Quote Originally Posted by teamsnowden View Post
Lawful money redeemer here since 2013. My checking account at Wells Fargo has the lawful money demand on a paper application for the account and I have a copy so I’m good to go there for my employment income and have been for years.

My 401k from a previous employer got rolled over and I decided to move that into Index Funds, stocks, and also Meme stocks like AMC and GME.

Hypothetically we hope and say that $50 meme stocks go to $100,000 per share, humor me please, it may happen it may not. I’d be curious to see a thread here entirely about Reddit Meme stocks but the question of the day for this thread…

I don’t have a special signature card at Fidelity (my IRA rollover account broker). Let’s say I become an overnight millionaire who normally redeems lawful money via my checking account and has been income tax exempt without complication for almost a decade. Assuming the overnight millionaire thing happens sooner or later from a short squeeze, how would I prepare for this to avoid massive cap gains tax and early withdrawal penalties if I wanted to enjoy a portion of the money (I’m in my 30s)? Would it be as simple as sell and transfer it into my lawful money account or sell and request a check to be safe and stamp it with my LM demand? Would I be covered to avoid penalties and taxation?

Thank you for humoring me.
Would it be as simple as sell and transfer it into my lawful money account or sell and request a check to be safe and stamp it with my LM demand?
Both should work. If you get the check deposit it into the Lawful Money account.

Title 31 USC §5115 stipulates there is only $300M in US notes allowed into circulation. And we have a high end tax accountant estimating that will be exceeded in two years, for his business plan. We have already seen a chain of credit unions shut down. Also a group of lawful money trustees, their accounts at a major bank were identified and shut down - "We don't want to be your trustee."

Maybe what you should do is dedicate a percentage of your portfolio to keeping the cash window open. Let's pretend you can cash out $4K or so every month or so just to know how you will do it after your short squeeze. This will keep you in practice, and keep a precedent process open.

What I am describing is that there may be a window. Or Congress may be compelled to address the use of US notes, even in the form of Federal Reserve notes. It is the same old story, but it will look new and unequivocal to some. The gold is earmarked worth $42.22/ounce for this event where it comes back into the system. When people lose trust the SDR will collapse. Search "Fed Assets Current". Look at the footnotes.