Feds seek $7M in privately made 'Liberty Dollars'

[Cats Cats Cats]

http://news.yahoo.com/s/ap/us_liberty_dollars_raid

Basically, Feds claim the guy was trying to pass his Liberty Dollars off as official US currency.  Anybody have more info?  So, a valid claim or the government trying to stop free trade?

[Breadburner]

They might have a case against him if it was paper money......

[RecycleMichael]

I have a coin from the bar called "The Max."

I better warn Blake.

[OpenYourEyesTulsa]

The government doesn't like competition.

Would anyone support an Oklahoma currency backed by gold and silver?

[Gaspar]

The government doesn't like competition.

Would anyone support an Oklahoma currency backed by gold and silver?

Ya-huh!

[TURobY]

Would anyone support an Oklahoma currency backed by gold and silver?

I wouldn't. The idea of an economy growing faster than the supply of gold (leading to deflation) and the discovery/introduction of new supplies (leading to inflation) seems rather dibilitating to responding to crises. Additionally, you run the risk of a run on the institution issuing the currency in exchange for gold (i.e. the oh-so-common bank panics from pre-Reserve days). Not quite sure if the issues would be pronounced on a small-scale basis, being that it is operating in only one state, but it still makes me too nervous to even consider it.

I'd rather take my chances on the solvency of an entire country with resources and economic clout, than on a state who has its own financial issues and currently very little gold/silver assets.

[Red Arrow]

I wonder what the exchange rate would be between Oklahoma dollars and Kansas dollars......

[heironymouspasparagus]

Gold standard would be extremely limiting.  Couldn't have much of an economy - even with our currently vastly overinflated gold rates, there has only been a few trillion worth of gold mined in the history of civilization.  That would cover maybe 1/3 of our economy today (US GDP), but the entire rest of the world would be SOL.

Oh, well,... like so may Republicontin propaganda points, it makes a great sound bite accompanied by lousy reality.