Monday, November 19, 2007

Cutting in on Bernanke's racket

This story came across my desk this morning and though I don’t venture often into discussions about currencies, I have to comment on this one.

As part of a nationwide investigation, FBI agents raided three Coeur d'Alene business locations on Thursday, seizing records and dies used to make the so-called silver "Liberty Dollar" sold throughout the United States by anti-government patriot groups.

I’ve never heard of NORFED – (the National Organization for the Repeal of the Federal Reserve Act & Internal Revenue Code) before today nor have I heard of Mr. von NotHaus and his liberty dollar.

At first glance NORFED looked like one of those survivalist ‘anti-government’ patriot groups to me. After reading on I changed my mind.

Minting silver commemoratives or ‘coins’ if you will, and printing redemption notes for same silver commemoritives or ‘coins’ seems like a good start after what our own government and the Federal Reserve have done to our money.

Since 2001 that $1.bill In your wallet has lost nearly 40% of its value due to the Federal Reserve under Greenspan printing and circulating ever more of them whenever they got the itch. (By the way, Bernanke has the plates now and he’s not afraid to use them). If you do the same, the boys running the printing racket will pay you a visit. They don’t need to break your kneecaps. They have guns and cages to put you in and will inflict more permanent harm on you than lesser organizations might.

Crossing Mr. Bernanke’s business in this way is called ‘counterfeiting’ and only his boys are allowed to do it. That is, print and place into circulation any form of credit note redeemable by the bearer. It should be noted that it is expressly forbidden by the US constitution for our government or anyone else to do the same. Who’s going to call Bernanke on it though? Not me, he has a large group of enforcers – the SS (Secret Service) and others with various acronyms who have guns.

As an investor in currencies as well as gold and silver, I find Mr. von Nothaus’ idea intriguing. – Paper certificates like money backed by a tangible asset: silver, the price of which is dictated by broad market forces, not by an elite group of wealthy men who tell us a piece of paper they print with green ink on it is worth $100.

If you hold certificates valued at $100. in silver, you at least have a benchmark to measure them by instead of a man in an expensive suit puffing out his chest to project his authority as he declares the same about his greenback notes backed by… well, nothing!

When NORFED gets their offices, records and precious metals back from Bernanke’s boys I think I am going to pick up a few of his Liberty commemoratives as an investment. It looks like they could outperform the U.S. dollar, of course a can of mixed nut can do that right now. Don’t believe me? Just check the price of mixed nuts!
Vern

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