Comment: yes of course they are de facto irredeemable

(See in situ)

In reply to comment: Redeeming FRNs for Lawful Money (see in situ)

yes of course they are de facto irredeemable

The US Treasury and the Federal Reserve have in fact defaulted on their legal obligations but they don't want to admit it so they play this game claiming the law does not require redemption of their notes when it says right there in plain English that they shall be redeemed in lawful money.