Understanding Money & Banking, Pt. 6

Understanding Money & Banking, Pt. 6 - Legal Tender

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PaulMcKeever

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Consent, Coercion and Legal Tender. Part 6 of a multi-part series by lawyer Paul McKeever that explains the nature of money and banking as it has never been explained to you before. In this Part, Paul explains the nature of legal tender, and its relation to paper currency.

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Where this gets ... ( 2 months ago by jimlick)

Where this gets really alarming is in places that extend legal tender laws to the extent that you are not permitted to trade in anything but the central bank currency. For example, Zimbabwe's inflation has been so extreme that many people started using euros and us dollars for transactions. The government then went out and cracked down on anyone offering goods and services in foreign currencies.

i figured this out ... ( 2 months ago by wowdavidp1)

i figured this out a long time ago. Federal reserve notes say "for all payments of debts public and private"..so basically they explicitly say that these notes must be accepted for any payment of debt.

grear vid!! ( 2 months ago by Oppp2)

grear vid!!

Excellent, I love ... ( 2 months ago by funkr77)

Excellent, I love the way that you explain law in layman's terms. So many people are so unaware that there are so much involved when it comes to money. Look forward to the next part of the series.

Wow, I learned some ... ( 2 months ago by sirscutter)

Wow, I learned some stuff yet again. I liked this video, very well done.

Excellent series, ... ( 1 month ago by MillionthUsername)

Excellent series, Paul. Thanks! But if there are no legal tender laws, then why would a gov't be in the money business at all? They couldn't enforce it. Do you support a free market in money with the gov't merely requiring banks use a 100% reserve system? Please continue the series. There are many arguments over how a transition to sound money would affect the economy. And I wonder about credit - mortgages, for example. What happens with loans when inflated values of assets vanish?

I have no problem ... ( 1 month ago by PaulMcKeever)

I have no problem with the idea of people trying to compete with a state-issued currency, provided that the quantity of money they offer is limited naturally (e.g., gold coin) or artificially (e.g., a law-backed in ability to increase the number of dollars/pounds/etc. they offer. The 100% reserve requirement should exist for banks no matter whose money they are lending. Your last question requires a detailed response (no room here).

Great explaination ... ( 2 weeks ago by Phreylan)

Great explaination of legal tender laws. I especially liked the challenge you posed at the end regarding repealing such laws and "see what happens." The answer being quite obvious (Gresham's law). The banking fraud of fiat currency and credit expansion is the most important issue out there, yet it is always (by necessity for their own self preservation) completely ignored by the politically connected class. People are finally waking up to the issue, and videos like this help. Keep it up.

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