Paper Money........................from Rico

There are two very different kinds of paper money, and understanding the difference is crucial to understanding how the FED works (or doesn't work for you, it's working fine for their private owners...but I digress).

US Notes.

- The US Treasury issued United States Notes frm 1862 to 1971. The 'red' Treasury seal is a quick visual identification for them. These notes were worth the face value printed on them, and were interest-free. For most of their useage, they were redeemable in Gold or Silver.

- They were "bills of credit."

Federal Reserve Notes.

- The Federal Reserve Bank (a privately owned, for-profit bank) now issues paper money instead of the US Treasury as interest-bearing debt. These notes are not credits, but are an IOU instead and are NOT interest-free (this is where the REAL money is being made by the FED, on the interest 'owed' them on this money). They are NOT redeemable for anything (except more FRN's).

The Federal Reserve.

- This is THE biggest long-con ever to have been accomplished in plain sight. Helluva 'scam' guys. Kudos.