What exactly is the meaning of legal tender? This what the U.S. Treasury says. . .
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled “Legal tender,” which states: “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.”
MONEY IS NOT THE SAME THING AS CURRENCY
Meaning of 'currency'—money, unlike goods, is 'current.' If stolen and spent, new owner has the right to keep it.
All U.S. currency since 1914 has been the private property of the Federal Reserve and Bank of England's interests.
You do not own any of the money in your U.S. bank account or the U.S. dollars in your wallet. Those U.S. Dollars are the private property of the Federal Reserve, which are being temporarily used by you under implied licensed from the Federal Reserve for the exchange of good and services. Sovereign Wealth Funds
Zerohedge Fund EXPLAINS: The war on cash is escalating.
Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of "any cash or coins" in safe deposit boxes.
Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash (something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises’ Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes.
PUT IN CONTEXT
WHY THIS IS
IMPORTANT TO KNOW
The core of the blockchain provides an alternative governance model to the current oligarchic control shown in the harsh austerity forced against the will of the Greek people. This ledger is not simply for accounting monetary transactions. At its core, it is a platform that allows people to come to agreement on virtually anything without intermediaries. It provides a foundation to make social contracts based on the principle of consensus. Foremost, it enables a larger function of accounting; performing checks and balance on the self interests and the corruptible tendencies that exist in society.
On Sunday, Greek citizens overwhelming rejected the bailout plan penned by its creditors. Subsequently, many observers have condemned the Greeks as lazy, ungrateful and unwilling to accept the consequences of their spendthrift ways. But the Greeks were right to say no. What lenders were trying to force upon them is patently unfair and ultimately destructive to the entire EU. The real problems are inherent to the euro system itself and treating Greece like an irresponsible teenager who must be scolded by their parents is both a mis-diagnosis and a guarantee of continued problems.
Austerity will impoverish Greeks to the point that they can no longer afford to purchase foreign goods and services. Once they are sufficiently poor, their imports will fall below their exports and they will start generating the trade surpluses necessary to retire the debt. But that’s why it’s a bad system! An impoverished Greece is good for neither Greece nor its trading partners and it shows how the system is broken. It biases nations towards adopting policies that lead to economic contraction. It’s hard enough to achieve low levels of unemployment without building in incentives to further lower demand. What Europe truly needs is not further belt-tightening by the Greeks, but a means of addressing trade imbalances that does not force the deficit nation to stop spending.
HOW TO GET OUT FROM UNDER THE BANKSTER DEBT?
After the implementation of capital controls, Greek citizens are able to withdraw only 60 euros per banking account. But this doesn’t apply to bitcoin. “It is a system that cannot be controlled,” noted Bitchain CTO Joaquin Fenoy at the inauguration event. “People are not limited, here” he added. In fact, as he was speaking, a young man was able to withdraw 120 euros from his bitcoin wallet, which is double the amount Greeks are allowed to withdraw from banks on a daily basis. The crypto currency might be helpful especially to the young entrepreneurs who cannot fulfill payments abroad because of the recent limitations.
FUCK THE "HAIRCUT BULLSHIT LANGUAGE"
NO BAIL IN - BITCOIN STOPS THE BANKSTERS FROM STEALING YOUR MONEY OUT OF YOUR ACCOUNT
The bitcoin is a completely digital currency. It is not available in any physical form of coins or banknotes. It is not produced by any particular country and not controlled by any particular bank. Production, storage, handling and all transactions with bitcoin are exclusively in electronic form. The ATM allows people to store their own money with 0% commission fees. “The banks are withholding the people’s own money and a bitcoin ATM machine could help in such a situation,” he said. bitcoin has created an online community without limits and borders. “Bitcoin ATMs are an easy way to send money abroad and make transactions online, two things that are currently not allowed in Greece due to the capital controls,” he said. He also noted that the transactions are safe and transparent since the system allows users to see any transaction that has been completed since the bitcoin first made an appearance in 2008. Petros also noted that the bitcoin, via the newly installed ATM in Greece, can be used in many ways to help the country during the crisis. The digital currency could be used by international corporations that wish to send money to their Greek offices for actions in Greece, or businessmen from other countries can invest in Greek startups or other companies. “It is a peer-to-peer system with no delays that is based on trust,” Petros said. “I believe that Greeks will be able to learn to use and trust bitcoin.”
Greek assets #ThisIsACoup the uproar is about power and influence. Chazerai about Schäuble's plan for Greek assets.
@yanisvaroufakis says that Schäuble told him that Grexit was always part of his plan https://twitter.com/TheStalwart/status/620365972201799680
@Krugman says today's events are a "grotesque betrayal" of everything the Euro stands for. https://twitter.com/TheStalwart/status/620351284835516416
THINK ABOUT IT
Public Money vs. Private Money vs. Currency vs. BITCOIN:
This of course, refers to “public money”. Note that the definition states that public money is “authorized” by governments, not necessarily issued by them, and since public money IS fiat money, its use is not optional, rather it is enforced, inasmuch as it MUST be accepted as “legal tender currency”.
Declared Purpose and Utility of Public Money (expressed in legalese for obvious reasons):
Understanding the “leap” from money to “currency”, as a “medium” of exchange: Webster’s dictionary defines: ‘currency’: “the [de facto public] money in circulation in any country”.
‘Currency’ (in English usage, is derived from its root word; ‘current’, which Webster’s defines as); “a flow of something [air, water or other substantive thing] in a definite direction”.
Webster’s offers several definitions for ‘medium’, only one of which can be applied to money, that being; ‘medium’: “an intervening thing through which a force acts”.
Actual [REAL] Purpose and Utility of Public Money (- expressed in plain language):
Actual Purpose and Utility of Private Money:
So what do we do about this public money verses private money issue? Simple! If we stop using their “public money”, which means legal tender currency of any form, we stop the flow of our productivity into the hands of its creators.
In short, if we stop bending to our manipulated addiction to their public money, then we may truly begin to enjoy the fruits of our labours and our national Patrimony.
Consider the simplicity of conducting commerce without public money. For thousands of years people the world over bartered successfully with private money, and now we enjoy incredible advancements in the efficiency of private money, like virtual or digital money such as Bitcoins (http://www.naturalgod.com/BitcoinValuevsPrice.docx.pdf),or like the internet, which makes bartering even more immediate and unbelievably simple – even people that do not fully understand these modern tools, have learned to use and benefit from them.
Private money has recently become just as simple and convenient to use as public money, and undoubtedly much more efficient. There remains no logical reason to continue using public money at this stage, for anyone that truly comprehends the staggering and completely unnecessary costs associated with it.
What about so-called “alternative” currencies, or allegedly “non-usurious” currencies, or the equally erroneous concept of “complementary” currencies spoken of by our many “alternative money gurus”? Does it matter the name of the “money”, or the amount of interest charged, if any, for that money? Absolutely not! Money by its commonly adopted definition as “currency”, is a means to force the fruits of our labours into the hands of the money/currency creators. Unless it is private money!
If you are being robbed of your natural entitlements, does it matter if you are being robbed by conventional money hustlers called banksters, or is the blow softened if you are merely robbed by some new-aged interest-free-alternative-currency or complementary-money guru?
Public money in the form of currency, or any money being used in the form of a “medium” of exchange, is not necessary to conduct commerce, it has never been necessary, and it never will be necessary, in spite of its proponent’s most noble efforts to dissuade otherwise. Even alternative, non-usurious or complementary currencies are just another series of buzzwords crafted by people that simply do not have the intellect to fully comprehend the inherent and staggering costs of public money, or how to avoid its pitfalls.
Conventional public money has proven to be a tool to humble a people and ultimately break nations. Backing public money by gold, silver or moon-dust, would not change this in the slightest. All it means is that somewhere sits a very pretty pile of metal or apparently scarce dust particles that provide an illusion as to substance being the force that is still causing all of your productivity to be directed into the hands of the creators of the associated money.
Many remain duped by the spurious notion that simply reverting to actual gold or silver as a form of money, would solve our problems. It will not! In fact, it would only worsen them. If currencies crash, and they will, then gold and silver will also be worthless, because so very much of the available gold and silver on this planet is already owned by, and or pledged as security to the same banksters that own that public money that will no longer have any value.
We would be complete fools to then put our faith and trust in the value of those metals– it would be just like agreeing to give them all of our productivity all over again. These die-hard believers in gold and silver, do not even stop to think about who owns all of the gold and silver, or who holds over-leveraged security interests in virtually all government held gold and silver, let alone who on earth would accept gold and silver in exchange for real value, such as for food, or shelter, or clothing, etc., once other forms of public money come crashing down?
You guessed it – no-one would! Except maybe banksters – but they would have nothing of real value to exchange for it! Because no-one can eat it, or sleep in it, or keep warm with it – but the idiots that own – because they have stolen vast piles of it, will be able to keep on staring at it, and enjoying its dazzling sparkle. Or, maybe we could again pretend their gold and silver have value (like we pretended their money did), and exchange absolute control of all of our food, shelter and clothing needs to its owners, in consideration of getting to peak at their pretty piles of shiny stuff.
We – yes, “we”, are the solution to our own economic woes. We must simply stop giving everything that is very real, to the independent third party creators of artificial public money. We need to realize that we have always been, and always will remain free to exchange real value for real value, naturally, without injecting any third-party owned medium of exchange.
We simply need to revert to private forms of money– like BITCOIN. We may also have to break some habits and learn to think outside of their box – clink, clink …
The banksters’ primary tool of theft and destruction, is their public money/currency. Their strengths, are our weaknesses. Through deception, they have deluded us into believing their public money is essential to our existence; and through cruel manipulation, they have caused us to be addicted to its use, and to its false allure. We have been hooked.
BITCOIN is like “Reverse Crowd Funding” – individuals getting into BITCOIN, are literally funding the very Global Crowd they are becoming a part of The concept of a highly divisible, limited supply, no boundary, no central authority, freely transferable, open source, self-administered, totally secure, private money, has been conceptualized for a very long time, and now we are witnessing it’s global manifestation.
All the credits to this article: http://www.naturalgod.com/MoneyCurrencyDefined.pdf