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 TODAYWASHINGTON -- 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
