You can designate notes now in leu of the government maintaining the 300,000,000 lawful money of the united States as required by the federal Reserve enabling legislation. Left side is FRN (“public side”) and right side is Treasury (“private side”). Essentially this “convenience” just removes the fact further from the sheep.
I cash all checks indorsed with my name and “Redeem Lawful Money per 12 USC Sec 411.”
If you open an account with that statement on the card you will not earn interest, but your money remains yours, and not a liability of the bank to you. It isn’t used to back issuance of loans.
Baaaaa Baaaaaa! Definitely a sheep here.
I DID NOT KNOW THAT!
Thank Q!
It isn’t used to back issuance of loans.
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Explain, please.
Each state has regulations controlling the banks’ ratio of loans to deposits. They can be very high (96%) or lower. How do you know *your* deposits are segregated and why would you do this? Why would the bank honor this statement on your account?
You deal with private local banks, right? How are they involved with Federal Reserve?
Why not just use a credit union?