States demand lawful money

And so does the Office of the Comptroller of the Currency – requiring full accounting by banks. This is just in from the brain trust (my Lesson Plan suitors).

CROSSTALK:

Hi all, the last year and a half has been an exciting time for me as I started digging really deep into the laws concerning lawful money. For all these years we’ve always used 12 U.S.C. 411 as our way for redeeming ourselves and it’s been discovered that this isn’t the only way for redemption.

The biggest thing, the thing that stood out the most was when I went through the St. Louis Fed website and a treasure trove of information concerning lawful was that the major regional big banks have to maintain at all times a certain percentage on “lawful money” in reserves. Starting from the U.S. Comptroller all the way down to the state comptrollers have to keep track of all currency in reserves whether it is FRN, USN, gold and silver in coin or bullion, gold and silver certificates, and our lawful money.

I encourage everyone to put in a FOIA request to our state comptrollers for the latest data sheets of all the currency they are keeping track of as it is broken down into percentiles and specifically the percentage of lawful money they have in reserves.

 

Rock on!

Joseph