Domain: treasury.gov
Stories and comments across the archive that link to treasury.gov.
Comments · 160
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Re:That's an interesting way to bankrupt a company
Regarding that, "legal tender" isn't really what people think it is, people read in what isn't meant to be there. Legal tender really only means that it's money backed by the government, not that people and companies are required by law to take it.
http://treasury.gov/education/faq/currency/legal-tender.shtml
Answer The pertinent portion of law that applies to your question 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."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
Emphasis is mine.
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How is this new?
Hasn't every president for about a hundred years gone everywhere with a realtime tracking system?
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Re:But this is insightful?
Your risk-free rate of return is pretty close to zero right now, and not guaranteed to exceed inflation:
http://www.treasury.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml
Also consider that a large amount of the cost of putting in solar is the installation cost. Assuming that solar panels in the future can use the same installation, replacing them will be far cheaper than the initial installation- and I don't know about you, but I don't see tradesman labor prices decreasing anytime soon.
How do you value not having to worry about blackouts? In a proper model you would also have to account for the amount of carbon *not* being produced (which is actually quite simple considering carbon credits have an actual market value).
So yeah, you are right, ROI is a bit more complicated, but before you get on your high horse, at least dot your i's and cross your t's. Models make assumptions about the future as well, which may not be correct.
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This is not correctUS Currency has not been backed by gold or any other metal since the '30s.
From The US Treasury Web Site: Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy. They are backed by collateral, some but not all of which are gold certificates: Congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. -
Re:Woah, cool!I know reading the fucking article is something people refuse to do here. Your question is answer in the article though.
It says, and i will just cut and past,"The case arose from a Chicago grand jury's investigation into who told the two reporters, Judith Miller and Philip Shenon, about actions the government was planning to take against two Islamic charities, Holy Land Foundation in Texas and Global Relief Foundation in Illinois. Though the government contended that calls from the reporters tipped off the charities to impending raids and asset seizures, the investigation appears to be focused on identifying the reporters' sources. No testimony has been sought from the reporters, and there has been no indication that their actions are a subject of the investigation."
Now, if you follow the news outside the we hate bush channels, you will find that both of those organizations were prosecuted for funneling money to terrorist organizations and were labeled a terrorist organization. There has been several people calling them terrorist. If you want to know who some of the terrorist are, you can find a list here
Of course staying informed about situations going on around you and a quick google search to see the context of the story is helpfull. -
Re:Maybe because we believe in Free Speech?
and you wouldn't find stories like this one
That decision seems to have been reversed. -
Re:We pay interest on all money in circulation.How in Greenspan's name did this get modded to +5, Interesting when it contains almost 0 factual information. The Federal Reserve is not a private corporation. It is a Division of the Treasury Dept.. From the site:
As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by the Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."
The Federal Reserve is funded by interest collected on U.S. Govt. securities and services to banks, such as check clearing.
You are correct that our currency is not backed by precious metals, and is only worth whatever someone will give you for it. However, gold is only worth what someone will give you for it as well, but fiat currency has the advantage that the government can control the total supply of money, and thus limit inflation.
Will someone please mod the parent post back down? Maybe, "-1, Skipped Economics Class?" -
Re:Cash, hmm?
It is perfectly legal for someone to refuse to accept any specific form of payment. Try to pay cash at amazon.com. Try to pay cash for your rent. Try to pay cash at some furniture stores.
Legal tender does not mean you are required to accept it. It only means the U.S. Government is required to recognize it as having value.
There is plenty of case law supporting the right of people or companies to refuse cash as payment.
And the U.S. Goverment says so too. -
Re:Shifting arguments and red herringsYou're describing a conspiracy between Queda and Iraq that has *zero* evidence to support it. Who's chasing UFOs?
You are, dude. Just because you deny the existence of evidence doesn't mean it's not there. For those who don't feel like clicking a link, it's a press release from last week from the Department of the Treasury that says, in relevant part:AI [Ansar al Islam] is a terrorist group operating in northeastern Iraq with close links to and support from al-Qa?ida. Al-Qa?ida and Usama bin Laden participated in the formation and funding of Ansar al-Islam, and AI has provided safe haven to al-Qa?ida in northeastern Iraq. AI?s predecessor, Jund al-Islam, was formed in September 2001. AI came into being with the ?blessing? of bin Laden after its leaders visited al-Qa?ida in Afghanistan in 2000 and 2001. Bin Laden provided AI with an estimated $300,000 to $600,000 in seed money.
The connection between Ansar al Islam and Iraqi military intelligence is, of course, well documented.
If Powells pictures of "Queda" bases were really bases, we would have destroyed them already. It's what we do everywhere else.
Were you even listening to the presentation, or did you just look at the slides afterwards? The camps shown belong to Ansar al Islam, which is kind of like a sister group to al Qaeda. It was, as the above quote says, founded with Osama bin Laden's personal seed money, and it has close ties to al Qaeda.
That it's run by a military dictatorship has no bearing whatsoever on whether it is a westernized culture.
I won't presume to speak for what siskbc meant, but when one uses the word "westernized," one is typically talking about more than jeans and fast food. It's tough to imagine any country were you can be arrested, tortured, and summarily executed for no reason at all to be called "westernized." -
Re:Paper
Its unfortunate that so many people value pieces of paper with writing on them.
Indeed.