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Starting A New Currency is “Domestic Terrorism”?
Fox Business: The Power To Prosper ^ | 3-22-11 | John Stossel

Posted on 03/22/2011 10:33:23 AM PDT by RWB Patriot

This weekend, a North Carolina man was convicted of minting and circulating “Liberty Dollars” and “Ron Paul Dollars” that were valued based on the gold and silver they contained. The man, Bernard von NotHaus, now faces up to 25 years in prison and the forfeiture of $7 million worth of gold and silver that was taken by police in a raid.

The U.S. Attorney who prosecuted the case explains:

“It is a violation of federal law … to create private coin or currency systems to compete with the official coinage and currency of the United States.”

But what’s wrong with competition? As long as there’s no fraud or counterfeiting – which NotHaus has not been convicted of – I would think that individuals should be allowed to use whatever currency they want.

(Excerpt) Read more at stossel.blogs.foxbusiness.com ...


TOPICS: Business/Economy
KEYWORDS: atlasshrugged; currency; gold; goldstandard; libertydollar; nothaus
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This shows us just how far government will go to hide the facts of economics. Makes you wonder what extremes they'll go to when the dollar is no longer trusted anywhere.
1 posted on 03/22/2011 10:33:28 AM PDT by RWB Patriot
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To: RWB Patriot

I guess the FEDS just don’t like someone who shows the public how valueless their dollar has become.


2 posted on 03/22/2011 10:35:29 AM PDT by puppypusher (The World is going to the dogs.)
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To: puppypusher

Putting ‘USA’ and ‘Dollar’ was not a very smart thing to do ...


3 posted on 03/22/2011 10:36:40 AM PDT by _Jim (Conspiracy theories are the favored tools of the weak-minded.)
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To: RWB Patriot

How are his coins different from Barter? Barter is legal and one would be bartering his coins for goods and services.


4 posted on 03/22/2011 10:37:10 AM PDT by Apple Pan Dowdy (... as American as Apple Pie mmm mmm mmm)
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To: RWB Patriot

Putting ‘USA’ and ‘Dollar’ on the coins was not a very smart thing to do ...


5 posted on 03/22/2011 10:37:25 AM PDT by _Jim (Conspiracy theories are the favored tools of the weak-minded.)
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To: RWB Patriot

Our G.I. obamabucks can not take competition with actual cash value currency.


6 posted on 03/22/2011 10:37:42 AM PDT by screaminsunshine (34 States)
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To: _Jim

Ohhhh, did he print ‘USA’ and ‘Dollar’ on them? I didn’t see that in the article.


7 posted on 03/22/2011 10:39:44 AM PDT by Apple Pan Dowdy (... as American as Apple Pie mmm mmm mmm)
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To: RWB Patriot
No, stamping coins that too-closely resemble actual US minted coins is what is akin to "domestic terrorism".

If the guy had printed gold coins with Snoopy or Bugs Bunny on them, he wouldn't be going to jail. Heck, he could even have called them "currency" or "legal tender". Casinos do it all the time, with no ill-effect. Instead, he printed coins with the "$" sign, and phrase that almost mirrors "In God We Trust" and several other points of similarity. That was his problem.

8 posted on 03/22/2011 10:39:56 AM PDT by OldDeckHand
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To: RWB Patriot

No matter how dumb or stupid a guy is he can be assured of finding lots of support here.

Every crook in the world would be happy to pass his own “currency”. What next, some one passing shinplasters will find support among the deluded?

Who verifies the gold or silver content of a coin?

Gullibility is not limited to the Left it appears.


9 posted on 03/22/2011 10:40:12 AM PDT by arrogantsob
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To: _Jim

Yea!It was dumb,But only the Feds can legally counterfeit our money.


10 posted on 03/22/2011 10:41:27 AM PDT by puppypusher (The World is going to the dogs.)
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To: OldDeckHand

Stoessel should review a little US history particularly the era of “Wildcat” banking after Jackson destroyed the Second Bank of the United States.


11 posted on 03/22/2011 10:44:07 AM PDT by arrogantsob
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To: RWB Patriot

I know that someone 100 yrs ago in San Francisco “minted” their own money and people accepted it. I can’t think of the name, though


12 posted on 03/22/2011 10:45:03 AM PDT by therightliveswithus
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To: arrogantsob

The way they seized the stuff makes it pretty clear that the gold and silver was genuine. My question is what happens to it afterwards? I will say I was on his mailing list for awhile out of curosity but if I had purchased any of his gold and silver coins I would have probably taken them to a jeweler to get them tested.


13 posted on 03/22/2011 10:45:15 AM PDT by utherdoul
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To: Apple Pan Dowdy
How are his coins different from Barter?

In economic terms they are totally different. Barter requires a double coincidence of wants. If I'm a chicken owning pickle wanter I need to find a pickle owning chicken wanter in order to make a trade. Because they are valued commonly, coins can serve as a medium of exchange thus solving the double coincidence problem. It's the whole point behind money and arguable anything that can serve as a medium of exchange can, at least in theory, be accused of competing with government money.

14 posted on 03/22/2011 10:50:02 AM PDT by SeeSharp
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To: _Jim

Handing over your country to a private banking cartel in 1910 was not a smart thing to do either. The Framers warned us.


15 posted on 03/22/2011 10:50:05 AM PDT by Frantzie (HD TV - Total Brain-washing now in High Def. 3-D Coming soon)
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To: Apple Pan Dowdy
"Ohhhh, did he print ‘USA’ and ‘Dollar’ on them? I didn’t see that in the article."

You didn't see it because it's not in there. I would expect better work from Stoessel, I guy I ordinarily really like. This particular story is an example of shoddy reporting, at best. At worst, he's being intentionally deceitful.

16 posted on 03/22/2011 10:50:57 AM PDT by OldDeckHand
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To: arrogantsob
Who verifies the gold or silver content of a coin?

Who verifies the value of government money?

17 posted on 03/22/2011 10:51:47 AM PDT by SeeSharp
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To: RWB Patriot

The Constitution gives Congress the sole power to coin money and regulate its value. This guy was clearly working outside of constitutional bounds. I just don’t think terrorism was the right charge.


18 posted on 03/22/2011 10:52:03 AM PDT by antiRepublicrat
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To: RWB Patriot

Abandoning the dollar does not make any sense. Nor is it that simple.

There are over 200 years of economic development, infrastructure, language and technology that fits into this equation.

Globally, the language of business is English and dollas US. The greatest innovators and inventors are still in the US.

They are not in the mideast as the marso muslim hussein wants us to believe. He is over the top on his muslim outreach and support of the caliphate.


19 posted on 03/22/2011 10:53:35 AM PDT by himno hero
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To: arrogantsob
...“Wildcat” banking'...

The wildcat banking problem took care of itself. Or rather, the market took care of it. Review the history of Suffolk Bank, which served as a private bank note clearing house and effectively cleaned up the New England banking industry.

20 posted on 03/22/2011 10:54:37 AM PDT by SeeSharp
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