, but the US dollar is recognized as having value because it is legal tender for all goods and services public or private. <-- WTF
HAHAAH I didn't even see this. You really are clueless.
Yes, debt from goods/services public or private.
I give good or service to you, I have a debt (lets say, -1) from delivering this good or service.
Legal tender is suitable to repay this debt.
You give me (+1) legal tender to fill the debt.
The giving of a good or service constitutes a debt. Legal tender repays that debt.
And the problem is???
WRONG.
The point is you don't know there is difference between a discharging a debt and an outright purchase . A debt means there is a delay in payment. There is a promise to pay in there is a debt. However a promise to pay is not payment. A Federal Reserve Note is a promise to pay as per Title 12 Section 411.
The technical legal terminology is an executory contract versus an executed contract.
The law treats the 2 acts completely differently.
I just find it funny that the FED says the exact opposite of what you said. You claimed FRN's are legal tender for goods and services. The FED says "no" almost word for word.
Once again I'll remind you , a promise to pay
is not payment. No pronouncement of the gov't can make it so either. Furthermore, Federal Statutes recognize Federal Reserve Notes as legal tender but those statutes do not exclude any other promissory note as legal tender do they? The only thing Federal statutes ban is simulating their currency or destroying it.
I could right a lot more about how all this is based on the Custom of the City of London and Foreign bills of exchange but I have other stuff to do.
Show Posts
