Feds raid alternative currency headquarters

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Feds raid Liberty Dollar Headquarters

Was this a legal raid, or did they have the right to produce this alternative currency? I have heard and read lots of conflicting stories.

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Type: Discussion • Score: 1 • Views: 820 • Replies: 18

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@mommamia,

Smash AQ.

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@mommamia,

I do not understand what the problem is here. Casinos are allowed to mint there own currency, why is it such a problem that another group of people decided to make there own currency. Also Pino this has absolutely nothing to do with AQ in any way shape or form, so please go on to explain your point of view on this topic.

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@mommamia,

I can't see why it is wrong either, but am not a lawyer or anything and don't know much. Seems like theft to me, I thought I had the right to pay with whatever you would take.
Just recently I read a report about a guy who got into trouble with the IRS for paying his employees in gold coins. I am going to try and find the link.

I don't think Pino has an opinion.

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@mommamia,

Hell we would be better off if we went back to using coins made of precious metals. At least then we would know that the money we have in our possession is actually worth it.

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@mommamia,

source

This is crazy, if gold is legal tender, then why all these raids?
Why doesn't our government want us to have gold in our personal possesion? Why would they insist we use only dollars? I have serious problems with this.

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@mommamia,

The reason why the feds are so pissed is because they dont like the fact that this guy used sound logic and reasoning to pay his employees in something that will always have value. Also the guys in charge of the raids probably did not understand the legality of his and his associates actions. They may have also expected the to just cop out and say "sorry we messed up" but they actually stood up for themselves and knew they where right.

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@mommamia,

I don't see why it's a big deal if they wanted to make/sell them. People sell coins all the time, it's a good campaign idea too. But realistically you can't buy groceries from Walmart with them, it's not actually currency

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@Drakej,

Drakej;45913 wrote:

Hell we would be better off if we went back to using coins made of precious metals. At least then we would know that the money we have in our possession is actually worth it.

probably... but its simply not practical any more.

an ounce of silver is $14.xx right now.

a quarter has, by definition, a quarter ounce of 90% pure silver.

$.25x14 = way more than a quarter is worth.

so, it's either make the quarter the size of a pea, or screw with the amount of silver in each coin, thus making a quarter, no longer a quarter ounce.

it's this very reason that 1964 was the last year for circulating precious metal coins

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@mommamia,

Ahhh I gotcha, I should have figured you would have the skinny B. Okay that makes sense, but still what got up the feds ass.

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@mommamia,

yup, even if we went back to the gold and silver backed paper money you're just trusting that the government has the precious metal in fort knox and they aren't messing with it

trust the government with precious metals? I think not haha

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@mommamia,

Cameron, that line "trust the government with precious metals" should have been followed with your kool-aide man

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@mommamia,

This is a sad display of the current administrations utter lack of respect for the Constitution. The Federal Reserve is the worst enslavement scheme ever, or the best, as it has us all under it's power.

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@mommamia,

So, what Liberty dollar was doing was illegal? Or not. I understand you can't pay at walmart, but what if I wanted to say pay the electrician, and he wanted to be paid that way, would it be an illegal transaction? Also if the gold coins mentioned in the second article I posted are minted by the US government, then how can they be illegal? And since the price of gold fluctuates, how would I report something like that as income? Would it be based on the price of gold at the time of payment, or at tax time? When did the government get the right to tell us what we have to take as payment? And what kind of ramifications does this have on the barter system? Sorry for all the questions, but this really interested me, and while I may hold a couple of advanced degrees, I am woefully ignorant of economics

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@mommamia,

Funny thing is since this happened those coins have gone up in value almost ten fold.

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@mommamia,

The government enforcing what can and can't be accepted as currency is a gross overstepping of their bounds. I hope the officials in the FBI and IRS who are responsible are removed from their positions of authority.

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@mommamia,

mommamia;46108 wrote:

So, what Liberty dollar was doing was illegal? Or not. I understand you can't pay at walmart, but what if I wanted to say pay the electrician, and he wanted to be paid that way, would it be an illegal transaction? Also if the gold coins mentioned in the second article I posted are minted by the US government, then how can they be illegal? And since the price of gold fluctuates, how would I report something like that as income? Would it be based on the price of gold at the time of payment, or at tax time? When did the government get the right to tell us what we have to take as payment? And what kind of ramifications does this have on the barter system? Sorry for all the questions, but this really interested me, and while I may hold a couple of advanced degrees, I am woefully ignorant of economics

the problem is not the money/tender. the problem is the taxes, or lack thereof that the gov't won't be receiving.

that's why they stepped in on this.

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@briansol,

Here's a thought:

Since a FRN is a CREDIT for US dollars (not an amount of US dollars), and ultimately FRN's are traded much like a check can be transferred before being cashed, do dollars ever change hands if one pays one's employees in cash?

If no dollars change hands, no taxes can be levied. Ergo, a payment in cash cannot be construed as income by our friends at the IRS.

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@mommamia,

I have a few Ron Paul dollars myself

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Feds raid alternative currency headquarters

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