anyone hear about this private currency? many may have but I just learned of it a couple of days ago. It is backed by gold and silver and is a private currency. You can read about it here. http://www.libertydollar.org/
I read about it. I don't think it's going to be widely accepted. I don't know that I would take it if I were a store vendor. Can you imagine giving it to a immigrant clerk for beer and having them look at you weird for counterfeit money?
rofl, that site is a scam their "$20 liberty dollar coin" is one oz of silver, which is not $20. and look at this on their site HISTORIC NOTE: If you are visiting this page to support our Legal Defense Fund and are familiar with the US Mint warning, please skip this Historic Note. On September 13. 2006 the US Mint issued a "Warning" that it was illegal to use the Liberty Dollar. Then on Tuesday, March 20. 2007 Liberty Services, the organization that promotes and distributes the Liberty Dollar, has filed suit against the U.S. Mint in U.S. District Court in Evansville Indiana to enjoin the government from claiming that the use of Liberty Dollar is a 'federal crime'. It is not a "federal crime" to voluntarily use a piece of silver between two consenting adults. For more background info please click HERE. To read Bernard's Second Law of Money, please click HERE. No really? It's illegal to make a counterfeit currency? I'm shocked.
Don't be shocked, its always been that way. But this is a private currency. So of course it will be hard to use because government doesn't want competition. Anyway I wasn't saying that I would use this currency, just seems like a good idea to have money that won't inflate as a back up. Don't be so partial to the idea.
You can buy a coin or certificate good for 1 oz of gold.. for $1000. Spot of gold is under $700 right now, it is an outright scam, no question about it. Plus look on the front page, they have a "special offer" that is good until 4/20/07. tommorw that "special offer" will be extended to 4/21/07 Without a doubt in my mind, this is one giant scam, because they're selling you gold/silver for about 40% over spot. Personally I think the government should shut them down, since they're decieving people on what they're selling. If you want to buy gold to protect against inflation, buy it at spot, not 40% over.
I think if you read the Constitution, a state can legally issue coin. Those guys aren't a state. It also only allows money to be "coined", the reason being because of the huge loss when the Continental dollars collapsed in value. It doesn't matter, the government selectively ignores the Constitution anymore, anyway.
This thread is related to my question. How to hedge against a dollar going down in value. I asked this to a trader I respect much, whom doesn't post on ET. He said unless you are moving to Europe don't worry to much. The Euro may go to 1.40, and then reverse. A complete collapse in the dollar is unlikely. If you want to hedge against inflation I say buy GLD, it tracks spot gold. I may do so on a pullback, but I can't justify buying at 700 ish, too high. I looked into the Perth Mint Certificate, but they want a 2% commission, hell no! Just for putting in my order. That's alot of freakin money on 100k USD or more.
Here's a real gem from that site: If you read it aloud in the old "K-TELL greatest hits" tv ad voice, it sounds particularly convincing.
regardless of authenticity, the idea is a good one. If there was some sort of back up currency that was legal and had a very low inflation rate. I would never buy into this currency anyway I was just bringing up the idea. Obviously people are not going to want to invest in something that may not even be accepted.