Liberty Dollar Update

[Lambkin]

Not to quibble with your quibbies but why is there a sperm cell next to the "20"?

Also, if a quibby is not current money, is it former money or future money? Please clarify.

[webhick]

Instead of "Cluck like a chicken", shouldn't the coin motto read, "Be plucked like a chicken?"

You had your opportunity to weigh in on the motto three years ago. You snooze, you lose.

Not to quibble with your quibbies but why is there a sperm cell next to the "20"?

That's a "Q," but I'm glad you noticed. No one picked up on when I first posted it.

Also, if a quibby is not current money, is it former money or future money? Please clarify.

It exists both within and without time.

[fortinbras]

I still find it funny that if the dollar collapses as IIRC he predicted it would, the spot price of silver in dollars would go down to $0 which makes his Libbies only worth the silver that's in them - which is likely going to be less than what you paid for them and certainly won't be worth the face value because they're denoted in USD which is $0.

If a holder of BVN's Liberty Dollars were to try to cash them in for the metallic value, I am sure the following would happen: A coin or metals dealer would positively not offer the equivalent of the market price for them. After all, the market price is per troy ounce of pure silver, and although the LDs claim that for themselves, there is no assurance or guarantee of either the weight or the purity, the way there is with the US Mint's Silver Eagle or the Canadian Mint's Silver Mapleleaf. So the dealer would insist on a deep discount, possibly for the tests to verify the purity & weight and almost certainly because he'd have trouble assuring his own customers of the LD's purity & weight when trying to sell it. End result, you'd have paid BVN twice the value of the silver to get the LD and when you tried to unload it you'd receive perhaps half the value of the silver; result: negative income.

I suspected, but BVN has not been charged with, a warehouse bank. There have been several, including one run by the National Barter Assn, and they tend to fizzle out like pyramid schemes and ponzi schemes. Essentially the "bank" is some guy who will stash your cash secretly, charging you some small viggorish for his service, and then send you back or send your creditors bits of your money (usually as money orders) as you direct, again deducting a service charge, but keeping your account secret and hidden from the IRS, ex-wives, creditors, etc. He gets his service fees, you get to hide your assets. The problem crops up when something happens with/to the "banker". In the case of the Barter Assn, the banker very inconsiderately died, having very scrupulously guaranteed the secrecy of the accounts by not leaving understandable paperwork where anybody could find it, but an enormous stash of money (from scores, perhaps hundreds, of clients) in the safe deposit box in a real bank; absent any evidence that money belonged to other people, the banker's widow inherited it all and had to pay tax on it. The IRS scooped up all the incoming mail to the deceased banker and was delighted to find the names of so many of his clients.

If BVN was running a warehouse bank, his LDs were essentially the claim checks or the pawn tickets. Park your real money with BVN, get a corresponding amount of his funny money. When you need real money, send back some of the funny money and BVN makes a "refund" - minus his viggorish. It looked like that me, but the govt isn't prosecuting him for that.

--- How can we buy some of those Quiggies (or whatever they're called)??!

[grixit]

Also, if a quibby is not current money, is it former money or future money? Please clarify.

It exists both within and without time.

It is like eternal Tanelorn, also its official currency.

I'd like to change a handcarved gold coin.

[fortinbras]

The counterfeiting charge DOES feel a bit unsettling to me.

. . . how does making and distributing ones own silver barter tokens constitute counterfeiting? It's not like he said they were U.S. dollars. . . . so how was the Liberty Dollar guy guilty of counterfeiting?

The Constitution empowers Congress "to coin money, regulate the value thereof, and of foreign coin, and ... to provide for the punishment of counterfeiting...." (Article I, sec. 8, clauses 5 & 6). Part of the regulation of the value of US money necessarily requires preventing schemes and situations in which US money is effectively regulated by someone else (that was the reasoning behind the 1933 Gold Repeal). In Veazie Bank v. Fenno (1869) 75 US (8 Wall.) 533, 19 L.Ed. 482, 2 AFTR 2238, the Supreme Court upheld the Congressional authority to impose a tax upon state banks based on the amount of paper bank notes they issued (this goes back to a time when state banks were issuing their own paper money), because Congress has the authority to discourage the use of currency it did not itself issue.

The issuance of an unauthorized currency might not seem exactly within the terms of "counterfeiting" but it has been reasonably characterized as such, because such activity undermines the Congressional authority over the value of US currency.

[rogfulton]

Libbies get mentioned in article about one family's fight to get 'their' Double Eagles back from the Feds.

http://news.yahoo.com/blogs/lookout/fam ... 53030.html

[Gregg]

Libbies get mentioned in article about one family's fight to get 'their' Double Eagles back from the Feds.

http://news.yahoo.com/blogs/lookout/fam ... 53030.html

The family in question is at best in possession of stolen property, as to date only 2 1933 Double Eagles have been released by the US Mint. One to the Smithsonian for their US Coin Collection, and one that was released under strange circumstances to the King of Egypt, taken overseas, then the government realized that coin had NOT at that time been monetized and after decades of trying to retrieve it they finally got it back into the US and seized it. Although it had not been monetized and therefore could not legally be anywhere but in US Mint storage, the government eventually compromised and allowed the coin to be sold at auction, I think they may have taken a cut of that sale, BUT, and this is important, after that sale the person who bought it had to pay $20 to the US Mint before they officially monetized it and legally converted it from being a pretty piece of gold into a valid US Coin. Part of the agreement in allowing that coin to be sold was a binding promise by the US Treasury that no other 1933 $20 Gold coins would ever be monetized. Even then, there was good circumstantial evidence that perhaps as many as 24 of the coins had been stolen from the Philadelphia Mint (and replaced with coins of other years) before what was thought to be the entire minting of the coin was melted down.
Not only would I not allow the family in question to have their coins (a now dead ancestor was one of the prime suspects in the theft as far back as the 30's) but I'd almost want to prosecute them for possession of stolen property. Anyone who is more than a very casual coin collector has known the gist of the story of the '33 Double Eagle, and they can hardly say they've had the thing for 80 years and never once thought there was something funny about it.
Reading the story of this coin is what originally got me interested in collecting gold double eagles.

[Gregg]

Well, I just read the story, they say the Smithsonian got 2 of them, and that may be right. But the point is, they were originally stolen.

The thing about the possibility that they were exchanged for bullion is a smoke screen tossed out by the Swift heirs, aside from the ones the Smithsonian got, and the 'Farouk Coin", none of them were monetized, a legal procedure that back then was pretty locked down and those coins that were not yet monetized were stored separately from coins that were legally monetized. The entire mint run was in a vault that only a few had access to. Now it is true you could go to the mint and exchange bullion for coin, but when you did, you were paid from a regular old cash drawer, much like at a supermarket or regular bank. Those transactions were also logged, BTW.

Flat out, the coins were never monetized, only the three. In addition, there is the agreement made when the Farouk Coin was released and monetized. Also in addition, Israel Swift was interviewed many times over the course of years about those very coins and he denied, over many years of having them. And now the family says they just found them, 21 years after he died, in a safe deposit box not retained until 6 years after he died...good story. I will be very upset if they get them back. And so will the guy who paid over $7 million for what he was assured by the US Treasury was the only one they would ever authorize.

[Pottapaug1938]

What I find interesting about this story is that the idiot heirs decided to go to the US MInt to have the coins authenticated, and not to their local reputable coin dealer. DUMB!

[Gregg]

What I find interesting about this story is that the idiot heirs decided to go to the US MInt to have the coins authenticated, and not to their local reputable coin dealer. DUMB!

No, a coin dealer who wouldn't know what they are would be like a mechanic who didn't know a Model T. Besides, as I've said, the Treasury not only suspected they were out there, they knew that if they were, Israel Swift was the one who had them. Early on in the investigation a clerk at the mint came pretty close to confessing, he sort of said "Well I MIGHT have accidentally given some to Mr Swift" There was one investigator I think who spent darn near his whole career trying to get them, and he knew about the little ring in the Philly mint. When they were melted down, the were in bags, and the bags were weighed to count them, but not every bag was actually opened and checked, so the whole "they got mixed in by accident" story doesn't work, because someone put replacement coins (from other years) in those bags so they matched the inventory.

There's a pretty good book about this, http://www.amazon.com/Illegal-Tender-Gr ... 0743245741, although I originally read about it in a magazine article, Readers Digest maybe, or Boys Life.

[Pottapaug1938]

What I find interesting about this story is that the idiot heirs decided to go to the US Mint to have the coins authenticated, and not to their local reputable coin dealer. DUMB!

No, a coin dealer who wouldn't know what they are would be like a mechanic who didn't know a Model T.

I agree; but I still think that a local coin dealer would be a better bet than the US Mint, especially in the case of coins where the possessors had reason to suspect a sketchy provenance for them.

[Gregg]

See, I would have said a coin dealer in Switzerland, or Monaco, or Leichtenstein

Actually, that would have made sense. For a long time the Farouk Coin was in England and everyone knew it, the US Secret Service, and the Brits, but the British wouldn't do anything to allow the US to take it. The Farouk Coin was kind of a grey area. It had to be among the ones that Swift took, no one ever really denied that, but IIRC Farouk asked FDR personally for an export license to take it home after a visit here early in WWII, FDR told Henry Morgenthaugh who issued the license all before anyone realized that there were no 1933 gold coins legally issued and by the time anyone did, well, the King was gone and no one at the State Department was going to go demanding it back from an ally during a war. When the king was overthrown, the US Treasury tried again to get the coin back but an Egyptian official hid it for a few years and sold it almost openly in Europe where the buyer went underground.
(an amusing side note, the coin was actually stored at the Federal Reserve Vault in the World Trade Center until just before 9/11. It was moved to Ft Knox during the summer of 2001)
It's been a long time since I read this and the story is a little sketchy to me now, but when the coin was in Europe none of those governments really cared and although from the 50s on the US knew where it was there wasn't much they could do to get it. Eventually someone died, some heirs wanted to cash out and an undercover treasury agent tricked them into come to New York to deliver it to a buyer.
The thing that mucked up the Farouk coin was although it was never monetized, the Secretary of the Treasury did personally issue an export license for it, so something of a case was made that it was quasi legal.

Anyhow, back to the "take it overseas", I'm pretty close to positive that that would have worked, even if it involved a buyer who was willing to accept that they could never bring the coin back to the US. There's plenty of coin collectors overseas, too. As long as you didn't bring it back here, you'd be pretty safe in holding it I'd think.

[Gregg]

I just went and read the Wiki article on this, the narrative I wrote above is more or less correct, but for a much better and more detailed and authoritative version I highly recommend the Wikihttp://en.wikipedia.org/wiki/1933_Double_Eagle, the book I mentioned earlier, and also a TV show I saw recently on History Channel. It really is a great story.

[Pottapaug1938]

If the coins are, in the end, forfeited to the government, I hope that the Feds are bright enough to order the coins displayed somewhere, such as in the museums of the various mints, the Smithsonian, and the like. It would be a crime against numismatics (yes, I know -- there isn't really any such crime, but it would sure feel like one) if the coins were treated as so much bullion and melted down.

[Gregg]

If the coins are, in the end, forfeited to the government, I hope that the Feds are bright enough to order the coins displayed somewhere, such as in the museums of the various mints, the Smithsonian, and the like. It would be a crime against numismatics (yes, I know -- there isn't really any such crime, but it would sure feel like one) if the coins were treated as so much bullion and melted down.

From the wiki article

The Mint has stated an intention to preserve the coins for display. Until the early 1970s (when President Nixon took the United States off the gold standard and President Ford signed legislation that again made it legal for the public to own gold bullion) any recovered 1933 Double Eagle, as gold bullion, was destined to be melted. Therefore, while Double Eagles recovered prior to 1974 were melted down, any Double Eagle recovered now can be spared this fate. Currently, with the exception of the one sold on July 30, 2002, 1933 Double Eagle coins cannot be the legal possession of any member of the public, as they were never issued and hence remain the property of the US government.

[Thule]

Meanwhile, over at the ever more desolate Lost Horizons, Skanky has figured out that "lawful money" is defined as "whatever I say it is, doggone it".

The People can start decreeing something else as lawful money in their contracts at any time and sever the reliance on private banking credit referred to as federal reserve notes.

It has been pointed out that federal court cases establish that debt can be discharged if legal money is not accepted when offered as payment. You have to understand the deceptions surrounding these court cases. If one contracted payment to be in legal money, then the court cases are relevant as private law of contract is simply being enforced. Or if one creates presumption of being a subject of the government and so have no common law power to decree lawful money, then one would be compelled to use legal money in their contracts- the government can dictate what its subjects will and will not do.

This simple understanding of legal money and lawful money and private contract law should dispell the mystery underlying "money" issues such as the Liberty Dollar charades and other.

and...

2) Lawful money is whatever any one of the People says it is. The US Constitution is simply a reflection of common law, it is not the authority of what lawful money is. Gold and silver and copper are simply popular forms of lawful money. If one of the People decrees that a privately minted Liberty Dollar is to be lawful money in their private contracts, then it is. If one of the People decrees that clam shells, acorns, or any other type of barter medium is to be lawful money, then it is. Federal government officers have no jurisdiction whatsoever to trespass on this exercise of sovereign power.

Great idea. I have just declared monkey poo to be Lawful Money. I'll just pop over and buy Skankys single-wide. We could cram in at least 30 interns there.

Still no explanation as to why the super duper common law approach just don't work in real life.

[fortinbras]

It has been pointed out that federal court cases establish that debt can be discharged if legal money is not accepted when offered as payment.

DVP says stuff like this (when his funny money is refused) but I have not found such court cases. What I have found, and what is specifically stated under the UCC, is that if valid payment is tendered and rejected, the accumulation of interest and lateness penalties ceases from the moment of the rejection, and, under the UCC, any co-signers are relieved of their liability for the debt inasmuch as the principal debtor has presented payment. From that point on, the creditor, having rejected valid tender of payment, may change his mind and accept it (at which point the money must be paid to him) but he cannot collect any interest or penalties beyond what was accrued when he first refused payment. In other words, having offered payment which was refused, the debtor must hang on to the money until the creditor accepts it - the debt itself does not disappear.

When I say "valid payment is tendered" that means that actual money, not a promissory note or some similar device to prolong the debt or shift it around, in the full amount (including any interest or penalties accrued to that moment), not a partial payment, is actually presented to him, not merely promised or hinted at. Actual money means legal tender or something that can immediately and conveniently be converted into legal tender such as a money order or a conventional bank check (which does not bounce).

I hope I have clarified this.

[notorial dissent]

It has been pointed out that federal court cases establish that debt can be discharged if legal money is not accepted when offered as payment.

This is, and no big surprise, a misquote and misinterpretation of what was actually said. The law in the case is that if payment, as outlined “in the contract” is refused, then “the accumulation of interest and lateness penalties ceases from the moment of the rejection” goes in to effect. The trick is, and contrary to what numbnutz would like to believe, that the payment rejected has to be in whatever form was specified in the original contract/note. As fortinbras so correctly points out. Specifically, if the note specifies payment by check, then only payment by a valid check meets the requirement, and paying by cash, coin, or promissory note does not meet the requirement or cancel the debt as some would pretend.

[Prof]

It has been pointed out that federal court cases establish that debt can be discharged if legal money is not accepted when offered as payment.

This is, and no big surprise, a misquote and misinterpretation of what was actually said. The law in the case is that if payment, as outlined “in the contract” is refused, then “the accumulation of interest and lateness penalties ceases from the moment of the rejection” goes in to effect. The trick is, and contrary to what numbnutz would like to believe, that the payment rejected has to be in whatever form was specified in the original contract/note. As fortinbras so correctly points out. Specifically, if the note specifies payment by check, then only payment by a valid check meets the requirement, and paying by cash, coin, or promissory note does not meet the requirement or cancel the debt as some would pretend.

Also, the UCC, at Sec. 3-311 and Sec. 3.603 of Art. 3 should be consulted. Discharge of an indorser or an accomodation party, or the accrual of interest, is limited by the amount tendered, according to 3-603. Read 3.311 carefully; claimant must obtain payment on the tendered instrument before there is any relief.

Finally, 3-603 refers to tender as governed by contract law.

[Demosthenes]

LIBERTY DOLLAR NEWS:
June 2011 Vol. 13 No. 06

Amazing BVNH/Liberty Dollar Case
In article # 5: Count Down to Collapse I ask, "Where do citizens' rights, duties and powers lie in the monetary system when spending is out of control?!"

Dear Liberty Dollar Supporters!

Table of Contents:
1. Update on the BVNH/Liberty Dollar Case
2. Join GATA in helping Liberty Dollar
3. The Von NotHaus Question
4. Article on Kevin Innes
5. Count Down to Hyperinflation & US Dollar Collapse
6. The Burning Platform - Five Part Series
7. Gas 20 cents a gallon!
8. Thanks to all "Interested Party" Statements
9. DGC Mag Update on e-gold
10. Bitcoin in a word or two

Dear Liberty Dollar Supporters!

1. Update on the BVNH/Liberty Dollar Case
The 100+ articles on the BVNH trial for the Liberty Dollar generated a lot of interest and attracted some of the brightest and most dedicated Sound Money supporters and attorneys in the country. Two such attorneys were William J. Olson and Herbert Titus of Washington DC who became interested in the case because of the government's vehement press release against the Liberty Dollar, its Constitutional issues and the much wider implications of my conviction. And while their initial interest was for an appeal, much to their credit they realized that action before sentencing was in my interest and best interest of the law.

After a few, in depth phone conferences to clarify numerous legal and procedural issues, Bill and Herb agreed to submit an amicus brief on behalf of the non-profit Gold Anti-Trust Action Committee (GATA) organization in support of my trial attorney's motion for a dismissal or a new trial.

While I was very impressed with Bill and Herb's dedication to the Sound Money cause and in particular the ideals the Liberty Dollar represents, it was the quality of their lawyering that was most impressive. First, in concert with Gary G. Kreed with the US Justice Foundation, they requested permission to submit an amicus "friend-of-the-court" legal brief from the court that is not required to grant such a request. In fact, this was only the second time that such action was permitted by a North Carolina court.

The 13 page Motion for permission to file an amicus brief was submitted by Tom Ashcraft, a former aid to Jesse Helms and DOJ prosecutor in Charlotte. It was an absolute pleasure to read the motion that was obviously liked by the court as permission was granted. Within two weeks, Tom filed the 41 page Amicus Brief with Judge Voorhees. It was even better than the Motion. A lot better! But obviously not well liked by the DOJ who filed an extremely strong response with the court within two weeks. I was amazed and then dismayed.

Again to Bill, Herb, Gary and Tom's credit and determination, they asked the court for permission to file a Second Amicus Brief to rebut the DOJ response! And the court agreed! Within three days they filed a second amicus brief at the request of GATA in my behalf. The Brief was 19 pages of pure dynamite! Certainly, it is the best-written, well-researched work in defense of my Liberty Dollar case.

Even if you are not an attorney, if you are reading this newsletter, read this document. DON'T wait! Unfortunately, waiting is the name of the game. Now the court must weigh all the points of law and issue a decision. I promise to announce Judge Voorhees' decision ASAP. Meanwhile, please read all four legal actions in chronological order and then the following article in this Newsletter with the GATA announcement. Here are the links:
May 18, 2011 - Motion for leave to file First Amicus Brief
May 31, 2011- First Amicus Brief
June 10, 2011 - DOJ Response
June 17, 2011 - Second Amicus Brief

Breaking news: On June 21, 2001 World Net Daily published:
Think Washington acting like royalty? Here's proof by Bob Unruh.

Click HERE for a complete list of all the trial related articles to date. (link to attached doc)

As I left court on March 18, 2011 I remembered Martin Luther King, Jr. famous quote of March 22, 1956: "Ordinarily, a person leaving a courtroom with a conviction behind him would wear a somber face. But I left with a smile. I knew that I was a convicted criminal, but I was proud of my crime."

2. Join GATA in helping Liberty Dollar
Please read this important article and if you believe in sound money, the right to constitutional money, the power of the people to protect their money or concerned by what has happened to the Liberty Dollar, please consider making a tax deductible financial contribution to the U.S. Justice Foundation, a conservative civil rights organization based in Ramona, California.

3. The Von NotHaus Question
To date, 130 articles have been published since the BVNH/Liberty Dollar trial began on March 8, 2011. This amazing number of articles averages better than one per day! And while the AP article was picked up by dozens of newspapers, Coin World and The New York Sun have distinguished themselves in reporting on the Liberty Dollar long before the trial began. I am deeply indebted to the fine reporting by both Beth Deisher, editor of Coin World and Seth Lipsky, the editor of The New York Sun whose articles have appeared in the Wall Street Journal. In a recent article, titled, The Von NotHaus Question, Lipsky posed the question, "Where does Congress get the power to prohibit the private minting of coins?"

This question was quickly picked up by many blogs and other writers that morphed the question into, "Does the US Constitution give Congress the exclusive power to coin money?" Regardless of the exact wording of the question, it addresses the issue that I raised in my pro se addendum to my CJA attorney's Motion for a new trial or dismissal because he refused to raise it at trial or in his 71 page Post Trial Motion. It is also one of the key issues raised in the Amicus Briefs. Please click HERE for The New York Sun article.

4. Article on Kevin Innes
I am very pleased to report that Kevin Innes, my male co-defendant, is adjusting well to civilian life with his wife in Asheville. Please click HERE for a long article about Kevin's 23 months in county jail and his steadfast refusal to lie or testify against me. Again, I am honored that the Liberty Dollar attracted so many high quality and dedicated patriots who really cared about their country and took a stand to right it obviously flawed monetary system. Thank you Kevin and the thousands of supporters.

5. Count Down to Hyperinflation & US Dollar Collapse
In short, the National Debt has continued to increase over $4 billion per day since September 28, 2007! Concerned? Is something wrong with a government that indebts its citizens and their children's children by adding over $4 BILLION to its national debt every day?! Is there something wrong when they use most of that for WAR both internationally and domestically?!! Is there something morally wrong with a gov that pushes the country into hyperinflation to destroy the monetary system and give rise to a new Hitler? Where do citizens' rights, duties and powers lie in the monetary system when spending is out of control?!

As of today our national debt is a staggering $14.2 trillion. Just consider that the Federal Reserve creates inflation when it issues US dollars backed by government debt. From 1913, when !@#$#@! Congress created the Federal Reserve to 2001, the national debt grew to $6 trillion. In the next three years it climbed sharply by another trillion dollars in 2004. In the next three years it climbed to over $9 trillion. Recently Obummer added over $5 trillion!!! This alarming acceleration of the national debt means you are losing more of your purchasing power. In other words, THE GOV IS STEALING YOUR MONEY! Higher price should be you call to action! Now that you can't get Liberty Dollar to protect your purchasing power it is time to grab your pitchforks and head to Washington!!!

Nobody has done a better job of tracking this descent to a bottomless pit of debt than John Williams of ShadowStats.com, who has distinguished himself by keeping the country informed about what is really happening with the gov money. In a recent exclusive interview with King World News, Williams was asked if the US dollar will collapse Williams replied, "If we end up in the hyperinflation… the dollar in its current form would not survive a hyperinflation."

When asked about the timing of hyperinflation in the United States, Williams stated, "That's the type of thing that could happen at any time, all of the fundamentals are in place… inflation is rising on a relative basis, that's a negative for the dollar."

Please click HERE for this important and very timely "Count Down to Collapse."

6. The Burning Platform
John Williams too blunt for you? Try the Burning Platform - a series in five parts by Jim Quinn. It puts all the pieces together in a gripping format. I strongly encourage you to read these five articles. They are well-written, easy to read and provide an enormous amount of info with an alarming ending. A bit long but not to be missed!
Part One: For a Few Dollars More
Part Two: A Fistful of Dollars
Part Three: The Good, The Bad and The Ugly
Part Four: Outlaw Josey Wales
Part Five: Unforgiven

7. Gas 20 cents a gallon!
One sign that addresses the phenomenon of so many people buying "pre-65" dimes, quarters and half dollars to protect themselves from inflation was recently posted by a Shell gas station in Ashland, Oregon. The sign informed customers they could buy gas for only 20 cents per gallon… in pre-65 US silver coins. Wow! 20 cent gas!! Check out the video HERE. More info on current coin values at www.whatisthiscoinworth.info or www.coinflation.com.

8. Thanks to all "Interested Party" Statements
Thank you for continuing to submit confirmations as an interested party for your property seized by the FBI raids on the Liberty Dollar warehouse. If you have even one Liberty Dollar paper certificate or a digital Liberty Dollar account, please submit this Statement with your NAME AND ADDRESS. Thanks again for your support to keep the government from stealing your property.

I hereby certify that I am the bearer of Liberty Dollar warehouse receipt(s) and an interested party in any forfeiture action regarding my property. I demand the return of my property or its fair market value in a timely manner and to be informed with sufficient time to reply to any and all actions until my property is returned. MUST INCLUDE YOUR NAME AND ADDRESS.

9. DGC Mag Update on e-gold
The latest issue of Digital Gold Currencies (DGC) magazine features an article about how the gov is set to steal the final $8 million in gold that was confiscated almost five years ago. Click HERE to view the digital ezine.

10. BitCoin
BitCoin is a personal digital currency whose value is based on the amount of computer time to generate a "bit" coin. The more BitCoins there are the more "bits" of time it takes to create a new BitCoin. Its, non-intrinsic "market value" is also enhanced by demand as a finite number of BitCoins can be created. The more the demand the greater the value. And conversely.

The value behind BitCoin currency is the amount of computing time and resources necessary to do the computational work in order to produce a BitCoin. This computational work is similar to (though not the same as) a network of computers searching for the largest prime number. The BitCoin is not the first to use a network of computer nodes to do number crunching. However, it's the first time that denominates those computations and uses them as a currency.

Conclusion: While the BitCoin is an interesting novel currency, as it lacks intrinsic value it does not provide the monetary discipline that is totally lacking in the current fiat government monetary scheme and is not the solution to our country's financial mess.

Closing Remarks:
As the weeks and months ware on, I greatly appreciate your support for the goals that Liberty Dollar reaches to attain. For it is only by banding together and adopting a free and independent currency that provides us with "just weights and measures" will we be able to throw off the yoke of a manipulated monetary/tax system and generate a peaceful and prosperous society.

Thank you again for all your efforts to return America to value - one dollar at a time!

Bernard von NotHaus
Monetary Architect/Editor
Editor@LibertyDollar.org