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Government Is Sued Over Seizure Of Liberty Dollars

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jbuck's Avatar
United States
188770 Posts
 Posted 06/24/2008  1:50 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
It means what the Republican Party of Idaho has chosen to support and promote this at the national convention.

http://www.idahostatesman.com/newsu.../410950.html

"The state party's platform committee voted overwhelmingly Friday to add to state platform language supporting abolishing the Federal Reserve System and pegging the dollar to gold and silver."
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biokemist6's Avatar
United States
12437 Posts
 Posted 06/24/2008  2:51 pm  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
It means that Ron Paul supporters hijacked the Idaho convention and supported something that has no chance of actually happening.
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KurtS's Avatar
United States
5318 Posts
 Posted 06/24/2008  5:03 pm  Show Profile   Bookmark this reply Add KurtS to your friends list Get a Link to this Reply

Quote:
The state party's platform committee voted overwhelmingly Friday to add to state platform language supporting abolishing the Federal Reserve System and pegging the dollar to gold and silver.
I can only guess there must be enough popular support for that idea to get politicians behind it. If there's anything worse than a bad idea from the top, it's one that has popular consensus--argumentum ad populum. Certainly, there are rather obvious problems, but would it be solved by pegging our currency to wildly fluctuating gold/silver? One only needs to review the late 1800s to see the chaos behind a bimetal currency standard.

I find the current finance/market/banking problems so complex that I won't assume to offer a solution. I'll just say we're now paying for poor fiscal foresight and an abuse of badly securitized credit, ie we had it coming. I might also suggest two professors who have written some good observations: Robert Shiller of Yale and Nouriel Roubini at NYU.
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eaglefoot's Avatar
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6326 Posts
 Posted 06/25/2008  08:37 am  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
When seemingly intelligent people are given a platform, and their "looneyness" isn't immediately known, many people will temporarily come on board with an "idea" put forth until a spotlight of mass public scrutiny and logic reveals faulty thinking!!........errr...I always say !.....
Edited by eaglefoot
06/25/2008 08:38 am
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Bilbo's Avatar
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812 Posts
 Posted 06/25/2008  3:20 pm  Show Profile   Bookmark this reply Add Bilbo to your friends list Get a Link to this Reply
I believe the theory behind Liberty Dollars is based on the barter system.

It is still legal for someone to take a 1 oz. silver round and trade it to someone else for an item they have if they both agree to the trade. That is the whole idea here. Merchants who accepted Liberty Dollars were indicating that they would accept them in trade.

In my opinion, the government was seeing a threat where none existed and was not all that concerned with the appropriateness of its actions. (Perhaps a recurring theme with the current administration?)
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halfabustisbetter's Avatar
United States
1984 Posts
 Posted 06/25/2008  3:54 pm  Show Profile   Bookmark this reply Add halfabustisbetter to your friends list Get a Link to this Reply

Quote:
It is still legal for someone to take a 1 oz. silver round and trade it to someone else for an item they have if they both agree to the trade. That is the whole idea here. Merchants who accepted Liberty Dollars were indicating that they would accept them in trade.


Then they should have been called Liberty Trade Units, or Liberty Barter Units. And how did the merchants value the Liberty Dollars--was it in pounds of butter or parts of sheep or how much they could sell the silver for in US Dollars?

I'm hoping to see all the confiscated ones melted down and the precious metals returned to Liberty after they agree to eliminate reference to 'dollars' and to do what everyone else who mints PM rounds does--state the amount of silver/gold/platinum in the round or token and it's fineness along with any other purely decorative design. The only reason to make the 'Liberty Dollar' look like they are US money is to market them as an alternative to US money--and to make a point which may or may not be subsumed by the profit motive of the 'Liberty Dollar' creators.

While their political speech is protected, the minting of Dollars to be marketed as an alternative to the US dollar presents a thorny problem. Even if they were explicit in explaining their understanding that it was legal to own 'Liberty Dollars' but illegal to use them, they were still advocating their use.

In my opinion, the Liberty people's biggest miscue (a supporter might call it their biggest provocation on behalf of Freedom) was in minting the pure copper L$1; had they stuck with precious metals, they might not have run into so many problems with the gummint.
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