End the Fed Rally

On March 27, there was an “End the Fed Rally” at NH Institute of Politics on the campus of St. Anselm College just outside of Manchester, NH.
Dave Ridley from RidleyReport.com, Ian Freeman from Free Talk Live & Darryl W. Perry from Free Press Publications were able to ask questions of Eric Rosengren the President of the Boston Federal Reserve and Jim Roche the head of the Business and Industry Association.
One man even said that we should “move to Korea.”

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  1. I’m not sure you understand Legal Tender Laws.

    Let’s suppose I go in to a restaurant with my family and order dinner. We enjoy our meal, ask for the check, and get ready to pay. Unfortunately, without sign or notice, the restaurant in Dallas exclusively accepts Korean Won. Since I do not carry won, I am unable to pay my bill. The police are called, and I’m arrested for theft. Not cool.

    In the US, legal tender laws ONLY apply to debt obligations. To clarify, if you are in debt, as in you just ate your meal, in the US you must be able to satisfy that debt in federal reserve notes. Period. Legal tender laws protect you from a merchant getting creative on you and making it difficult or impossible to pay your bill. Good idea, right?

    Well, it doesn’t stop there. Legal tender laws are so unimportant that most/all states have plenty of exceptions to the rule. For example, a gas station can refuse any bills larger than $20. A soda machine can only accept coins. A bus driver can only accept tokens. A business owner, who has an unlimited right to private contract, can negotiate a deal in gold, silver, copper, direct barter, or any other way they like. And if that’s not enough, states will recognize this contract even in the event of a default. For example, you negotiate a contract in ounces of silver, default on the deal and lose in court: the court will still enforce the original agreement!

    What legal tender laws do NOT do is make the federal reserve note the exclusive form of payment in the US. You can pay any way you like, so long as it’s agreed and accepted before you incur a debt. Again, there is no law that requires you to spend or accept federal reserve notes. None.

  2. Got some citations on courts requiring payment be made in silver?

    Because I’ve sure never seen that happen…

    Typically, if you default on a contract, a court will require damages be paid, and those damages will be in FRN’s.

Care to comment?