lawful money" had a broader meaning than the term "legal tender."
In 1933, Congress changed the law so that all U.S. coins and currency (including Federal Reserve notes), regardless of when issued, constitutes "legal tender" for all purposes. Federal and state courts since then have repeatedly held that Federal Reserve notes are also "lawful money." Milam v. U.S., 524 F.2d 629 (9th Cir. 1974), is typical of the federal and state court cases holding that Federal Reserve notes are "lawful money." In Milam, the United States Court of Appeals for the Ninth Circuit reviewed a judgment denying relief to an individual who sought to redeem a $50 Federal Reserve Bank Note in "lawful money." The United States tendered Milam $50 in Federal Reserve notes, but Milam refused the notes, asserting that "lawful money" must be gold or silver. The Ninth Circuit, noting that this matter had been put to rest by the U.S. Supreme Court nearly a century before in the Legal Tender Cases (Juilliard v. Greenman), 110 U.S. 421 (1884), rejected this assertion as frivolous and affirmed the judgment.Comment
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More from the Board of Governors ....
I noticed something else ....Is US currency still backed by gold?
Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….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." Federal Reserve notes have not been redeemable in silver since the 1960s.
The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.
Board of Governors ....
.... is this not similar to how British corporations were setup with the CEO titled governor?
The Governor and Company ?
Almost like a guild ....Last edited by shikamaru; 09-09-12, 10:55 AM.Comment
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Lawful money defined by InvestorWords.com
Any money (coin or paper) that is issued directly by the United States Treasury and not the Federal Reserve System - this includes gold and silver coin, Notes, Bonds, etc.
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More !!
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More !!
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Wow !!!
Now that was educational
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Since there is banknote currency and reserve currency, I'd bet there are two ledgers kept for each one.
Two books ......Comment
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Originally posted by shikamaru View Post
The banknote currency I showed above was retired in 1944 I believe. Since then FRNs are redeemable at any FRB.Comment
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