Is a bank required to have adequate cash (FRN) on hand to cash out a large check?

[lorne]

One hundred & forty thousand dollars, is that for real, Marcel? I think you set a record with that one. Most redeemed lawful money in a transaction - ever.

[David Merrill]

We have a much broader history of redemption Lorne:



Millions of dollars transferred through multiple trust accounts shut the whole chain down. Likely the OCC was on them for not entering the non-endorsements as special deposits.

First they contacted the trustees and told them to quit making claim/demand. When the trustees said they would sign as they felt fit, they shut down the accounts just before closing shop for good.

[marcel]

Yes, my $140k lawful money deposit was "for real." But millions redeemed has me beat. I recall reading here about that closed credit union but cannot find the thread. That's great evidence!

[shikamaru]

Fine then; I am just taking this where my interests lie.



My experience tells me that the real hurdle here is getting insurance for yourself as a member bank. Not becoming one. I have shown many times here an image of how the requirements are very lax, becoming a member bank. I believe simply endorsement of private credit works. But you have to follow all sorts of guidelines from the OCC to be insured against a run on your cash in the mattress, or theft while you go to the grocery...

Here is an idea: why not combine insurance and banking into one entity as far as function?

[David Merrill]

In many ways this is already fractional and reserve banking.

By endorsement you insure that the bills in your wallet will remain without claim to lawful money. You will pass these insurance policies on unclaimed.

[shikamaru]

In many ways this is already fractional and reserve banking.

By endorsement you insure that the bills in your wallet will remain without claim to lawful money. You will pass these insurance policies on unclaimed.

Bills are notices of debt.

Fractional banking is one thing. Reserve banking is something different.

Fractional banking leads to boom and bust cycles of the money supply (and economy).

Reserve banking is 1-to-1. A dollar doesn't go out that isn't linked to some security. Obviously reserve banking is more secure and stable than fractional reserve banking. I'm glad you mentioned reserve banking, thank-you. Reserve banking is soon to go into personal practice ....

Insurance is about risk or rather the transfer and spreading of risk from an individual to a pool of insureds.

[David Merrill]

Bills are notices of debt.

Fractional banking is one thing. Reserve banking is something different.

Fractional banking leads to boom and bust cycles of the money supply (and economy).

Reserve banking is 1-to-1. A dollar doesn't go out that isn't linked to some security. Obviously reserve banking is more secure and stable than fractional reserve banking. I'm glad you mentioned reserve banking, thank-you. Reserve banking is soon to go into personal practice ....

Insurance is about risk or rather the transfer and spreading of risk from an individual to a pool of insureds.

You have me thinking...

Thanks!

Fractional and Reserve banking are different? I would like you to use this comic book by the Fed if it is adequate in detail. I have equated them in my mind and would like to get correct definitions.

[Chex]

All United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditorhttps://parade.com/433394/marilynvos...t-accept-cash/

https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

12 USC 411 of the federal reserve act states in no uncertain terms that federal reserve notes are for advances to federal reserve banks only, and no other purpose. That means you own a bank and are its authorized representative, principle, and owner of a federal reserve bank. https://www.youtube.com/watch?v=vEj4Tq1wsYghttp://www.signoraggio.com/signoragg...wfulmoney.html

https://ru.wikipedia.org/wiki/%D0%A4%D0%B0%D0%B9%D0%BB:US_$20_1929_Federal_Reser ve_Bank_Note.jpgv

https://www.google.com/search?q=the+National+Bank+Note&rlz=1C1CHZL_enUS735US735&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjBxYC_sI3dAhUp5oMKHZo1ADAQ_AUICigB&biw=1366&bih=631

[David Merrill]

All United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditorhttps://parade.com/433394/marilynvos...t-accept-cash/

https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

https://www.youtube.com/watch?reload=9&v=ozTUqkYz8B0

12 USC 411 of the federal reserve act states in no uncertain terms that federal reserve notes are for advances to federal reserve banks only, and no other purpose. That means you own a bank and are its authorized representative, principle, and owner of a federal reserve bank. https://www.youtube.com/watch?v=vEj4Tq1wsYghttp://www.signoraggio.com/signoragg...wfulmoney.html

https://ru.wikipedia.org/wiki/%D0%A4%D0%B0%D0%B9%D0%BB:US_$20_1929_Federal_Reser ve_Bank_Note.jpgv


https://www.google.com/search?q=the+...w=1366&bih=631

Very nice! Pay particular attention to Footnote 4 of this Treatise. I think the paper describes the distinctions between reserve banking and fractional lending. I had lumped them together by 1913. Thanks again for causing me to reconsider.

Now...

Do you consider there to be any distinctions between "member bank" and Federal Reserve Agent?

[Michael Joseph]

All United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditorhttps://parade.com/433394/marilynvos...t-accept-cash/

I think it is time to find a new doctor. As for the one mentioned hereinabove, I would say his services are free, at least to you. Else his firm is in breach of the public trust. A "can I have your business card" should do nicely for a judge to render judgment in your favor - should it come to that. What I mean is one who is registered to make a use of the State and, for that matter, is operating under a license issued by said State in capacity of a Professional Corporation, is naturally subject to the laws of the State. And that is why I relate there is a public trust concern.

A couple years back we were on a trip from North Carolina to Indiana. When I go on such trips I usually carry a minimum of 2500 in cash in case something happens that is unexpected. That year I forgot to change some of the 100's into 20's before I left. Finding that we were almost out of gas in Kentucky we stopped at a large gas station. I told my wife that I would pump the gas if she went in and paid the clerk so it was a deal. I was waiting and waiting and waiting in the cold until finally I got frustrated. I told the children to hang tight and I would be back shortly. So when I went inside, my wife was shaken and the clerk was adamantly demanding that he was not going to take a 100 for gas.

I tried to be humble and peaceful so I told him we were fueling up and most likely it would take around 60 so he should not have any concerns. He just dug in deep and would not move off his position. We had no choice as we don't have credit cards but to pay in the cash that we had. So that clerk got an unwanted education that most likely gave him diarrhea for the rest of the day. I wheeled on him and said so you are intent on breaking the law?, in that case the gas is free - the police will be here shortly to enforce the free gas. So I called the local police department and explained myself.

They got on the phone with the clerk, most likely annoyed, and just like that the clerk accepted the 100 for gas. It is a shame that one must go to such lengths but then again, if one does not stand for one's right, then one has no right. When we got back on the road, my wife asked me "how do you do that?" I responded because God allows me. There is not other answer. And experience has shown me that this is true.

I carry a mobile phone with me in case I need to record a conversation for evidence sake. Let's say that some corporation tried to push me with the argument that FRN's are not money of the United States or some other such non-sense, then that is easily defeated by LEGAL TENDER - therefore non-acceptance is breach of the public trust.

Said doctor-tator is your creditor if services were rendered without payment being first received.

[shikamaru]

12 USC 411 of the federal reserve act states in no uncertain terms that federal reserve notes are for advances to federal reserve banks only, and no other purpose. That means you own a bank and are its authorized representative, principle, and owner of a federal reserve bank.

If we own a bank, why aren't we collecting interest and dividends?

Shadow banking may be in order.

[Chex]

Very nice! Pay particular attention to Footnote 4 of this Treatise. I think the paper describes the distinctions between reserve banking and fractional lending. I had lumped them together by 1913. Thanks again for causing me to reconsider.

Now...

Do you consider there to be any distinctions between "member bank" and Federal Reserve Agent?

[Chex]

If we own a bank, why aren't we collecting interest and dividends? Shadow banking may be in order.

[Chex]

couple years back we were on a trip from North Carolina to Indiana. When I go on such trips I usually carry a minimum of 2500 in cash in case something happens that is unexpected. That year I forgot to change some of the 100's into 20's before I left. Finding that we were almost out of gas in Kentucky we stopped at a large gas station. I told my wife that I would pump the gas if she went in and paid the clerk so it was a deal. I was waiting and waiting and waiting in the cold until finally I got frustrated. I told the children to hang tight and I would be back shortly. So when I went inside, my wife was shaken and the clerk was adamantly demanding that he was not going to take a 100 for gas.

I tried to be humble and peaceful so I told him we were fueling up and most likely it would take around 60 so he should not have any concerns. He just dug in deep and would not move off his position. We had no choice as we don't have credit cards but to pay in the cash that we had. So that clerk got an unwanted education that most likely gave him diarrhea for the rest of the day. I wheeled on him and said so you are intent on breaking the law?, in that case the gas is free - the police will be here shortly to enforce the free gas. So I called the local police department and explained myself.

They got on the phone with the clerk, most likely annoyed, and just like that the clerk accepted the 100 for gas. It is a shame that one must go to such lengths but then again, if one does not stand for one's right, then one has no right. When we got back on the road, my wife asked me "how do you do that?" I responded because God allows me. There is not other answer. And experience has shown me that this is true.
Let's say that some corporation tried to push me with the argument that FRN's are not money of the United States or some other such non-sense, then that is easily defeated by LEGAL TENDER - therefore non-acceptance is breach of the public trust.

Said doctor-tator is your creditor if services were rendered without payment being first received.

The King James Bible mentions gold 417 times, silver 320 times, and money, which is mentioned 140 times, refers to physical silver and gold. Not once does it mention a paper currency.

[Michael Joseph]

The King James Bible mentions gold 417 times, silver 320 times, and money, which is mentioned 140 times, refers to physical silver and gold. Not once does it mention a paper currency.

Yes you are correct. Perhaps though the terms Gold and Silver do not apply specifically to money of exchange. But rather are symbolic of concepts / ideals / thoughts. For example:

Son 3:9 King Solomon made himself a chariot of the wood of Lebanon.
Son 3:10 He made the pillars thereof of silver, the bottom thereof of gold, the covering of it of purple, the midst thereof being paved with love, for the daughters of Jerusalem.

Something tells me that is symbolic language with entirely different meaning than what is first perceived. If it is literal in its scope, then I would hate to be the one who carried the King on my shoulder -that is one heavy palanquin. What if, Silver relates to man's consciousness and Gold relates to the Divine. Perhaps purple relates to kingship : a melchizadok - King of Salem, King of Righteousness.

Trust does not have respect unto substance - trust expressed is trust reposed in another - thusly a Legal Tender can be anything which has its foundation from he who created the use. Nevertheless since we discuss the KJV - is God subject to what man calls money?

Creation occurs in the mind. Therefore, if I limit the mind to certain trust structures do not I limit myself? I suppose gold and silver in its natural sense are not of the central banking trust - but how would one come to possess such gold/silver? And what system of value would one exchange said gold/silver?

I was at a coin shop one day and a lady came in who cleaned houses. She cleaned a house that day of an old widow woman who did not have cash so she paid $20 gold coin. The cleaning lady came to the coin shop because she wanted to exchange the gold coin for a $20 note. She was amazed with the coin dealer offered her much, much more. What do you think she did?

I was at the same coin shop when an older lady came in with 5 mint condition 1732 silver dollar coins. She said the banker offered to give her $5. Which is fair, right? The coin dealer offered her $3200 per coin. What do you think she did? After she almost fainted, she took the cash. And who can blame her. The grocery store apparently does not take silver as a legal tender.

Rev 3:18 I counsel thee to buy of me gold tried in the fire, that thou mayest be rich; and white raiment, that thou mayest be clothed, and that the shame of thy nakedness do not appear; and anoint thine eyes with eyesalve, that thou mayest see.

I don't know, is it possible to buy gold from God? I wonder what legal tender would I use? Perhaps that gold is not substance at all, rather could it be spiritual and celestial understanding of the literal Word?


"There's a lady who's sure
All that glitters is gold
And she's buying a stairway to heaven
When she gets there she knows
If the stores are all closed
With a word she can get what she came for
Oh oh oh oh and she's buying a stairway to heaven

.
.
.

And as we wind on down the road
Our shadows taller than our soul
There walks a lady we all know
Who shines white light and wants to show
How everything still turns to gold
And if you listen very hard
The tune will come to you at last
When all are one and one is all
To be a rock and not to roll
And she's buying the stairway to heaven"

Stairway to Heaven - Led Zeppelin

To your success,
Michael Joseph