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Thread: Liberty Dollar creator convicted in federal court

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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by Demon of Light View Post
    You need to do some research into the Federal Reserve system. By law members of the Board of Governors are required to be representative of corporate interests across the country. The various directors of the regional reserve banks that appoint five people to the Open Market Committee, with the head of the New York Fed being vice-chairman of the body, are owned and appointed mostly by member banks, the national banks (JP Morgan Chase, Citigroup, etc.) being automatic members of the system. Decisions of that body are by consensus, basically meaning everyone has to agree i.e. the people appointed by the banking corporations have to approve all measures. The Federal Reserve System is nothing more than a government-mandated banking cartel.

    I would prefer individuals issuing their own currencies to this perverse state-monopoly capitalism.
    That's ridiculous. Let's pay for everything in Frequent Flyer Miles.

    We'd all better hope that the US Dollar never loses it's reserve currency status. If that should ever happen, well, let's just say stock up on MRE's.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by MaggieD View Post
    That's ridiculous. Let's pay for everything in Frequent Flyer Miles.

    We'd all better hope that the US Dollar never loses it's reserve currency status. If that should ever happen, well, let's just say stock up on MRE's.
    A piece of paper does not tie our society together. So long as there is some means of exchange agreed upon within a society a currency's life or death will have no impact. Unfortunately the government is neither willing to consider a change of currency or a withdrawal of the policies causing the problems with our current one.

    Let there be no mistake, the U.S. dollar will not be the reserve currency of the world forever. A currency's place in the world is determined by who dominates international trade. That means who buys the most resources and sells the most products. It is only a matter of years before China takes up that role and at that point governments will have to start stocking up on renminbi ending our currency's dominant role.

    When that happens, if our government has done nothing to improve the U.S. dollar at that time it would be for the best for there to be groups with an already prepared alternative medium of exchange.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by Demon of Light View Post
    A piece of paper does not tie our society together. So long as there is some means of exchange agreed upon within a society a currency's life or death will have no impact.
    That is not at all true. A nation's monetary policy is extremely important in determining the success or failure of a national economy...in fact, it's the MOST important variable. Countries with irresponsible monetary policies inevitably fail. Try telling a Zimbabwean that the death of the Zim Dollar has had no impact.

    Quote Originally Posted by Demon of Light
    Unfortunately the government is neither willing to consider a change of currency or a withdrawal of the policies causing the problems with our current one.
    What would those problems be? And why do you believe some random guy with his own currency is better able to solve them than the government?
    Last edited by Kandahar; 03-19-11 at 11:34 PM.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by Kandahar View Post
    That is not at all true. A nation's monetary policy is extremely important in determining the success or failure of a national economy...in fact, it's the MOST important variable. Countries with irresponsible monetary policies inevitably fail. Try telling a Zimbabwean that the death of the Zim Dollar has had no impact.
    Do you know how they turned around their hyperinflationary issue? They dropped their currency altogether and started allowing the use of foreign currencies. Zimbabwe's government beforehand was simply unwilling to make such a move. It was imperiled due to the actions of its government and its refusal to allow competing currencies to replace theirs.

    What would those problems be? And why do you believe some random guy with his own currency is better able to solve them than the government?
    It's not just one guy, but that is beside the point. The alternative currency in this case is not impacted by the kind of largesse and debt as our government currency. Our official currency has been weakened because of monetary policies from the Federal Reserve, a government-mandated banking cartel in service of corporations instead of popular interests, and decades of deficit spending.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by Kandahar View Post
    Although the rhetoric is a bit over the top, there are very good reasons for the government to tightly regulate currency and monopolize our nation's monetary policy. The Federal Reserve Chairman and the Secretary of the Treasury are appointed by the President, who is elected by the people. Who elected THIS bozo? It could end very very badly if private currencies became widely used.
    Yea, they are regulating money so tightly that soon we will be able to use it as kindling. LOL.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by danarhea View Post
    Yea, they are regulating money so tightly that soon we will be able to use it as kindling. LOL.
    It did help the Germans keep warm.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by Demon of Light View Post
    Do you know how they turned around their hyperinflationary issue? They dropped their currency altogether and started allowing the use of foreign currencies. Zimbabwe's government beforehand was simply unwilling to make such a move. It was imperiled due to the actions of its government and its refusal to allow competing currencies to replace theirs.
    Yes, that's my point. You claimed that "a currency's life or death will have no impact" as long as people continue to use SOME kind of currency. This is completely belied by many historical counterexamples, of which the death of the Zim Dollar is only the most recent.

    Quote Originally Posted by Demon of Light
    It's not just one guy, but that is beside the point. The alternative currency in this case is not impacted by the kind of largesse and debt as our government currency. Our official currency has been weakened because of monetary policies from the Federal Reserve, a government-mandated banking cartel in service of corporations instead of popular interests, and decades of deficit spending.
    I find it ironic that you criticize the Federal Reserve for catering to corporate interests, while supporting a private currency whose SOLE PURPOSE is to cater to corporate interests. At least the government is in charge of who runs the Federal Reserve, unlike who runs the liberty dollar central bank (or whatever its equivalent is), and they theoretically have the public interest in mind.

    As for being impacted by the debt...OK, suppose that these private currencies became commonplace. What's stopping them from running debt of their own and paying for it by printing more of their currency? You act like the temporal problems of the federal government can be solved by abandonment of our own monetary policy, but it isn't that simple, because the private sector is hardly immune to the same type of problems. And even if they were, they are not motivated by protecting the public interest.

    The Federal Reserve can raise interest rates when they want to fight inflation, or lower interest rates when they want to fight unemployment. A private currency operator won't give a damn about unemployment, and will only care about inflation inasmuch as it affects their own bottom line.
    Last edited by Kandahar; 03-20-11 at 07:32 AM.
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by danarhea View Post
    Yea, they are regulating money so tightly that soon we will be able to use it as kindling. LOL.
    "Tightly regulating currency" =/= "Tightly contracting the money supply."
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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by Demon of Light View Post
    Source: The Asheville Citizen-Times

    That is right, making money that is clearly distinct from U.S. government money and reaching agreement with businesses to accept said money is terrorism. I am curious when there are going to be federal raids on Chuck E. Cheese's, since it is clearly a hotbed of terrorism indoctrinating our youth with subversive activity.
    The Constitution is quite clear, only Congress has the authority to coin money. No one else. We can't go back to having competing currencies.

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    Re: Liberty Dollar creator convicted in federal court

    Quote Originally Posted by MaggieD View Post
    That's ridiculous. Let's pay for everything in Frequent Flyer Miles.

    We'd all better hope that the US Dollar never loses it's reserve currency status. If that should ever happen, well, let's just say stock up on MRE's.
    Too late.

    Quote Originally Posted by Forbes
    Demand for US assets, especially Treasuries, has been waning since the beginning of 2011, with central banks around the world increasing reserve accumulation while dumping the greenback. More signs that the dollar is dead as the world’s only reserve currency?

    Link to story

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