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#1
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Re: Liberty Dollar office raided
Well, the Liberty people had a quote from a Mint representative saying that it was legal, but I just read in this thread that the DOJ said its illegal. Before the Fed, most currency was privately issued. Under modern rules, the issue is apparently unclear and will have to be settled in court.
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#2
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Re: Liberty Dollar office raided
I would guess that, in light of the upcomming inflation of the US dollar, the government will do whatever it can to squash private money. Otherwise, it won't be long before no one is using US dollars.
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#3
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Re: Liberty Dollar office raided
[ QUOTE ]
I would guess that, in light of the upcomming inflation of the US dollar, the government will do whatever it can to squash private money. Otherwise, it won't be long before no one is using US dollars. [/ QUOTE ] This is correct, this raid is nothing more than naked intimidation. I've read about Liberty Dollars before, and while I don't remember much detail about them, I do remember that they are clearly for suckers. You are much better off buying gold or silver bullion. On the other hand, it's exciting to see a private currency company have enough success to get the honor of being raided by the FBI. |
#4
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Re: Liberty Dollar office raided
This topic came up on a mailing list I'm on, which is populated by people who are generally pretty smart. The topic of course wandered over to pros and cons of a gold standard in general, when this exchange came up:
[ QUOTE ] >Something else to consider that the gold-backers must have an answer >for: there is a finite amount of gold, and my bet is that its current >value is drastically less than that of the global economy. Another problem related to this is the 'value' of a countries economy. The UK for instance gathered a lot more gold and silver to it long ago than the US which is much younger. If we are stuck with the 'gold' standard then UK's value would always be greater than US and UK citizens would retain stronger buying power despite inflation because their 'gold' backed value would almost always be greater than a US citizen with the same relative amount of wealth. They have more gold per citizen so each citizen benefits from that. Of course no one in the US would be able to purchase US goods so their economy would collapse. [/ QUOTE ] The standard "zomg we'll run out of money" thing, which I addressed, but this follow-up left me completely flabbergasted. I asked the poster to elaborate and explain wtf he meant, but I haven't heard back yet. Anyone have any idea what he's talking about here? It seems he's trying to equate savings with production, on an aggregate scale (big fallacy there), and on top of that I think he's way off on his estimates of how much bullion the UK has in the first place (didn't they basically drain the treasury during WWII?). |
#5
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Re: Liberty Dollar office raided
[ QUOTE ]
The standard "zomg we'll run out of money" thing, which I addressed, but this follow-up left me completely flabbergasted. I asked the poster to elaborate and explain wtf he meant, but I haven't heard back yet. Anyone have any idea what he's talking about here? It seems he's trying to equate savings with production, on an aggregate scale (big fallacy there), and on top of that I think he's way off on his estimates of how much bullion the UK has in the first place (didn't they basically drain the treasury during WWII?). [/ QUOTE ] his fallacy is thinking that everying is gold backed. like a skyscaper would have to have a ton of gold somewhere. the only thing that has to be gold backed is the currency. also commercial paper wouldn't have to be gold backed, so you could still do your billion dollar deals without even bringing gold into it. I mean, look at a big takeover or something, usually it is for mostly stock (*sometimes all stock), and just a bit of cash. off top of head could be wrong i guess. |
#6
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Re: Liberty Dollar office raided
pvn,
Can you or some other Liberty dollar type currency supporter tell me why one would risk holding such certificates, that seem to be at risk from the US gov't, instead of just holding gold? While obviously paper or e-currency *if it is safe* (or more worthy than fiat currency), is more convenient, surely one can keep the bulk of such holdings in safe deposit boxes. |
#7
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Re: Liberty Dollar office raided
[ QUOTE ]
pvn, Can you or some other Liberty dollar type currency supporter tell me why one would risk holding such certificates, that seem to be at risk from the US gov't, instead of just holding gold? While obviously paper or e-currency *if it is safe* (or more worthy than fiat currency), is more convenient, surely one can keep the bulk of such holdings in safe deposit boxes. [/ QUOTE ] I wouldn't hold these particular certificates, mostly because various government agencies have been hounding them for a while. Should have seen this coming. That said, I do own some gold, and a portion of it is basically "virtual" in shares of GLD (where it's impossible to actually get the physical gold). This is mostly because it's a total pain in the ass to buy gold inside of an IRA. |
#8
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Re: Liberty Dollar office raided
[ QUOTE ]
pvn, Can you or some other Liberty dollar type currency supporter tell me why one would risk holding such certificates, that seem to be at risk from the US gov't, instead of just holding gold? While obviously paper or e-currency *if it is safe* (or more worthy than fiat currency), is more convenient, surely one can keep the bulk of such holdings in safe deposit boxes. [/ QUOTE ] I never owned any money through liberty dollars, but I scanned over their site a few times, it looked like they were setting up agreements with stores/chains where they would accept liberty dollars in exchange for goods. This would be pretty good if you could have 100% of your money in metals instead of having to keep X% for your monthly nut in US$. |
#9
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Re: Liberty Dollar office raided
this is disgutting. Can one single statist on here justify why this is even slightly a good idea?
What does this say about the government? I beg of someone to please answer. |
#10
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Re: Liberty Dollar office raided
[ QUOTE ]
this is disgutting. Can one single statist on here justify why this is even slightly a good idea? What does this say about the government? I beg of someone to please answer. [/ QUOTE ] Same "reason" as why it was unpatriotic during WWII to hoard your cash instead of buying war bonds. You're supposed to be willing to sink or swim with the other members of your collective instead of seeking only your own self-interest. Financial ruin to the unpatriotic liberty dollar hoarders! In fiat currency do we trust! |
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