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November 15, 2007
If an alternative currency threatened the powers that be, it would be illegal
In September 2006, as noted here, the US Mint made threatening noises claiming that its competition, the private silver-based “Liberty Dollar”, was illegal. This week it appears that the other shoe has dropped. An email arrived this morning from Bernard Von NotHaus, “Monetary Architect” of the Liberty Dollar project, with the subject line “FBI Raids Liberty Dollar -- Confiscates All Ron Paul Dollar[s]”. It begins: Dear Liberty Dollar Supporters: The complete letter is here. A news account, which basically just summarizes Von NotHaus’ letter and adds “no comments” from the FBI, is here. The Liberty Dollar website is here. Posted by Lawrence H. White at 03:40 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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