Current Events

Re: Fed sued due to not redeeming its notes

Em_ptySkin — Tue, 14 Jun 2011 19:24:03 GMT

people are idiots.

I would like to sue the bar down here that doesn't take pennies on 15 cent pint night, but i don't. even though they are obliged to take them.

Re: Fed sued due to not redeeming its notes

Clayton — Tue, 14 Jun 2011 19:22:40 GMT

This is just a sideshow. It will just be an opportunity for the Fed to reinforce the legal/political case for its existence and lend its propaganda the air of legality. Somebody needs to sue the Federal government for operating a monopoly on the production of currency. Preferably, a State would simply nullify the Federal Reserve Act and simply protect the rights of citizens within its borders to operate a currency production business if they like. Imagine the State of Texas passing a nullification resolution and empowering any resident of the state of Texas to issue lawful currency (non-fraudulent currency) without fear of retribution from the Federal Treasury Department. Something like that could spark a global political cataclysm.

Clayton -

Re: Fed sued due to not redeeming its notes

Peter Sidor — Tue, 14 Jun 2011 13:44:06 GMT

I guess that's precisely it - the point is the Fed seems to be breaking the law here and can, at least in theory, lose the license. :)

Re: Fed sued due to not redeeming its notes

z1235 — Tue, 14 Jun 2011 12:55:40 GMT

I don't get it. Redemption on gold stopped way before "the early 2000's". Is he complaining that the Atlanta Fed wouldn't break his $20 into two $10s?

Fed sued due to not redeeming its notes

Peter Sidor — Tue, 14 Jun 2011 11:17:47 GMT

Highly intriguing, no matter how it ends:

Citizen Sues Atlanta Fed Based on Allegation that It's Issuing Federal Reserve Notes That It Has No Intention of Redeeming, Which Amounts to Counterfeiting ... Asks that Atlanta Fed's Charter be Forfeited

"The complaint alleges that all of the Federal Reserve Banks (including Atlanta) stopped allowing Federal Reserve Notes to be redeemed in the early 2000's and that - because 12 United States Code Section 411 requires the notes to be redeemable - continuing to issue notes without allowing redemption amounts to counterfeiting.

Beach thus asks that the Atlanta Fed's charter be forfeited."