Functional illiteracy in America

[twostrokenut]

hmmmm, who to trust?

the guy who lost his 20% down payment and 10 years worth of mortgage payments and now lives in a trailer, or the guy with about five houses who has never had to do a "strategic default" because he couldn't afford the only home he ever bought?

tough call here

trust yourself, read the law:
§ 3-104. NEGOTIABLE INSTRUMENT.
promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:

(1) is payable to bearer or to order at the time it is issued or first comes into possession of a holder;

(2) is payable on demand or at a definite time; and

(3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain (i) an undertaking or power to give, maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit of any law intended for the advantage or protection of an obligor.

negotiable instrument.

order that meets all of the requirements of subsection (a), except paragraph (1), and otherwise falls within the definition of "check" in subsection (f) is a negotiable instrumentand a check.

promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this Article.

instrument is apromise and is aorder. If an instrument falls within the definition of both "note" and "draft," a person entitled to enforce the instrument may treat it as either.

draft, other than a documentary draft, payable on demand and drawn on a bank or (ii) a cashier's check or teller's check. An instrument may be a checkeven though it is described on its face by another term, such as "money order."

draft with respect to which the drawer and drawee are the same bank or branches of the same bank.

draft drawn by a bank (i) on another bank, or (ii) payable at or through a bank.

instrument that (i) is payable on demand, (ii) is drawn on or payable at or through a bank, (iii) is designated by the term "traveler's check" or by a substantially similar term, and (iv) requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the instrument.

instrumentcontaining an acknowledgment by a bank that a sum of money has been received by the bank and a promise by the bank to repay the sum of money. A certificate of deposit is a note of the bank.

‹ § 3-103. DEFINITIONS.up§ 3-105. ISSUE OF INSTRUMENT

 

[see4]

@see4

i would not trust this guy when he says he will pay ya. he said that before about the biggest investment he ever made and it was a complete lie.

I don't have faith in his tender. I suspect he does not satisfy his debts. With Federal Reserve Notes or otherwise.

 

[UncleBuck]

trust yourself, read the law:
§ 3-104. NEGOTIABLE INSTRUMENT.
promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:

(1) is payable to bearer or to order at the time it is issued or first comes into possession of a holder;

(2) is payable on demand or at a definite time; and

(3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain (i) an undertaking or power to give, maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit of any law intended for the advantage or protection of an obligor.

negotiable instrument.

order that meets all of the requirements of subsection (a), except paragraph (1), and otherwise falls within the definition of "check" in subsection (f) is a negotiable instrumentand a check.

promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this Article.

instrument is apromise and is aorder. If an instrument falls within the definition of both "note" and "draft," a person entitled to enforce the instrument may treat it as either.

draft, other than a documentary draft, payable on demand and drawn on a bank or (ii) a cashier's check or teller's check. An instrument may be a checkeven though it is described on its face by another term, such as "money order."

draft with respect to which the drawer and drawee are the same bank or branches of the same bank.

draft drawn by a bank (i) on another bank, or (ii) payable at or through a bank.

instrument that (i) is payable on demand, (ii) is drawn on or payable at or through a bank, (iii) is designated by the term "traveler's check" or by a substantially similar term, and (iv) requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the instrument.

instrumentcontaining an acknowledgment by a bank that a sum of money has been received by the bank and a promise by the bank to repay the sum of money. A certificate of deposit is a note of the bank.

‹ § 3-103. DEFINITIONS.up§ 3-105. ISSUE OF INSTRUMENT

i've already read all this when you posted it in a fucking youtube comment section, jhonnybravosc

 

[UncleBuck]

I don't have faith in his tender. I suspect he does not satisfy his debts. With Federal Reserve Notes or otherwise.

his debts are not the only thing he doesn't satisfy, which is why he is raising another man's child.

there is a name for that, i think they call it "cuckoldry"

 

[see4]

trust yourself, read the law:
§ 3-104. NEGOTIABLE INSTRUMENT.
promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:
......
‹ § 3-103. DEFINITIONS.up§ 3-105. ISSUE OF INSTRUMENT

Welcome to Conflation Station.

Don't be a non-smart.

Next time you pay your ISP debt, pay it with your mortgage debt. I want to see the outcome.

 

[UncleBuck]

Welcome to Conflation Station.

Don't be a non-smart.

Next time you pay your ISP debt, pay it with your mortgage debt. I want to see the outcome.

bit of a sore spot for our cuckold friend. he doesn't have a mortgage anymore. he couldn't afford it. lives in a trailer now.

 

[twostrokenut]

because a mortgage is a debt. a federal reserve note is not. literally.

they are literally a promise to pay a dollar. literally. a debt is literally a promise to pay. a mortgage is literally a bank note that literally trades as a bill of exchange for value in the same exact way.

literally.

 

[see4]

bit of a sore spot for our cuckold friend. he doesn't have a mortgage anymore. he couldn't afford it. lives in a trailer now.

Probably because he doesn't know a debt even if it smacked in the face.

He probably called his mortgage company stating he didn't have enough debt to cover his debt.

Because debt.

 

[UncleBuck]

Probably because he doesn't know a debt even if it smacked in the face.

He probably called his mortgage company stating he didn't have enough debt to cover his debt.

Because debt.

the guy literally goes to his bank with cash, trades it for pennies, sorts out the pre-1982 pennies, melts them down (illegal), and returns the rest.

i've honestly never heard of a sadder existence.

 

[see4]

they are literally a promise to pay a dollar. literally. a debt is literally a promise to pay. a mortgage is literally a bank note that literally trades as a bill of exchange for value in the same exact way.

literally.

So a dollar is a promise to pay a dollar? Stop being a non-smart.

A mortgage is much more than a Federal Reserve Note. Stop being a non-smart.

 

[twostrokenut]

Welcome to Conflation Station.

Don't be a non-smart.

Next time you pay your ISP debt, pay it with your mortgage debt. I want to see the outcome.

I don't have mortgage debt. your mortgage debt allows your lender to sell your payments for value. the United States debt is what allows you to sell fed notes for value.

notes are contractual. your scenario may work on a reverse mortgage but that seems more of a pita than buying covefe with bitcoin

 

[twostrokenut]

So a dollar is a promise to pay a dollar? Stop being a non-smart.

A mortgage is much more than a Federal Reserve Note. Stop being a non-smart.

define dollar with your non-smart self.

 

[see4]

I don't have mortgage debt. your mortgage debt allows your lender to sell your payments for value. the United States debt is what allows you to sell fed notes for value.

notes are contractual. your scenario may work on a reverse mortgage but that seems more of a pita than buying covefe with bitcoin

you are conflating again. stop being a non-smart.

The Federal Reserve is a government entity.
A Federal Reserve Note, dollar bill, is not debt.

A mortgage debt has value because it is backed by collateral, the house itself. If the house has no value, neither does the mortgage note. Think 2008.

 

[see4]

define dollar with your non-smart self.

A dollar is a Federal Reserve Note that is, "legal tender for all debts, public and private".

You are boring and very dumb.

 

[twostrokenut]

Probably because he doesn't know a debt even if it smacked in the face.

He probably called his mortgage company stating he didn't have enough debt to cover his debt.

Because debt.

I carried pmi for that default and my closing lawyer was such a moron he was missing my signatures to insure the loan through the government. I didn't even owe them a phone call or eplanation, just packed my shit and moved. you're welcome, taxpaying citizen.

 

[twostrokenut]

you are conflating again. stop being a non-smart.

The Federal Reserve is a government entity.
A Federal Reserve Note, dollar bill, is not debt.

A mortgage debt has value because it is backed by collateral, the house itself. If the house has no value, neither does the mortgage note. Think 2008.

then why was there a housing crisis if the property carried the same value as the notes? at best you are arguing fed notes are secured debt.

 

[see4]

I carried pmi for that default and my closing lawyer was such a moron he was missing my signatures to insure the loan through the government. I didn't even owe them a phone call or eplanation, just packed my shit and moved. you're welcome, taxpaying citizen.

I don't give a shit.

The Federal Reserve is a government entity.
A Federal Reserve Note, dollar bill, is not debt.

 

[see4]

then why was there a housing crisis if the property carried the same value as the notes? at best you are arguing fed notes are secured debt.

The housing crisis happened because dumbshits like yourself got in over their head with very large mortgage debt in homes that did not hold the same value. Mortgage companies were predators to dumbshits who thought they could pay a $600,000 mortgage with a $50,000/year salary. The commercial banks created secondary and tertiary markets to trade the mortgage backed notes to diversify the risk. Because they knew the homes didn't have the same value as the mortgage debt they created.

A Federal Reserve Note, dollar bill, is not debt.

Can I stop saying that the Federal Reserve is a government entity? Can we go ahead and agree that it is?

 

[twostrokenut]

I don't give a shit.

The Federal Reserve is a government entity.
A Federal Reserve Note, dollar bill, is not debt.

the law doesn't care if you give a shit.

a bill is a debt
a note is a debt

bill is just slang for note.



"A banknote (often known as a bill, paper money, or simply a note) is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by commercial banks, who were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank.[2] Commercial banknotes have primarily been replaced by national banknotes issued by central banks."

 

[see4]

the law doesn't care if you give a shit.

a bill is a debt
a note is a debt

bill is just slang for note.

View attachment 4062503

"A banknote (often known as a bill, paper money, or simply a note) is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by commercial banks, who were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank.[2] Commercial banknotes have primarily been replaced by national banknotes issued by central banks."

A Federal Reserve Note is not debt. It is legal tender for all debts, public and private.

Currency, fiat money, is worth what the government and free market demand it to be. It is not debt.