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June 23, 2017 | Today’s Digital $ not official ‘legal tender’ money! Why?

Donald B. Swenson: Born January 24, 1943, Roseau, Minnesota. Graduated H.S. 1961, Moorhead High, Minnesota. Graduated College 1968, Moorhead State University, Minnesota. Designated member of Appraisal Institute (MAI), 1974. Employed with Western Life Insurance Company, 1968 – 71; Iowa Securities Company, 1971 – 73; American Appraisal Company, 1974 – 81. Part-time teacher/valuation consultant/bartender, 1979 – 2008 (taught workshops at Waukesha County Technical Institute, Wi. and Madison Area Technical College, Wi.). Retired 2008 (part time teacher/blogger), AZ. Self educated economist/philosopher/theologian:

Image result for Richard Cordray, CFPB

The 1965 Coinage Act was the official legislation which established what can be used as ‘legal tender’ money in USA. Also, the 1978 Electronic Funds Transfer Act establishes the process of transferring $’s from digital accounts but it does not make a virtual $ ‘legal tender’.  For any dollar to be legal tender it must first of all exist within observable space/time (it must be some ‘thing’). Today’s, inner $ which our Fed can create from their thinking (out of their consciousness) does not technically exist as an ‘outer’ money unit. This makes this digital $ invalid as our ‘legal tender’ as of today!

Also, it now appears that the EFTA (electronic fund transfer act) was recently transferred to the Consumer Financial Protection Bureau (as of 8/28/2014). This means that the CFPB (consumer financial protection bureau) is now the official authority for all issues of what is ‘legal tender’ for Americans.  What does this mean? Let’s briefly review the various authorities which provide us with information on what is ‘legal tender’ and then some details as to why our current ‘virtual/digital’ $ should not be viewed as a valid ‘legal tender’ unit.

The Coinage Act of 1965 still seems to govern the issue of what is official ‘legal tender’ for money and for payment of debts: 

The pertinent portion of law that applies to this issue is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled “Legal tender,” which states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.” Notice that all the items selected as official legal tender are ‘outer’ items which exist in space/time. There is no mention of a ‘virtual’ $ which gets created from the thinking of select Central bankers and financial bankers in general. This makes QE (quantitative easing) money illegal and not official legal tender. QE gets typed into the computer screen as a digital entry (virtual $$$) which increases the Fed’s SOMA account and is then spent as dollars for various assets.

The Electronic Fund Transfer Act of 1978 gives official consumer information for select operations for electronic funds:

The Electronic Fund Transfer Act (EFTA) (15 USC 1693 et seq.) of 1978 is intended to protect individual consumers engaging in electronic fund transfers (EFTs). EFT services include transfers through automated teller machines, point-of-sale terminals, automated clearinghouse systems, telephone bill-payment plans in which periodic or recurring transfers are contemplated, and remote banking programs. The Federal Reserve Board (Board) implements EFTA through Regulation E. This authority has now been transferred to the CFPB under the direction of Richard Cordray.

The Consumer Financial Protection Act of 2010 seems to be the current authority for consumer issues related to our monetary system:

The Consumer Financial Protection Bureau was created by the 2010 Dodd-Frank Wall Street Reform and Protection Consumer Act. The CFPB is headed by a chief who is appointed by the President for a five-year term. The bureau is also assisted by a Consumer Advisory Council, which is composed of at least six members who are recommended by regional Federal Reserve presidents. Read more: Consumer Financial Protection Act . This bureau has taken over the Regulation E provisions which were originally under our Federal Reserve authority.

  • the August 28, 2014 directive reflects the transfer of rule making authority for the Electronic Fund Transfer Act (EFTA) to the Consumer Financial Protection Bureau (CFPB) from the Board of Governors of the Federal Reserve System. This transfer is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank).

Comments: It now appears, if my interpretations are correct, that Mr. Richard Cordray and his staff can officially determine the status of what is official ‘legal tender’ for consumer monetary transactions. What Mr. Cordray needs to comprehend is that our current ‘virtual/digital’ $ is a unit which is technically ‘imaginary’ and ‘inner’ and it does not qualify as OFFICIAL LEGAL TENDER (given the history of this legal monetary concept). A monetary unit MUST be a ‘thing’ which exists within space/time reality to qualify as official ‘legal tender’. Our Fed now creates virtual $$$ via their QE operations (now expired) but our commercial banks can still create loans from their thinking (consciousness) and this would mean that the units called ‘dollars’ are not ‘things’ (which exist) but virtual units of consciousness. These ‘virtual’ units of consciousness can not qualify as official ‘legal tender’ units (as these units are ‘inner’) and they do not technically EXIST.

Today, we live with a global monetary system which operates within cyberspace. Cyberspace is not an observable space which people can perceive as ‘outer’ or within space/time. This means that cyber money also can not be viewed as within space/time. All our money units which live within cyberspace and are transferred from computer to computer as virtual units ($$$$$) should not be viewed as ‘things’ which exist (physically). If they do not exist physically then they can not be viewed as valid ‘legal tender’ units per all our official acts and regulations. See all the above acts and regulations for your reference.

After reading about our legal tender laws and the similar laws of countries around our planet (Canada, England, Australia, Switzerland, Europe, etc.) I find that all countries use only legal tender items which exist within space/time (with the single exception that today’s virtual units should not be viewed as existing). Europe has proposed new legislation to make virtual/digital money valid but these authorities seem to ‘assume’ that digital/virtual units actually exist within space/time. I think they have a false premise with this ‘assumption’. The definition of virtual is as follows: not physically existing as such but made by software to appear to do so. This definition clearly states that virtual money does not technically ‘exist’.

What we now need to do is inform our authorities that our entire global financial system (now some 90+% of all monetary transactions) are technically illegal. The transactions being done with a ‘virtual’ currency unit (this make-believe/imaginary unit) are invalid, illegal, and unenforceable. All debts which were originated with a ‘virtual’ monetary unit are invalid/void/illegal. This means cancellation must occur and all parties must be absolved from any legal enforcement. Our virtual/digital money is a sham/fantasy/make-believe. Get the word out to everyone that the monetary system is INVALID and VOID! Enjoy! I am:

Some additional images for  your consideration:

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Barack Obama announces that Richard Cordray will be first director of the Consumer Financial Protection Bureau.

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The Trump administration seems unhappy with the director of the CFPB and this makes some of Trump’s policies difficult to implement!

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Could Mr. Cordray unilaterally declare that all consumer transactions done with a ‘virtual’ $ are invalid and not done with official legal tender money? I think this is what now needs to happen. The CFPB needs to declare that ALL monetary transactions accomplished with a virtual currency $ are invalid and void! This means that all American debts are cancelled and eliminated from cyberspace storage.

Image result for Richard Cordray, CFPB

Wall Street Journal Invents Reasons For Trump To Gut Consumer Financial Protection Bureau

Will Right-Wing Media’s Campaign To Destroy The Consumer Watchdog Succeed Under Trump? Prior to leaving as Director, Mr. Cordray needs to declare that our VIRTUAL (digital) Dollar is VOID and INVALID. This unit is NOT valid LEGAL TENDER for payment of debts (nationally or globally). Let’s get the word out that we now live with ILLEGAL tender!

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June 23rd, 2017

Posted In: Kingdom Economics

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