Bigjon
6th February 2011, 05:58 PM
understanding lawful money http://dailypaul.com/640/abolish-the-fed-redeem-lawful-money
Submitted by David Merrill on Fri, 07/20/2007 - 09:15.
Your complaint is that most people will not understand. Maybe you are right. But the few who do can do a lot to abolish the Fed and back Ron Paul's efforts in the future. Without a constituency Ron will just look more and more foolish with future attempts.
Here is some crosstalk explaining it to someone hoping to understand...
"WHAT??? If the Fed is the Treasury, who are they giving all their yearly profits to?"
Through Instrumentality Rule. Notice to the agent [as Instrument] is notice to the principal and vice versa. As it keeps coming up I may have to strain my gray matter remembering the cases I read; basically about the distinctions and conditioning around the nature of the Fed.
The Fed is not an agent of the US, but it is an instrumentality of the US. - according to the Supreme Court.
Interestingly, here is the only distinction... nobody owns stock in the Fed corporation for the purpose of profit or gain. Since Federal Reserve Bank notes were retired in 1945, Federal Reserve Notes now serve as the stock certificates. And according to the Supreme Court, that is what makes you a shareholder in the Fed, a bank - stock certificates in your pocket. [Now if you want to get insurance on your stock certificates, against theft or loss you will look a lot more like a layman's definition "bank". Especially if that is FDIC for your carrier...]
Now let's take that one step further down the path. As long as everybody you do this with never "runs" you as a bank, you can actually lend out more notes than you have assets in your vault. This is called fractional lending.
http://friends-n-family-research.info/FFR/Merrill_Story_of_Money.zip
Good luck finding anyone other than the Fed (FDIC etc...) to insure you against a run, but then again, you would have to prove yourself a layman's definition bank even to get FDIC. And if you try fabricating more notes than you have in the vault, like in the comic book linked, that is forgery*.
Now for proof you are a bank if you carry FRNs in your pocket instead of lawful money - US notes like I do.
http://friends-n-family-research.info/FFR/Merrill_public_money_case_1.jpg
http://friends-n-family-research.info/FFR/Merrill_public_money_case_2.jpg
Read Title 12 U.S.C. §411 attached. That is clearly for banks. But a circuit court recognized somebody's right and entitlement to redeem lawful money - just that subsequent to the gold seizure (1933), not in gold and silver coin.
"Nobody ever mentions principal, only the interest. Look at the chart above. They could at least put: "Principal due" or something, since the time is coming when it will take everything USA's got just to pay the interest.
And does anyone know if they have been able to track the missing 2.3 trillion from 9-10-2001?"
I am not certain about this one. I have not looked through your figures linked yet. I seriously doubt with all the nice office buildings in America that the interest banks accrue for holding the funds people save comes anywhere close to covering overhead alone. Especially considering the banks compete at giving some of that back to attract clients to save with them.
In the comic book linked above just consider a 10% creation of money every time you get somebody to bond themselves in mortgage/loan. That is where it pays to be a banker anymore. Devaluing the stock certificates. If you are carrying around FRNs instead of US notes in the form of FRNs and you say or do something against the Fed, expect to be called seriously on your fiduciary responsibilities.
Round we come to that again. Imagine somebody stuffing FRNs under their mattress hoping that in a few years they will be able to redeem them at a profit. Laughable huh? That is why the only distinction with the Fed as a private corporation, according to the Supreme Court, is that the stock can be counted on to decline in value. That distinction - a corporation of central bankers designed to lose money (devalue the stock) is what makes the Fed an instrumentality of the US - not an agency.
Regards,
David Merrill.
* Not counterfeiting technically. I once got a counterfeiter released from jail for asking, "How do you counterfeit, counterfeit money?"
P.S.
"And does anyone know if they have been able to track the missing 2.3 trillion from 9-10-2001?"
That was Silverstein Properties' capture on the World Trade Center (Lloyds of London). I presented that in the Weekly Euro Reports over the entire year (Austrian central bank) to a federal judge by Information around mid-2002. Within two weeks Israeli Intelligence was all over the place with press releases telling how they warned the Bush Administration about 911 two weeks in advance.
https://docs.google.com/leaf?id=0B1EaV_bU7VImYmZlMTU5ZGQtYTIyZi00NjZjLWIyM zctOWFkZjhhZDM1MGEy&hl=en
https://docs.google.com/leaf?id=0B1EaV_bU7VImNjA0NTQ5MTItNTg2Mi00N2QyLWE5Y 2UtMDMzNGU0YWE3NWE5&hl=en
Submitted by David Merrill on Fri, 07/20/2007 - 09:15.
Your complaint is that most people will not understand. Maybe you are right. But the few who do can do a lot to abolish the Fed and back Ron Paul's efforts in the future. Without a constituency Ron will just look more and more foolish with future attempts.
Here is some crosstalk explaining it to someone hoping to understand...
"WHAT??? If the Fed is the Treasury, who are they giving all their yearly profits to?"
Through Instrumentality Rule. Notice to the agent [as Instrument] is notice to the principal and vice versa. As it keeps coming up I may have to strain my gray matter remembering the cases I read; basically about the distinctions and conditioning around the nature of the Fed.
The Fed is not an agent of the US, but it is an instrumentality of the US. - according to the Supreme Court.
Interestingly, here is the only distinction... nobody owns stock in the Fed corporation for the purpose of profit or gain. Since Federal Reserve Bank notes were retired in 1945, Federal Reserve Notes now serve as the stock certificates. And according to the Supreme Court, that is what makes you a shareholder in the Fed, a bank - stock certificates in your pocket. [Now if you want to get insurance on your stock certificates, against theft or loss you will look a lot more like a layman's definition "bank". Especially if that is FDIC for your carrier...]
Now let's take that one step further down the path. As long as everybody you do this with never "runs" you as a bank, you can actually lend out more notes than you have assets in your vault. This is called fractional lending.
http://friends-n-family-research.info/FFR/Merrill_Story_of_Money.zip
Good luck finding anyone other than the Fed (FDIC etc...) to insure you against a run, but then again, you would have to prove yourself a layman's definition bank even to get FDIC. And if you try fabricating more notes than you have in the vault, like in the comic book linked, that is forgery*.
Now for proof you are a bank if you carry FRNs in your pocket instead of lawful money - US notes like I do.
http://friends-n-family-research.info/FFR/Merrill_public_money_case_1.jpg
http://friends-n-family-research.info/FFR/Merrill_public_money_case_2.jpg
Read Title 12 U.S.C. §411 attached. That is clearly for banks. But a circuit court recognized somebody's right and entitlement to redeem lawful money - just that subsequent to the gold seizure (1933), not in gold and silver coin.
"Nobody ever mentions principal, only the interest. Look at the chart above. They could at least put: "Principal due" or something, since the time is coming when it will take everything USA's got just to pay the interest.
And does anyone know if they have been able to track the missing 2.3 trillion from 9-10-2001?"
I am not certain about this one. I have not looked through your figures linked yet. I seriously doubt with all the nice office buildings in America that the interest banks accrue for holding the funds people save comes anywhere close to covering overhead alone. Especially considering the banks compete at giving some of that back to attract clients to save with them.
In the comic book linked above just consider a 10% creation of money every time you get somebody to bond themselves in mortgage/loan. That is where it pays to be a banker anymore. Devaluing the stock certificates. If you are carrying around FRNs instead of US notes in the form of FRNs and you say or do something against the Fed, expect to be called seriously on your fiduciary responsibilities.
Round we come to that again. Imagine somebody stuffing FRNs under their mattress hoping that in a few years they will be able to redeem them at a profit. Laughable huh? That is why the only distinction with the Fed as a private corporation, according to the Supreme Court, is that the stock can be counted on to decline in value. That distinction - a corporation of central bankers designed to lose money (devalue the stock) is what makes the Fed an instrumentality of the US - not an agency.
Regards,
David Merrill.
* Not counterfeiting technically. I once got a counterfeiter released from jail for asking, "How do you counterfeit, counterfeit money?"
P.S.
"And does anyone know if they have been able to track the missing 2.3 trillion from 9-10-2001?"
That was Silverstein Properties' capture on the World Trade Center (Lloyds of London). I presented that in the Weekly Euro Reports over the entire year (Austrian central bank) to a federal judge by Information around mid-2002. Within two weeks Israeli Intelligence was all over the place with press releases telling how they warned the Bush Administration about 911 two weeks in advance.
https://docs.google.com/leaf?id=0B1EaV_bU7VImYmZlMTU5ZGQtYTIyZi00NjZjLWIyM zctOWFkZjhhZDM1MGEy&hl=en
https://docs.google.com/leaf?id=0B1EaV_bU7VImNjA0NTQ5MTItNTg2Mi00N2QyLWE5Y 2UtMDMzNGU0YWE3NWE5&hl=en