9LivesTakinOver
The 'dollar bills" that we routinely exchange for goods and services are not genuine constitutional dollars, but promissory notes substituting for the real thing. Every day, millions of Americans receive and pay out what they think are 'dollars.'' Yet, in almost ever instance, they are deceiving themselves. For the 'one-dollar" picture of George Washington on its face federal reserve note (FRN) that most everyone uncritically calls a 'dollar" is not a 'dollar" at all. No statute of the United States has ever declared that the note to be a 'dollar." Neither could such a declaration ever be made, for each and every FRN, of whatever denomination, is only a 'note."
- A private bank's promise to pay
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