FRN is Fiat Currency?
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Here is CROSSTALK: (a brain trust broadcast dated 6/24/24)
Dear Suitors;
Lately I have been reflecting on the perception that Fed notes are fiat currency. In the early learning about redemption, it would certainly seem so. Especially when contrasted with US notes that cannot be used as a reserve currency.
Title 12 USC §411 makes it clear that Fed notes can be redeemed in gold, at least in the pre-1933 term. What many people do not consider when declaring Fed notes as fiat is that on August 14, 1971 the President of France came to NY Harbor with a warship to redeem gold.
France sent a warship to New York harbor in early August 1971 with instructions to bring back its gold from the New York Federal Reserve Bank.
This led to a cascade of events and one seldom spoken of is the Secret Jamaica Rambouillet Accord. It is mentioned in Public Law 94-564, the Senate Report (94-1148) as secret in that the Minutes of the meeting between America and France are being kept a secret. However the State Department has reported regularly (attached). And it would seem the Minutes are the only secret component of the Secret Jamaica-Rambouillet Accord.
I can interpret the latest Fed Asset report and you can just glance over Public Law 94-564, but I suggest that you might be mature enough about your financial redemption to find some time to grasp the details thoroughly. Footnote 1 describes the gold on account to be valued at $42.22/ounce? That is the value of gold in 1976 or so when according to the Jamaica-Rambouillet Accord a large supply of gold was deposited into the International Monetary Fund Trust Fund, as found on Page 4 (top paragraph) of Public Law 94-564 attached.
It seemed to indicate substantial withdrawal by the French from their long-held position that gold should remain central to the monetary system. Yet it is argued some that the agreement may allow gold actually to come back into the system in the future. The United States advocates that the Special Drawing Right (SDC) replace gold in the system. The U.S. also surfaced the proposal at Martinique that the IMF might sell a portion of its gold, the profits from the sale being placed in a fund to be used by less developed countries to help with special balance of payment problems. [Later forming the Club of Paris.] This proposal evolved into the idea of the new IMF Trust Fund.
Sure enough, look at Footnote 2 of the Asset Report linked above. There we find that substantial assets of the Federal Reserve are held in SDR’s and my definition for SDR is pretty plain, “The measure of social conditioning to blindly endorse private credit from the local central bank.” And so, this ties the dots together about redeeming lawful money. The participation with the national debt is endorsement and we demand lawful money instead. Reading the history will help you comprehend not only the voluntary nature of FRN’s (rather than US notes in the form of FRN’s) but the legal constructions behind machining your redemption personally. – In order to apply it to redeeming the mind.
Simply declaring the FRN is fiat currency, because there are a few legal steps to hop is starting to come off as hobbling.
What I have always found interesting even more is how France and America went into a meeting together in front of the whole world of financial ministers, the minutes still secret, and made this decision for everybody. Who are France and America? ANSWER: The Bloodline and the Transplant Vineyard of the Bible. Remember that the neighboring kings honored Jesus was of the Messianic Bloodline (King of Jerusalem) by bringing him the Shewbread of the Presence – frankincense, myrrh and (monatomic) gold. And remember that gold is fine white powder.
That is likely why I seldom bother correcting that FRN’s are fiat currency. Gold metal is not really worth much until you break it out into single atoms of gold. But that is the real Secret apparently…
Regards,
David Merrill.
[Download to Folder – Redeem USA, Subfolder – Secret Jamaica-Rambouillet Accord]
Senate Report for Public Law 94-564.
KATZ on Special Drawing Rights.
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