And if it costs only 3-4 cents to make such a “Note” [no matter what the actual “face” denomination], isn that production cost [paper, ink, and “security” strip] the only intrinsic value of the “Note”?
Congressional Report on Money (1964): In other words, every the Federal Reserve System purporting to issue these “Federal Reserve Notes” as money to its member Banks and every member Bank issuing them to its customers is legally insolvent, because they cannot ever redeem such a “Federal Reserve Note” in lawful money of these United States of America. Further, they are also willfully committing Fraud upon their customers, because they know (even if their customers do not know) that they cannot redeem those “Federal Reserve Notes”. There may well be a sustainable analogy between the current irredeemable “Federal Reserve Notes” and the notes of the Confederate States of America as described here: It was by this government [nt: the Confederate States of America] exercising its power throughout an immense terrritory, that the Confederate notes were issued early in the war, and these notes in a short time became almost exclusively the currency of the insurgent states.
