Armstrong Economics Blog/Rule of Law
Re-Posted Jul 5, 2020 by Martin Armstrong
QUESTION: Dear Mr Armstrong,
Here is a softball question for the holiday weekend.
If US currency is legal tender, aren’t retail stores obligated to accept it?
This would seem to restrict the ability of retail stores to 1) demand electronic payment and 2) reject payment using $100 bills.
Happy 4th to you.
ANSWER: You are correct. Stores MUST accept cash – that is what LEGAL TENDER means! Congress would have to pass an Act and the President MUST sign it to eliminate paper money.