Worse than Useless

haxar

Re: Worse than Useless
« Reply #25,  »
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Every working man or woman in this country exchanges his or her life, one week at a time, for a promise of payment--the paycheck. But nothing is delivered to the owner of the paycheck except other pieces of paper which themselves purport to be a promise of payment. We give all our work for no pay.
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The best of both worlds would be for the government to pay its way by issuing IOUs. Yes, that would work for a while, but when the IOUs were presented for payment, what then? That problem could be prevented if 1) the IOUs were never presented for payment, or 2) the IOUs could pay for themselves. And both of these happy circumstances can be brought into being by simply declaring the government IOUs to be "legal tender." Legal tender laws compel you to accept a promise in lieu of payment, while easing the blow by allowing you to spend the promise, or, to put it another way, the issuer of legal tender tells his victims, "Yes, this is counterfeit that I'm giving you for your work, but I've made arrangements for you to pass it without penalty." So there is no point in presenting the IOUs for payment.
"Promises to pay" are "payable" and "legal tender."

http://www.usagold.com/allworkandnopay.html

onepower

Re: Worse than Useless
« Reply #27,  »Last edited
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Every working man or woman in this country exchanges his or her life, one week at a time, for a promise of payment--the paycheck. But nothing is delivered to the owner of the paycheck except other pieces of paper which themselves purport to be a promise of payment. We give all our work for no pay.
I believe this is a false statement because we can use the money we earned and are paid to buy goods and services having a tangible value. Thus we are paid and we do in fact trade dollars for an equivalent value of goods and services.

The real problem is governments, banks and the stock markets which create wealth by manipulating the system yet create nothing of tangible value. They could make hundreds of millions of dollars on a single transaction with no tax and no value as goods or services created in any sense of the word.

The real solution is that no money should be created or allowed to change hands unless something of equivalent and tangible value as goods or services has also been created.... period. That is the only way this stupidity of creating wealth from nothing can be corrected.

haxar

Re: Worse than Useless
« Reply #28,  »Last edited
Quote from haxar on January 3rd, 04:12 PM
I've also found good hints on an IRS publication, PDF in the attachments:
Specifically called as a "negotiable promissory note." They are the same negotiable note instruments from the Federal Reserve:
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If you are a cash basis taxpayer and make payments on a negotiable promissory note that you issued for stock that became worthless, you can deduct these payments as losses in the years you actually make the payments. Do not deduct them in the year the stock became worthless.
Here, you would be refunded on worthless stock for a negotiable promissory note you issued, suggesting that you could pay all debts, such as this stock, with a negotiable promissory note you issue.
More research on "worthless debt":
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(a) General rule

(1) Wholly worthless debts
There shall be allowed as a deduction any debt which becomes worthless within the taxable year.

(2) Partially worthless debts
When satisfied that a debt is recoverable only in part, the Secretary may allow such debt, in an amount not in excess of the part charged off within the taxable year, as a deduction.
https://www.law.cornell.edu/uscode/text/26/166

How does a debt become worthless?


https://www.youtube.com/watch?v=n8c0i6Os4nM
Quote from haxar on January 3rd, 01:20 AM
Worse than Useless: Worthless

CaptainPlanet2018

Re: Worse than Useless
« Reply #29,  »
Can I really pay my mortgage in this way with a promissory note. In Australia.

haxar

Re: Worse than Useless
« Reply #31,  »
Quote from Matt Watts on January 3rd, 02:32 PM
You may get a kick out of this one.  Virtual Currency is treated as property.  hehe

Virtual property.


I wonder if I'm kept alive as "virtual labor"...?
Labor can be liquidated as an asset. Labor can be your property.

Labor is voluntary whether consent was given, verbal or contract. O:-)
Quote from Black's Law Dictionary 2nd edition (1910)
PEON. In Mexico. A debtor held by his creditor in a qualified servitude to work out the debt; a serf. Webster.

PEONAGE. The state or condition of a peon as above defined; a condition of enforced servitude, by which the servitor is restrained of his liberty and compelled to labor in liquidation of some debt or obligation, real or pretended, against his will.
Re: Worse than Useless
« Reply #32,  »
Quote from haxar on January 3rd, 08:36 PM
Promissory Notes can be used in lieu of Bail Bonds:
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trainingpropertymanagers.com/shop/cya-tenant/security-deposit-promissory-note/

Security Deposit Promissory Note

We tried many times to add a special stipulation for security deposit installments but couldn’t get judges to enforce it. The note was the answer as judges understand promissory notes.