Not really. US Treasury Note is fiat and unbacked. It is not redeemable in gold or silver. Its purchasing power floats and evaporates at the mercy of government’s printing press. Don’t believe me? Take US Treasury Notes to any store, or even to the US Mint and see if $10 of them will buy more than $10 of unbacked Federal Reserve Notes. They will buy EXACTLY the same amount of goods, because their purchasing power is EXACTLY the same, and is falling like a rock. FRN’s lost about 98% of their purchasing power since the creation of Federal Reserve, and US Treasury Note lost EXACTLY the same amount. This shows that US Treasury Notes are NOT backed by gold, because gold’s purchasing power went UP not down! Therefore US Treasury Note is a FRAUD, as all fiat is, by a strict definition of the word FRAUD.Lawful wrote: loveistruth wrote "The "lawful money" i.e. US Treasury Notes are a fraud, because they are not redeemable in gold or silver."
That is a patently false statement.
Now you apparently have a dumb theory that something can be backed by gold, but not redeemable in gold. That is a meaningless statement! If something is NOT redeemable in gold, it is NOT backed by gold, by definition of the word “backed.” To be backed by something IS to be redeemable in that something. Otherwise the word “backed” means exactly NOTHING!Lawful wrote: A careful reading the entire page linked will show the reader, there is ALWAYS a bright line distinction between lawful money and "legal tender". Anything can be a "legal tender" but only Notes issued with a full backing of Gold or silver is "lawful money" as issued at face value.
Loveistruths' claim that to be "lawful money" US treasury Notes must be directly redeemable in Gold or Silver coin, is patently FALSE and has no backing in any history, law, congressional definition, courts nor the Constitution.
Again, If something is “backed” but not redeemable in gold, it is NOT backed. This “backing” is meaningless and no better than fiat money, because it says, “Trust us.”
As for the Constitution, you are mistaken as well. According to the Constitution, the states are
- 1) Forbidden to coin money
2) Forbidden to use anything but gold and silver coin as money.
So US Treasury Notes are a FRAUD by every definition.
Wake up!