Phillip Tilley

Love me tender: legal tender

June 30, 2010 |  6 comments
Image Credit: sxc.hu No, I am not talking about that cutie that is barely legal, I am talking about legal tender. Most people do not know what legal tender is, they think they do but they do not. You probably think money is legal tender but it is not. First you would need money and there is no money. Most people think the paper in their wallet or purse is legal tender and if you look at any of the bills in your wallet they do say in the upper left side in small print, “This Note is Legal Tender for All Debts, Private and Public.”

Of course at the very top of the bill it says in large print, “Federal Reserve Note”. Our legal tender is Federal Reserve Notes but are they really “Legal Tender” by definition? The key word here is “note”. Just what is a note? A note is a written promise to pay a debt. So a Federal Reserve Note is not payment, it is a note that is a promise to pay a debt.

Webster’s dictionary defines tender as: any offer to settle a debt or obligation with any accepted medium of exchange accompanied by means of fulfillment of that offer. So really, tender is only an offer to pay, it is not payment by itself and further it must be accompanied by means of fulfillment of that offer.

So Federal Reserve Notes do not fulfill the offer to pay. They are a note in loo of payment. Legal Tender is a default medium of exchange or a forced use of a government specified medium of exchange when parties to a mercantile transaction fail to specify a specific medium of exchange. So Federal Reserve Notes are a medium of exchange, not a fulfillment of the offer. Legal tender is the official offer to pay.

Webster’s dictionary defines fulfillment as: to bring to an end, satisfy, to convert to reality. Legal Tender does not fulfill the offer, it only acts as a medium of exchange until the means of fulfillment is finalized. What would finalize the fulfillment you might ask? Money. Lawful money.

What is Lawful money? It is the unit of account and the unit of account of the United States is the dollar which is defined in the coinage act of 1792 as an ounce of silver or a silver dollar. We do not have any silver dollars so there is no longer any means to fulfill the offer to pay.

In other words when you use Federal Reserve Notes that most people think are money, you are not paying for anything. You are merely offering the Legal Tender note as a bargaining chip to pay at a later date!

You never buy anything, you only offer to pay. The merchant accepts your offer and holds the note for later fulfillment which really will never comes. Federal Reserve Notes are a debt instrument with everybody holding everybody’s debt in loo of payment. Oprah does not have a billion dollars, she has a billion dollars of debt she is holding. Debt is a negative value and so there are no rich people, there are debt people.

I see debt people. Wake up people, the money matrix has you.

Phillip Tilley is author of The Money Matrix of the New World Order and other articles.[!gad]No, I am not talking about that cutie that is barely legal, I am talking about legal tender. Most people do not know what legal tender is, they think they do but they do not. You probably think money is legal tender but it is not. First you would need money and there is no money. Most people think the paper in their wallet or purse is legal tender and if you look at any of the bills in your wallet they do say in the upper left side in small print, “This Note is Legal Tender for All Debts, Private and Public.”

Of course at the very top of the bill it says in large print, “Federal Reserve Note”. Our legal tender is Federal Reserve Notes but are they really “Legal Tender” by definition? The key word here is “note”. Just what is a note? A note is a written promise to pay a debt. So a Federal Reserve Note is not payment, it is a note that is a promise to pay a debt.

Webster’s dictionary defines tender as: any offer to settle a debt or obligation with any accepted medium of exchange accompanied by means of fulfillment of that offer. So really, tender is only an offer to pay, it is not payment by itself and further it must be accompanied by means of fulfillment of that offer.

So Federal Reserve Notes do not fulfill the offer to pay. They are a note in loo of payment. Legal Tender is a default medium of exchange or a forced use of a government specified medium of exchange when parties to a mercantile transaction fail to specify a specific medium of exchange. So Federal Reserve Notes are a medium of exchange, not a fulfillment of the offer. Legal tender is the official offer to pay.

Webster’s dictionary defines fulfillment as: to bring to an end, satisfy, to convert to reality. Legal Tender does not fulfill the offer, it only acts as a medium of exchange until the means of fulfillment is finalized. What would finalize the fulfillment you might ask? Money. Lawful money.

What is Lawful money? It is the unit of account and the unit of account of the United States is the dollar which is defined in the coinage act of 1792 as an ounce of silver or a silver dollar. We do not have any silver dollars so there is no longer any means to fulfill the offer to pay.

In other words when you use Federal Reserve Notes that most people think are money, you are not paying for anything. You are merely offering the Legal Tender note as a bargaining chip to pay at a later date!

You never buy anything, you only offer to pay. The merchant accepts your offer and holds the note for later fulfillment which really will never comes. Federal Reserve Notes are a debt instrument with everybody holding everybody’s debt in loo of payment. Oprah does not have a billion dollars, she has a billion dollars of debt she is holding. Debt is a negative value and so there are no rich people, there are debt people.

I see debt people. Wake up people, the money matrix has you.

Phillip Tilley is author of The Money Matrix of the New World Order and other articles. Comments (6)

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