Functional illiteracy in America

see4 said:
The housing crisis happened because dumbshits like yourself got in over their head with very large mortgage debt in homes that did not hold the same value. Mortgage companies were predators to dumbshits who thought they could pay a $600,000 mortgage with a $50,000/year salary. The commercial banks created secondary and tertiary markets to trade the mortgage backed notes to diversify the risk. Because they knew the homes didn't have the same value as the mortgage debt they created.

A Federal Reserve Note, dollar bill, is not debt.

Can I stop saying that the Federal Reserve is a government entity? Can we go ahead and agree that it is?
Click to expand...

again, mortgage insurance insured I contributed nothing to the moron crisis. I never missed a payment, just decided to move and didn't have time to let the market recover to sell. the mortgage companies were predators of government insured funds so they wrote many risky loans they shouldn't have.

a bank bill is a bank note. a bank note is a promise to pay. a promise to pay is a debt from payer to payee. with a mortgage you are the payer, with a fed note you are the payee.

sure, the fed acts as a government entity and Congress allows it, i will concede that.
 
twostrokenut said:
again, mortgage insurance insured I contributed nothing to the moron crisis. I never missed a payment, just decided to move and didn't have time to let the market recover to sell. the mortgage companies were predators of government insured funds so they wrote many risky loans they shouldn't have.

a bank bill is a bank note. a bank note is a promise to pay. a promise to pay is a debt from payer to payee. with a mortgage you are the payer, with a fed note you are the payee.

sure, the fed acts as a government entity and Congress allows it, i will concede that.
Click to expand...

A Federal Reserve Note is not debt.

You cannot satisfy a debt with debt.

A dollar bill is legal tender for all debts, public and private.

A Federal Reserve Note is not debt.
 
see4 said:
A Federal Reserve Note is not debt. It is legal tender for all debts, public and private.

Currency, fiat money, is worth what the government and free market demand it to be. It is not debt.
Click to expand...

federal reserve notes are legal tender for all debts, public and private; and redeemable in lawful money at the United States treasury or any federal reserve bank.

money is non-negotiable. federal reserve notes are negotiable securities, which of course is debt lol no-one can be this dumb.
 
twostrokenut said:
federal reserve notes are legal tender for all debts, public and private; and redeemable in lawful money at the United States treasury or any federal reserve bank.

money is non-negotiable. federal reserve notes are negotiable securities, which of course is debt lol no-one can be this dumb.
Click to expand...

A Federal Reserve Note is not debt.
 
see4 said:
A Federal Reserve Note is not debt.

You cannot satisfy a debt with debt.

A dollar bill is legal tender for all debts, public and private.

A Federal Reserve Note is not debt.
Click to expand...

a bank note, such as a dollar bill is a debt. you can discharge other debts with debt, but not pay them, much the same way lenders sell mortgages on the open market.

our legal tender is redeemable on demand for lawful money, which makes them negotiable debt instruments.
 
twostrokenut said:
a bank note, such as a dollar bill is a debt. you can discharge other debts with debt, but not pay them.

our legal tender is redeemable on demand for lawful money, which makes them negotiable debt instruments.
Click to expand...

A Federal Reserve Note is not debt. It can be exchanged, not on demand, for gold, silver or Treasury Bonds that hold the exact same value discounted by inflation.

twostrokenut said:
at least concede the federal reserve is a bank.
Click to expand...

The Federal Reserve Bank is a central bank.
The Federal Reserve is a government entity.

twostrokenut said:
"a cracker is a banknote representing a cracker"

-by see4

try and eat the cracker note in your soup.
Click to expand...

A Federal Reserve Note is not debt.
 
Things someone, who lost their house due to poor money management and lack of understanding how currency and debt work, would say:
twostrokenut said:
A Federal Reserve Note is inflation.

A Federal Reserve Note is debt.
Click to expand...

A Federal Reserve Note is not debt. It is legal tender for all debts, public and private.
A Federal Reserve Note is backed by debt. And conflating the two is a sign of very low intelligence.

Go make me a sandwich, twopump.
 
see4 said:
Things someone, who lost their house due to poor money management and lack of understanding how currency and debt work, would say:


A Federal Reserve Note is not debt. It is legal tender for all debts, public and private.
A Federal Reserve Note is backed by debt. And conflating the two is a sign of very low intelligence.

Go make me a sandwich, twopump.
Click to expand...
Even saying it's backed by debt is "technically" a falsehood.

In reality it's backed entirely by faith and it's ubiqiuity.
 
SneekyNinja said:
Even saying it's backed by debt is "technically" a falsehood.

In reality it's backed entirely by faith and it's ubiqiuity.
Click to expand...

You're exactly right, but I was trying to give the dotards the benefit of the doubt. Non-smarts have a hard time grasping more than one simple concept at a time. twopump and moocher are considered non-smart, they require heavy hand holding.
 
twostrokenut said:
a federal reserve note is one of two negotiable instruments, notes and drafts; both are debt and the fed is the final clearinghouse for all drafts.
Click to expand...
Are you one of those people that think Jews control the Fed and as such control the Govt and only print evil Jew dollars to usurp control?

Or are you one of the people that realize the Federal Reserve is the Central Bank of the US, chartered and overseen by the Congress?
 
twostrokenut said:
a federal reserve note is one of two negotiable instruments, notes and drafts; both are debt and the fed is the final clearinghouse for all drafts.
Click to expand...

Money that we trade for goods or services is non-negotiable. The debt instruments they are backed by are negotiable, but often not.

A $1.00 bill is worth $1.00. That is not negotiable. If I were to take that $1.00 to a Central Bank and demanded redemption of it, I would get $1.00 worth of gold, silver or Treasury Notes. That is not to say it is a debt. If I were to take that same $1.00 to a cheeseburger stand, the note I received from the stand, the bill, is debt. I have an obligation to pay the bill because I ate the burger. However, that bill, or note, is negotiable, it is a negotiable debt. The $1.00 bill I use to pay that debt is not debt itself.
 
see4 said:
Money that we trade for goods or services is non-negotiable. The debt instruments they are backed by are negotiable, but often not.

A $1.00 bill is worth $1.00. That is not negotiable. If I were to take that $1.00 to a Central Bank and demanded redemption of it, I would get $1.00 worth of gold, silver or Treasury Notes. That is not to say it is a debt. If I were to take that same $1.00 to a cheeseburger stand, the note I received from the stand, the bill, is debt. I have an obligation to pay the bill because I ate the burger. However, that bill, or note, is negotiable, it is a negotiable debt. The $1.00 bill I use to pay that debt is not debt itself.
Click to expand...

that's not the definition of negotiable instrument, sorry. they are negotiable because they guarantee a payment of a specific amount of money on demand.

you cannot redeem for specie as per the last coinage act but your demand will render that amount non-negotiable as the obligation is removed.

and the thread title makes this quite hilarious to have to explain. I loled at your expense.
 
SneekyNinja said:
Are you one of those people that think Jews control the Fed and as such control the Govt and only print evil Jew dollars to usurp control?

Or are you one of the people that realize the Federal Reserve is the Central Bank of the US, chartered and overseen by the Congress?
Click to expand...

we control the fed, congressional oversight, congressional constitutional duty (maintain value thereof) contracted away, endorsed every day quite literally by you and I on the back of our paychecks.
 
twostrokenut said:
that's not the definition of negotiable instrument, sorry. they are negotiable because they guarantee a payment of a specific amount of money on demand.

you cannot redeem for specie as per the last coinage act but your demand will render that amount non-negotiable as the obligation is removed.

and the thread title makes this quite hilarious to have to explain. I loled at your expense.
Click to expand...

A Federal Reserve Note is not debt.
The Federal Reserve is a government entity.

All the laughter you fill your trailer with, will not change those facts.

My housekeeper sometimes laughs at odd things, but I pay her anyway, because she doesn't know any better. My pool guy cleans 3 of my pools, when I pay him with legal tender, he smiles, he doesn't laugh.

twopumptrailer.
 
You must log in or register to reply here.

Similar threads

Padawanbater2
An Economic Agenda for America: 12 Steps Forward
2
Replies
34
Views
2K
Dr Kynes
Dr Kynes
C
Healthcare debate 25 years ago. Sound familiar?
Replies
4
Views
804
ChesusRice
C
herbandlife
Met the crew of Herb-n-Life - The First Cannabis Cafe in America- ~XD
Replies
8
Views
2K
LokiGen
LokiGen
DrFever
How china has americans by the Balls
Replies
12
Views
5K
Ernst
Ernst
Cropmaster420
The truth and nothing but the truth. People please wake up
4 5 6
Replies
115
Views
7K
deprave
deprave
Back
Top