Dumb Hendricksonian Quiz

[Harvester]

Observer, unfortunately for Mr. Hendrickson, while he knew the Income Tax was an excise on federal privilege, he didn't realize the two capacities of our currency, public money v. private credit, and therefore carried around federal privilege in his wallet! Very understandable however, most folks do as the deception surrounding money is very good. But all of us have the option, it's written into the Fed Reserve Act, to redeem lawful money - US Notes in the form of Fed Reserve Notes. Your stance on the healthcare debate tells me you're not part of the deception - kudos for that. I hope you can well handle that day of reckoning; I suspect many here won't.

Famspear, you're gonna need a bigger boat.

[Lambkin]

It's been a while since the Harvester squeezed out one of these big delusional predictions and I'm taking a little time out to admire the steam rising off it, wondering if it comes backed by a wager of gold against some concrete outcome.

[Nikki]

Harvester has run out of sources of new information (he LONG AGO ran out of fresh ideas of his own) so he has now signed up to the gospel of SFBFKADMVP.

[Pottapaug1938]

Observer, unfortunately for Mr. Hendrickson, while he knew the Income Tax was an excise on federal privilege, he didn't realize the two capacities of our currency, public money v. private credit, and therefore carried around federal privilege in his wallet! Very understandable however, most folks do as the deception surrounding money is very good. But all of us have the option, it's written into the Fed Reserve Act, to redeem lawful money - US Notes in the form of Fed Reserve Notes. Your stance on the healthcare debate tells me you're not part of the deception - kudos for that. I hope you can well handle that day of reckoning; I suspect many here won't.

Famspear, you're gonna need a bigger boat.

Harvey, when I get to work I'll retrieve a page and post it for you. Essentially, it tells us that, in 1913, FRNs weren't lawful money, so there had to be a way of redeeming them with money that was, indeed, lawful. That all changed in 1933, when FRNs were declared to be legal tender; and thus the concept of "redeeming" them for lawful money became an absurdity. USNs are no longer issued because they serve no function which FRNs don't serve quite well (which is why no USNs have been issued since 1971).

[notorial dissent]

The logical absurdities in Hamster's latest scribblings make responding to him both pointless and without value.

[Pottapaug1938]

The logical absurdities in Hamster's latest scribblings make responding to him both pointless and without value.

Yeah; but sometimes it's entertaining to see him tapdancing, ducking and weaving away from the truth. At any rate, I think that this is the link for which I was looking:

http://www.treasury.gov/resource-center ... ender.aspx

[Gregg]

Harvey, when I get to work I'll retrieve a page and post it for you. Essentially, it tells us that, in 1913, FRNs weren't lawful money, so there had to be a way of redeeming them with money that was, indeed, lawful. That all changed in 1933, when FRNs were declared to be legal tender; and thus the concept of "redeeming" them for lawful money became an absurdity. USNs are no longer issued because they serve no function which FRNs don't serve quite well (which is why no USNs have been issued since 1971).

From the BEP website
http://www.moneyfactory.gov/historicallegislation.html

Section 31 U.S.C. 5103. Legal Tender

United States coins and currency (including Federal Reserve Notes and circulating notes of Federal Reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

Section 5119(b)(2) of Title 31, United States Code, was amended by the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103-325) to read as follows: "The Secretary shall not be required to reissue United States currency notes upon redemption." This does not change the legal tender status of United States Notes nor does it require a recall of those notes already in circulation. This provision means that United States Notes are to be cancelled and destroyed but not reissued. This will eventually result in a decrease in the amount of these notes outstanding.

United States Notes are an obsolete form of currency last printed by the Bureau of Engraving and Printing in 1968. The Riegle Community Development and Regulatory Improvement Act, Public Law 103-325, codified at 31 U.S.C. 5119(b)(2), enacted in September 1994, amended 31 U.S.C. by canceling the requirement to reissue these notes when they are redeemed.

[Harvester]

Yes, FRNs weren't lawful money in 1913, and they're not now. Yes, USNs are no longer issued because they serve no function which cannot also be served by FRNs (dual capacity). And yes, the Federal Reserve Act was modified in 1933 (when FDR confiscated our gold) to remove references to gold. But the absurdity, Pottie, is why they left in "they may be redeemed in lawful money on demand .." if there was no LAWFUL MONEY.

This has all been explained to you by David, and I know you'll never get it. Somehow I find that satisfying.