Federal Reserve Act - Remedy video.

[earthshake]

Great questions Earthshake;

Hi David,

I thought that "lawful money" was the correct phrase for the opposite of FRN's/private credit? What should I be calling it - US Notes or...?

If credit on account isn't taxable income, when does it become so? When you spend it or withdraw it?

What I was getting at with my original questions is, if I endorse my checks as mentioned in your video, will my bank be able to give me US Notes instead of FRNs?

thanks!
earthshake

[David Merrill]

Federal Reserve Notes are for federal reserve banks - and for no other purpose. People, through endorsement became federal reserve banks in 1933. Since 1971 only the major 12 Fed Banks circulate US notes.

You get US notes in the form of FRNs when you demand lawful money. But if you demand lawful money, you are not a Fed Bank.

[Brian]

Federal Reserve Notes are for federal reserve banks - and for no other purpose. People, through endorsement became federal reserve banks in 1933. Since 1971 only the major 12 Fed Banks circulate US notes.

You get US notes in the form of FRNs when you demand lawful money. But if you demand lawful money, you are not a Fed Bank.

See this link: http://moneyfactory.gov/usnotes.html

"Both types of notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed into circulation since January 21, 1971."

[David Merrill]

See this link: http://moneyfactory.gov/usnotes.html

"Both types of notes were redeemable in gold until 1933, when the United States abandoned the gold standard. Since then, both currencies have served essentially the same purpose, and have had the same value. Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed into circulation since January 21, 1971."

Yes. But the ones that are still extant are kept in circulation - with the major 12 Fed Banks.

[Pfunk]

So I understand the importance of endorsing your checks properly from here on out, but what about fixing the error of money I already have in an account that was not endorsed properly but should have been? What would be a plan of action to fix my prior ignorance in this situation?