The Creation of the Federal Reserve System (Part 4)

Do you want me to dig up those insults that you've been throwing at everyone for the Mods to see? Just let me know you crying little baby.

 

Insults in the context of the conversation. You are just throwing insults around with out any reason. Sign of a sad individual with no integrity.

Please apologize to me and every one else for ruining this thread with your immature rantings and insults.

 

It's not what I asked. You were banned here before because you have a history of insulting anyboby who does not agree with your stupid theory.

Again, do you want me to dig up all insults that you've been throwing at everyone for the Mods to see?

 

Apologize for lying! Thanks.

 

Again,

Do you want me to dig all insults that you've been throwing at everyone for the Mods to see?

Better yet

Do you want me to expose you as a universal troll with the same username who posts the same bull(*)(*)(*)(*)s simultanously on 4-5 message boards?

 

All I do is tell the truth. You can expose the truth all you want. Thanks for spreading the word!!

 

You admit you're a universal troll now. Gooooooooood!

 

Thank you for ceding the point and the argument you didn't have, like usual.

I noticed you cited nothing that supports your special pleading.

Our own federal Constitution and supreme law of the land provides anecdotal evidence that supports my contention and not yours, regarding bills of credit being prohibited to the several States as fiat money in favor of commodity forms of money.

 

http://en.wikipedia.org/wiki/Money_supply#Empirical_measures

I don't see anything you've listed as money listed here in government equations for money supply.

Your turn. Please provide a source that says any of the things you have listed are money.

 

This is one definition of a letter of credit: "Money is used as a medium of exchange, in final settlement of a debt, and as a ready store of value."

 

Definition of 'Letter Of Credit'
A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

Investopedia explains 'Letter Of Credit'
Letters of credit are often used in international transactions to ensure that payment will be received. Due to the nature of international dealings including factors such as distance, differing laws in each country and difficulty in knowing each party personally, the use of letters of credit has become a very important aspect of international trade. The bank also acts on behalf of the buyer (holder of letter of credit) by ensuring that the supplier will not be paid until the bank receives a confirmation that the goods have been shipped.

Definition of 'Irrevocable Letter Of Credit - ILOC'
A letter of credit that can't be canceled. This guarantees that a buyer's payment to a seller will be received on time and for the correct amount.

http://www.investopedia.com/terms/l/letterofcredit.asp#axzz1mURmCPyl

Like I said, I leave it to readers to decide who is a misguided person.

 

I agree that under that definition, Letters of Credit are money. But by that definition, anything is money. My coffee cup is money if I give it to my neighbor for fixing my watch. The pile of leaves in my backyard are money if I trade them with some kid for a quarter.

 

I think we got ourselves a new troll. LMAO!

 

Everything you listed is a form of money and medium of exchange.

 

I assumed a tradition of capital based markets from our historical record. Letters of credit have historically been used as money, especially in international markets. I agree with you that the private sector could use Monopoly Money if the market participants agree to it.

Corporate paper is also a form of money.

 

Only trolls don't need to have a good argument.

 

My 1040 tax return is a form of money
My W-2 is a form of money
My paystub is a form of money
And I'm totally convinced that my car title is form of money.

See how it works.

 

That would be you, and I just prove it.

 

To the extent it has or is of value, it can be used as money; but, we were referring to tradition, and customs, normal and usual in Commerce.

The private sector can use Monopoly Money if the participants agree.

There is nothing preventing any of the several States from issuing commodity forms of money prescribed in our federal Constitution.

 

One big problem, no one is agreeing with you or wanting to participate in a new money scam. We're having enough headache with fractional reserve banking already. Your case is now closed.

 

We are referring to a tradition of rights in private property.

 

Good. Now instead of paying state income tax with real money, I can negotiate with state to mow its lawn at state capital building for one months in the summer. That would work for me.

 

Facilitating tax payments is one reason for a State to invent money and that convenient medium of exchange within that trade area.

 

How do you define "convenience"? State does have to pay for mowing lawn service don't they? So if I can perform that task for state in exchange for not paying state income tax, that's convenience for me.

 

For the sake of this argument, I define "convenience" as a natural public sector monopoly that may be created by government fiat. Hoover Dam and the Fed are two examples.