• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 715 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
Tesla Struggles To Compete In European Market

Tesla Struggles To Compete In European Market

Tesla continues to catch the…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

The War On Liberty

As reported in USA TODAY this past week, the U.S. Government took steps to reign in the activities of upstart NORFED and their fledgling alternative "specie backed" currency program - The American Liberty Dollar:

Feds Lower Boom on Alternative Money
Updated 9/15/2006 3:01 AM ET
By Barbara Hagenbaugh, USA TODAY

WASHINGTON -- The government Thursday warned consumers and businesses that it is illegal to use alternative money known as "Liberty Dollar" coins, which organizers promote as a competitor to the almighty dollar. "We don't want consumers to be fooled," U.S. Mint spokeswoman Becky Bailey says, noting U.S. Attorneys offices across the USA have noticed a marked increase in inquiries about the coins. The coins' producers vowed to fight the government's decision. Evansville, Ind.-based National Organization for the Repeal of the Federal Reserve Act and the Internal Revenue Code, otherwise known as NORFED, has been making the Liberty Dollar coins for eight years and claims $20 million is in circulation. The group says the money, unlike official U.S. cash, has a hedge against inflation because it is made almost entirely of silver and is backed by stocks of silver and gold in a vault in Idaho. The coins are then spent by the group's 2,500 Liberty Associates in stores run by fellow supporters or are accepted unknowingly by clerks who are unaware they are not receiving real money.....

What strikes me as being odd about the government's claims is their assertion that a currency backed by something tangible - precious metal - is "illegal" and, in fact, not "real money". After all, it is written right into Article 1, Section 10 of the Constitution For The United States of America, that,

"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

A Conundrum Worthy of Consideration

With the above being fact, does it not seem more likely that, in fact, it is the existence of Federal Reserve Notes [fiat money] that are in contravention of The Constitution and hence, ILLEGAL - and not the other way around?

You see folks, according to the Constitution For The United States of America - gold and silver ARE money! It would also appear that elected representatives of the U.S.A. might want to reconsider this position and review the document they are sworn to uphold and defend.

As for me, I've put in an order for some one ounce [$20.00 face] Liberty Dollars of my own. If the government has their way and wins their War on Liberty Dollars as a circulating currency, these handsome coins are a good bet to increase in value. The downside, as I see it, at least I'll own some real silver, errr money.


$20.00 One Ounce Pure Silver Liberty Dollar Coin

 

Back to homepage

Leave a comment

Leave a comment