liberty dollar

Discussion
1

Hi Jay,

First, let me disclose that I am a Liberty Associate.

The way the Liberty Dollar works is that Norfed, a private not-for-profit company, sells attractive one-ounce 0.999 fine silver coins, (and paper warehouse certificates; and also digital accounts - sort of like PayPal - both of which are redeemable in the silver coins). This is mainly done through "associates" (who paid a $250 fee), and regional reps (RCO's), who get an exclusive geographical area for a higher franchise cost. They also have some gold products, but the main part of the operation is based upon the silver-based items. The [silver] "$10" warehouse certificates and Digital Liberty Dollars are backed 100% (one-to-one, i.e., no fractional reserve) by a one-ounce silver coin in bonded storage, and can be circulated, or redeemed for the coin for a small handling fee.

Norfed's day-to-day operation is paid for by the "profits" from the sale of the coins (and etc.) So, if for example, silver is $7.08 per ounce (today's price), they will sell associates coins or certificates at $9.29. The coins and certificates are denominated at $10, so if the associate can distribute them at face value, they make a small profit. The RCO's get a slightly larger discount. You can almost think of it as manufacturer (Norfed), wholesaler (RCO) and retailer (Associate). The prices seem very competitive with numismatic and collectors items, but not as low as silver bullion. Of course, the volume is not as high, and the bullion is often not as pretty. By definition, bullion sells fairly close to the spot price. Plain silver one-ounce rounds go for about $0.75 over spot. One-ounce US Silver Eagle "bullion" coins sell at retail for approx. $1.80 over spot, but are only $1 legal tender (and are so denominated).

Your friend may think that selling the coins at more than the spot price of silver is a "scam", but I don't understand how else it could be done without the operation folding! You have to pay nearly $2 more than the spot price of silver for a $1 US silver coin (e.g., $7.08 + $1.80); so why would anyone think that silver coins could be manufactured and distributed for free?

Liberty Dollars are traded in a free market, and no one is compelled to pay or trade more for the coins than they think they are worth. That is more fair than "legal tender", which must be taken for all debts, public or private. I believe that over $10M have been produced and sold; many of these are still in circulation, others have been "collected" or are stashed in safes for a rainy day.

With a one-ounce hunk of silver in your hand, it is hard to feel that you have been cheated. Most people I show a Silver Liberty to want to buy it from me on-the-spot at face value. What about those dreaded Federal Reserve Notes (FRNs), which are (mostly) created by the government going futher in debt, and which are backed by just a promise? They print those for pennies and sell them for face value, flooding the market with them - that's the bigger scam!

If you hold FRNs over any length of time, based upon history, you would find that their purchasing power has decreased. The value of the dollar has gone down _at least_ 20-to-1 since the Federal Reserve was founded just before WWI. Commodities such as silver and gold have traditionally held their value much better, going up in dollar terms, and have been much more nearly constant relative to other commodities and products.

I could go on (and on and on), but I will instead direct you to the Liberty Dollar web site:
http://www.libertydollar.org/

If you have any further interest, please feel free to call me (phone number, below). And, if by any chance you decide to become an associate, please use me as your referer, so I get the "finders fee"!

http://www.libertydollar.org/default.asp?REFERER=NRC68246

(click above to go to the web site with my referer number)

Rich

      G. Richard Newell
      mailto:Richard@Newell.org
      +1 (408) 882-4785 (ph)
        1 (877) 684-4835 (fax)
      Open PGP key fingerprint:
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(Attachment 180x150RealMoney.gif is missing)

2

This month's "second wednesday" dinner party will be on FRIDAY JULY 15. We'll feast on some yummy Singaporean cuisine at the much admired Hulu House.

That's Friday, July 15th! I'm now accepting reservations for this event.

Come on over for a fun dinner, meet new friends, catch up on gossip with old friends. Hulu House is a fantastic place with reasonable prices and great food in large quantities. Of course, half the fun is getting to meet the other cool and friendly people who'll show up.

Please be sure to RSVP to me No Later Than Thursday, July 14 if you want to go. Please include an estimate of the the probability that you'll be there, if you're not 100% sure.

Hulu House, 754 Kirkham St. (at 12th Ave.) We'll gather at 6:30pm and start ordering by 6:50pm. We will simply order from the menu. Family Style. Cost will be split among the participants -- cost should be about $12-$14 each.

The best way to get there is by public transport, Take the N muni train and hop off at 12th Ave., then just stroll a block south to Kirkham. By BART just get off at Civic Center, go upstairs and catch an N train outbound. Email me for Caltrain directions or specifics from other parts of town.

Looking forward to seeing y'all.

Dave G.
dg2222@...
NOTE: My dinner series is no longer part of Bay Area Vegetarians.

3

I'd love to go if Jared Diamond wasn't giving a talk the same evening.

-- Steve

4

Who else would like to show up for this town hall meeting and give the libertarian perspective? Which to my mind is: funding the arts is not a legitimate function of government.

Why is SF throwing away our money on public art projects? If the art is so great, why does it require mandatory taxation to support it?

5

David,

  Thanks for letting us know about this! I agree that we should be there to give the libertarian perspective. But instead of just going and making ourselves the most unpopular people in the room by saying "funding the arts is not a legitimate function of government," I have an idea.

  Let's propose an "art project" of our own called "Giving Back To The Community." This project would entail the city sending out checks to the taxpayers inviting them to spend the money on the art of their choice and write back to the Arts Task Force to let them know how the money was spent. The Task Force would then award certificates of recognition to the most creative taxpayer-initiated art projects, and draft a resolution for them to be honored by the Board of Supervisors.

Yours in liberty,
        <<< Starchild >>>

6

Dear Everyone;

Before anyone goes off half -cocked you may want to verify if the public funds referred to are the funds generated by the 15% hotel sales tax which is supposed to go to the arts. If so then there isn't too much to be done as the tax came about through a city proposition and approved by the voters. The alternative is to talk about revoking the hotel arts fund taxes so hotel prices can come down so SF will be more competitive hotle room price wise.

Ron Getty
SF Libertarian

Starchild <sfdreamer@...> wrote:
David,

      Thanks for letting us know about this! I agree that we should be there
to give the libertarian perspective. But instead of just going and
making ourselves the most unpopular people in the room by saying
"funding the arts is not a legitimate function of government," I have
an idea.

      Let's propose an "art project" of our own called "Giving Back To The
Community." This project would entail the city sending out checks to
the taxpayers inviting them to spend the money on the art of their
choice and write back to the Arts Task Force to let them know how the
money was spent. The Task Force would then award certificates of
recognition to the most creative taxpayer-initiated art projects, and
draft a resolution for them to be honored by the Board of Supervisors.

Yours in liberty,
                        <<< Starchild >>>