FBI raids Liberty Dollar office-confiscates Ron Paul Dollars

http://www.rabidquill.com/ ^ | Nov 15, 2007 | "BJT"

[Turbopilot]

I agree.

[Attention Surplus Disorder]

Hmmm. I’d take all the .999 silver rounds at $1 each (face value) I could afford. The paper? Not a chance!

[Turbopilot]

Thanks, I didn’t even think about that “L.Ron”. These guys are getting more “clever” all the time.

[Iwo Jima]

Please ping me if you or anyone finds out if this reported event really happened or not.

[WhyisaTexasgirlinPA]

Did you see this?

[Moonman62]

When I have a pocket full of travelers checks I have a pocket full of US minted money.

Yes you do. The Federal Reserve officially counts them as money too. Perhaps I'm just using the term currency incorrectly.

[wideawake]

even if the actual value of the coins is more than the equivalent US currency(don't know if liberty dollars are worth more or not).

See post 254.

[Badeye]

No, I hadn’t, thanks for the link.

Interesting there isn’t a single reference to Ron Paul in the article.

[xtinct]

Holy Smokes!! A local talk show host was honking about the Liberty Dollar...gold, silver, etc. a few years ago.

I almost bit (o:

FBI's explanation for this raid must be interesting.

Sure is a pretty piece!!!

[JerseyHighlander]

The problem with the paper bills is you have to trust that whomever runs the Liberty Dollar will honor their printed gold or silver value. They were selling those as though there was a backed up with full faith and credit value.

I agree 100% with you. On Wall Street in the last 7 years bankers sold and transferred receipts for several hundred billion dollars of derivatives that are not backed by sound assets. Think this through, fifty times the entire value of the libertydollar.org corporation has been written off by a single director of a CDO division of US banks. And because of that a bank in east Germany went bankrupt.

At least libertydollar.org has physical species, welll had species until this morning :P

[Moose4]

If both sides of a transaction voluntarily agree to exchange Liberty Dollars for something else, I don’t have a problem with it. That’s barter. If somebody wants to give me five magic beans for my last cow, hey, that’s fine.

But if Herr von NutHaus is trying to imply that these coins “spend” the same as a “real” dollar? That’s a problem.

}:-)4

[bondservant]

I actually kind of like Ron Paul but this liberty dollar seems like its pretty shady. They are charging more for the certificates than the value of the gold they claim those certificates are backed by. And from the email: “the vast majority of the money was in specie form and in the people’s hands. Of the $20 million Liberty Dollars, only about a million is in paper or digital form.” This says to me that 5% of that was backed by...nothing. This company is sitting on about $9.5 million dollars worth of precious metals, and they’re claiming its worth $20 million in legal currency. I’m not sure what the laws are, but if this were legal, it would be incredibly chaotic once everyone started jumping in to make their own currencies.

So, what % of the trillions of dollars of Federal Reserve Notes floating around are actually backed with precious metals???? Inquiring minds want to know! The government confiscated gold and silver during the Great Depression. Here we go again!!

[reagan_fanatic]

Oopsie!

[tacticalogic]

It’s been posted on RP threads before. I’m sure someone has it around somewhere.

[WhyisaTexasgirlinPA]

Got it, thanks.

[JerseyHighlander]

Also, I know nothing of libertydollar.org, I’m assuming they were registered with the Federal Reserve as a financial institution.

[50mm]

I’m certainly no Paul supporter, but it would probably be a good idea for him to get the warrant and post it to show he wasn’t named or involved. A press release would probably be a good idea as well. It’s best to squelch rumors before they grow legs. The press should include “Ron Paul neither condones nor supports minting of illegal tender nor consumer fraud.

[mvpel]

That's called counterfeiting.

Wrong-o, friend. Counterfeiting is printing something that you try to fraudulently pass off as legitimate US government issued currency.

Minting a one-ounce silver round for people to offer as a medium for barter at a suggested dollar equivalent is most certainly not.

Is it now illegal for you to offer to trade your TV set for my motorcycle? That's what the FBI seems to be proposing here.

[null and void]

I sorta favor Paulestinian, myself...

[MindBender26]

This was a scam, albeit a rather good scam. To many, he was a right wing guy. To the left, he was a peacenik. To the Paulistas, he was for Dr. Weird. Whatever you wanted, he was your guy.

Think about it. He was “sellng” his own money, which you had to pay for with real US dollars. And because no one ever redeemed his “dollars” for real money except on rare occasions, he was getting to keep the US dollars he sold his funny money for.

Now, since he can claim the US govt put him out of business, he can keep all the money he took in and hid, because the company that would redeem it is now gone!.

Best business deal since hookers.