4 votes

If Ron Paul (or the Daily Paul), created a legal, gold-backed competing currency. . .

Would you be willing to trade in that currency? If so, what problems and promise would you expect from using a "Liberty Bill"?

Correct me if I am wrong, but as I understand it, competing currencies that do not counterfeit or imitate the US dollar are perfectly legal and are being used in numerous communities as well as by a number of Indian tribes.

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I'd rather use something like this...

http://valaurum.com/

The Aurum® protects a precise amount of gold between layers of durable polyester. In the form of an Aurum®, gold is more convenient, affordable, versatile, and trustworthy than ever before.

Using a proprietary process, very thin and precise quantities of gold are accumulated between layers of polyester film. On a standard 1/20 gram Aurum®, the gold is 267 nm thick, approximately half of one percent the width of a human hair.

The precise quantity of gold is verified through rigorous testing by Valaurum, our manufacturer, and independent laboratories.

The gold in an Aurum® is in a thin sheet, so it is also easier to authenticate than gold hidden inside a coin or bar.

The gold is also easy to recover, using standard assay methods. The Aurum® is printed with high resolution, full-color text and graphics. The result is a new, beautiful way to use gold for artistic, commemorative and branding purposes. We are developing Aurum® made with other metals, including platinum, silver and copper. This unique process has U.S. and international patents pending in Europe, China, Taiwan, Hong Kong, Singapore, Iceland, India, Australia, Canada, and elsewhere.

I definitely wouldn't use it.

There are scam artists and cons all through the liberty movement, just like with Bitcoin. Why would I contract myself to depend on the ethical behavior of a small group of people who are basically unaccountable if they scam everyone and bankrupt the thing? Can I form a mob and string them up? Nope, their scam would be protected commercial activity like bitcoin/Mt. Gox. If the US dollar collapses, me and the rest of people who use the dollar can get accountability. If that doesn't happen, then I can rely on a relatively stable currency, or just buy gold myself, no one is stopping me. I can trade in gold now just like cash. But if a gold backed currency is privately issued under the legal protection of a business, with bankruptcy protection, it's just a bank, subject to the same behavior that banks and bitcoin and other private currencies would do.

Now, if they created a mint and minted coins that were certified by a large, independent third party with a major reputation in metals, I might buy the coins, as long as they were cheaper than alternatives on the market.

NO BACKING

Backing creates counterparty risk.
Backing allows for dilution and debasement.
Backing disconnects the value from the currency.
Backing gets people used to accepting paper.

Physical coins, denominated by weight and purity, distribute the value to the rightful owners.

Just start trading coins for goods and services.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

An Excerpt From The Supreme Law Of The Land !

Article I section 10:
"No state shall enter into any treaty, Alliance, or Confederation; Grant letters of Marque and Reprisal; coin money; emit Bills of Credit {PAPER MONEY} ; make anything but Gold and Silver "COIN" a tender in payment of debts,,,etc. etc. etc."

Therefore, to follow Constitutional "LAW", we can use Gold/Silver coins minted in another country, with "NO" stamped value, only a certified weight such as,placer Gold by certified weight, Silver such as Mexican Libertad Silver coins, Gold Krugerrands, or these:

http://www.combibar.com/products/combicoin-cook-islands-100g...

beesting

The feds would shut it down in a heart beat

Like they have other private currencies in the past.

Séamusín

They already did

3 scratch that SEVEN years ago.(time flies holy crap) Google Gold Ron Paul coin. I can't remember the owners name something German or Austrian if I remember correctly.

http://www.cbsnews.com/news/feds-seize-fake-coins-featuring-...

Yeah, they were FAKE alright. "Federal agents raided the headquarters of a group that produces illegal currency and puts it in circulation, seizing GOLD, SILVER and two TONS of COPPER coins featuring Republican presidential candidate Ron Paul."

"The raid comes eight months after von NotHaus filed a lawsuit in federal court in Evansville seeking a permanent injunction to stop the federal government from labeling the Liberty Dollar an illegal currency."

When they say fake they mean it's not legal tender printed by the mint. Which some people still want. I don't want bankers or the congress in control of my pocketbook.

This is why we do bitcoin. They cannot take it from us, and we make it. THE END>

This post is about a gold backed currency

not gold coins. Do you read the OP or just ADD machine gun every post?