Tuesday, November 11, 2008

Is the Federal Reserve Note More Constitutional than the Liberty Dollar?

The Liberty Dollar is a private monetary system created by Bernard von NotHaus which is fully backed by silver coins.

One year ago, after filing an affidavit, the FBI and Secret Service raided the Liberty Dollar office in Evansville, Indiana. The agents confiscated all the gold, silver and platinum in the office, including two tons of Ron Paul Dollars. They also took all records, files and computers and froze the bank accounts.

Why? Because, the U.S. Mint believes the Liberty Dollar violates the Constitution and issued warnings to consumers against using them unsuspectingly. While it's true that our government did away with the gold standard in the early 1970s, it's not as if the Liberty Dollar is masquerading as government currency. It's very clear that the Liberty dollar, although a commodities backed currency, is a separate form of private trade that people freely choose to engage. Since when does the government have the right to decide what someone can and cannot trade with another individual?

In fact, the Constitution declares that the states shall not issue anything but gold or silver as legal tender. It also states in Article 1, Section 8, Clause 5:

“The Congress shall have the power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.”
Well, Congress does not have any power over the Federal Reserve. The Federal Reserve is the most powerful entity in the world. The Fed is a privately owned cartel, not a branch of our government and not accountable or answerable to anyone. There are no checks and balances and they have never been audited. So, who is violating the U.S. Constitution?

American citizens are free to create their own currency and trade it with someone else. If I have valuable baseball cards and I want to trade these baseball cards for something else of value, I can do it.

There is no doubt that the "Money Trust" saw the Liberty Dollar as legitimate competition. Fast forward one year, today, and one can see why the Liberty Dollar served to circulate the fear of God into their solidly blue blood stream.

Liberty Dollar Class Action

2 comments:

Anonymous,  14:25  

Something seems fishy about the liberty dollar. Creating your own currency? If that's legal, why doesn't everyone do that?

Anonymous,  22:16  

The Federal Reserve is a private stock corporation. They do not have to report to anyone but their private shareholders. They are not accountable to anyone but their private shareholders.

The public be damned.

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