March 15 will be an important day.

[Kinser79]

(04-02-2017, 05:07 AM)Bob Butler 54 Wrote:

(04-01-2017, 09:52 PM)Kinser79 Wrote: In short the treasury at least in 1863 had power to issue non-interest bearing paper to pay the bills so it is reasonable to assume it still has that power unless Congress at some point has passed a law somewhere saying that they don't.

Seriously you're arguing with the wrong guy about this.  I've argued for the return of the Greenback since the late 90s if for no other reason than to strangle the hold the central bank has.

During the Civil War, two sorts of special notes were issued, Demand Notes and United States Notes. Both were authorized by Congress. The amount of notes authorized for printing was set by Congress. I seriously doubt the modern Treasury is able to print more Greenbacks on their own authority. They have to go through Congress, which has set limits on its own ability to increase the debt.

Now, I claim no special knowledge of the intricacies of currency. I do know a little bit about how to double check an extreme partisan when he asserts absurd stuff. To me, at a high level, the Congress has the power of the purse. I would not expect them to leave a loophole for the executive branch to usurp such power. You can continue to quote various long obsolete and expired financial tools used in the distant past, wave your hands, flap your lips, wag your tongue, crack your typing fingers and pretend you know what you're talking about. I may or may not bother to shoot you down. To me, your credibility is zero on this subject.

I would expect congress to leave such a loophole. Congress Critters as a class are largely incompetent people. As for my credibility, it seems to me that for someone who claims no special knowledge as to the nature of currency then you're not in a position to determine my credibility on the matter. Not that you in particular finding me credible even matters.

(04-03-2017, 09:29 AM)Bob Butler 54 Wrote: A bit of a side note. The Civil War Greenback currency wasn’t particularly stable at first. They could not be redeemed in gold or silver. They bore no interest. Early on the Demand Note’s value diminished rapidly. Nobody trusted them. To fix this, the government started giving interest on the early Demand Notes, making them more desirable to hold.

This might make the Civil War era Demand Notes early prototypes for the modern Treasury Bond. Let it not be said that the Treasury can’t print certificates to finance the debt. They just aren't Greenbacks or silver certificates. Things have changed over the years. The modern certificates are, however, integrated into the debt control mechanisms. They can’t be printed on executive branch whim.

It still stands to reason that unless Congress has revoked the right to issue instruments of non-debt, and the treasury at least at one time could issue such instruments then the treasury still has that power. As such if your aim is to say that the Treasury cannot issue US Notes right now then you will be needing to find a public law passed by congress stopping them. Any EO can be undone by an other EO naturally.