Liberty Dollars - What do you think of them?

[MunkyMan95]

Personally, I think the idea is genius. Get the silver back behind our money. Make our money actually worth something. Right now the only thing holding the US dollar in demand is belief in it, and tradition. There's nothing to back it. We may as well be stealing items. It costs the BEP what, 8c to produce? But they make $100 denominations out of that same 8c. Nothing to keep it steady. Just well-wishes and hope.

 

The Liberty Dollar is backed by precious metals. They are even made of silver in some cases. They're legal to use.

 

What do you think? Are you in the same boat as I am, or do you think this is sheer lunacy?

 

PS: For those who haven't heard the story, try www.LibertyDollar.org

 

Edit: Forgot to add, I think that if these get enough support, they have the potential to become as common as FRN's and US Coins

[gmarguli]

They are legal to use in the same sense that if I took a cow to Wal-Mart and they agreed to exchange a TV and a pair of light bulbs, the cow is now "legal to use". It is legal to barter, but it is not legal to issue competing currency in this country.

 

The fear of inflation keeps the currency production steady. A smart government will not issue so much currency as to devalue it.

 

Is there enough gold and silver in the world to back all the currency out there?

[MunkyMan95]

Is there enough gold and silver in the world to back all the currency out there?

 

Probably not by a long shot, but in a country such as ours, we need something. We're the richest country in the world, but we decide what the money will be. What I mean is, we could produce $100 million at will. Would it be right? No. Would it be in the best interest of the BEP? No. But it is possible? I think so.

 

Precious metals would almost certainly guarantee that our economy remain strong.

[Zoins]

They're interesting. Spending them can't be as bad as getting taken out in leg irons, being locked up and chained to a pole for several hours like what can happen for trying to spend $2 bills

[dooly]

we have something simmler over hear the £5 coin with three issues the normal issue which costs £5 and is legal tender the proof silver issue £35 which is legal tender and worth £5 and the mint packs which are the normal coin set in mint sets and baby sets ect which is about £19 and legal tender and worth £5..

 

[zrlevin]

What I mean is, we could produce $100 million at will.

 

You think that we don't? Why do the precious metals and other world currencies keep rising in value when compared to the US Dollar.

 

Inflation is required for the growth of our economy.

 

Right now the only thing holding the US dollar in demand is belief in it, and tradition.

 

Exactly. Please, Chad, name me a country whose currency is still backed by something. You can't. The United States was one of the last countries to leave the gold standard.

 

If the Liberty Dollar is such a genius idea, why do the producers only accept American dollars in exchange for them?

[MunkyMan95]

What I'm saying is, it SHOULD be backed by something. We're a world power, and we've got tons of money, but if people stop trusting the dollar as much as they do now, the government has nothing they can do. No precious metals to back up our currency. Nothing at all! The economy could fail tomorrow, and we would be in ruin. Precious metals would keep that from happening (or at least prolong it).

[JamminJ]

They're a scam.

[rrantique]

They're a scam.

 

I am sorry Chad but with a name like Bernard Von Nuthouse i would have to pass

[MunkyMan95]

I saw that too. In CoinWorld, there's a writeup about Liberty suing various government officials. Bernard von NotHaus is his name. I was reading the atricle and laughed out loud at the name

[TomB]

Liberty "Dollar"=Scam.

[DC Dawg]

What I'm saying is, it SHOULD be backed by something. We're a world power, and we've got tons of money, but if people stop trusting the dollar as much as they do now, the government has nothing they can do. No precious metals to back up our currency. Nothing at all! The economy could fail tomorrow, and we would be in ruin. Precious metals would keep that from happening (or at least prolong it).

Our money is backed by the full faith and credit of the government of the United States of America and will remain so as long as there is a United States of America. While the worth of the money versus other currencies can fluctuate, even becomming weaker, the fact of the matter is that one-third of the world backs their currency with US money or bonds. Ok... so that's down from 40-percent, but no other country comes close.

 

The notion that money has to be tied to precious metals is a quaint idea whose time has passed. We set the values of metals, we can set the values of other items as well. It is all contingent on creating markets. New markets and improvements to the capital markets has reduced money to numbers in a computer. The ability to produce goods and services, to operate the machinery of a market makes the possibility of a failure remote, at best. The only way to make the US economy fail as it is currently constructed is to destroy the mechanisms for the economy to function. Look at the capital losses after 9/11. Look at the capital losses after the blackout in the northeast in 2003. Stop the movement of money, stop the markets, and you will cause the US economy to fail.

 

I have a better one... as long as there is electicity to run the computers and the other machinery of this market, it is unlikely the US economy will fail. Cut the power and all markets stop. Stop the markets you will kill the economy. It is that simple!

 

It is nearly impossible for this economy to fail. We have proven it after the War of 1812, the Civil War, the depression of the 1890s the Great Depression, stagflation of the 1970s, the market crash of 1987, and the aftermath of 9/11. In every case, the economy found a way to bounce back because it has been proven time and again that a free market with regulations to ensure it is performed on a level playing field works. As long as the markets continue to work and the US continues to operate at the behest of its people, it is highly unlikely that the US economic market will fail and the money we have in our pocket be worth the cost of their metals, and nothing more.

 

We are not going back to a restrictive, unexpansive precious metals-based economy. Now get over it!

 

Scott

[michael]

over hyped scam

 

junque

[just-john]

The good news is when our money worth less will sell more stuff. Like in 1999 Euro was about even with the Dollar $1.00 = 1Euro now 1 Euro cost $1.31 dollars selling more stuff to Europe.Bad news 2000 gas new high $2.00 gal now 7 yrs later $3.00 gal.But the best news of all is all these countrys now hold what amounts to $44 trillion - 350 percent higher than the US' GDP in dollars and tresuary notes and bonds they can never collect the old value of the dollar.They will get the new cheaper valued dollar now thats capitalism at its best.

[cpm9ball]

Personally, I think the idea is genius. Get the silver back behind our money.

 

First of all, there isn't enough silver in this country, or in the world for that matter, to back U.S. currency. Why do you think the government switched from Silver Certificates to FRN's? Why do you think they went to clad coinage?

 

I read the article in CW and visited the Liberty Dollar website. I thought it might be interesting to purchase some of the Liberty Dollars in pure copper regardless of their legal status. Unfortunately, you have to buy them bundled with the Liberty Notes for $107. I was unable to find anywhere on the site where you could purchase them individually, dollar for dollar. I believe it was stated that the premium charge would be used for the defense fund. Sorry, I'll save the $106 and spend the rest on bubblegum!

 

Chris