Submitted by Vinyasi, Nov 16, 2007 15:36

Regarding the last paragraph of the above article: Not surprisingly, independent-minded libertarians have varying opinions on the Liberty Dollars themselves. The chair of the Libertarian Party of New York, Jeff Russell of Saratoga County, said the Liberty coinage should bear descriptions such as "one ounce of silver" and not bear the term dollar at all. Did you know that the dollar is no longer legally defined? And yet it is still most popularly the "unit of account." This implies that everyone who uses the U.S. dollar must pick and choose their own definition of whatever the U.S. dollar means to them or risk voiding (their use of this abstract unit) for vagueness. This lack of a lawful definition is akin to the U.S. dollar now being merely a share of stock (which pays no dividends, other than debt, to its holder) issued to back up the failing (but extremely wealthy) Federal Reserve Corporation. You can look up the dollar's definition prior to its repeal (on Sept. 13, 1982) as being... The standard unit value as...(Section 314 of USCS 31): "the dollar consisting of 24 8/10 grains of gold, nine tenths fine and/or 371.25 grains of .999 fine silver as established shall be the standard unit of value, and all forms of money issued and coined by the United States shall be maintained at a parity of the value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity." and also verify that it has been repealed on the government website: http://uscode.house.gov/download/pls/31T.txt -CITE- 31 USC TITLE 31 - MONEY AND FINANCE 01/19/04 -EXPCITE- TITLE 31 - MONEY AND FINANCE TITLE 31 - MONEY AND FINANCE -MISC1- THIS TITLE WAS ENACTED BY PUB. L. 97-258, SEC. 1, SEPT. 13, 1982, 96 STAT. 877 Subtitle Sec. I. General 101 II. The Budget Process 1101 III. Financial Management 3101 IV. Money 5101 V. General Assistance Administration 6101 VI. Miscellaneous 9101 TABLE SHOWING DISPOSITION OF ALL SECTIONS OF FORMER TITLE 31 -------------------------------------------------------------------- Title 31 Title 31 Former Sections New Sections -------------------------------------------------------------------- -snip- 311-315a Rep. -snip- Obviously, the dollar is only worth whatever it can purchase in commerce which can change at any time. Your money is no longer lawfully defined. And FDIC insurance would never have been needed had this repeal never taken place and our government reneged on its prior duties to always mint "lawful money" (another victim of repeal; see below) in the form of spendable gold and silver coin and their receipts. Which form of insurance would YOU rather have? And by the terms "spendable gold and silver coin" I mean to infer something minted (by the U.S. Mint) with a "legal tender dollar marking" which reflects whatever you spent in Federal Reserve dollars to purchase it. Current silver coins bear a mere one dollar inscription and gold coins bear the markings of $50, because they are not intended to circulate as money, but be collected merely for their numismatic value as a reminder of what a gold and silver coin (sort of) USED to look like before the Federal Reserve was born. Title 12, Section 152 of Federal Code. It had read: "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold and silver coin of the United States." http://uscode.house.gov/download/pls/12C2.txt -CITE- 12 USC CHAPTER 2 - NATIONAL BANKS 01/19/04 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 2 - NATIONAL BANKS -HEAD- CHAPTER 2 - NATIONAL BANKS -MISC1- SUBCHAPTER I - ORGANIZATION AND GENERAL PROVISIONS Sec -snip- SUBCHAPTER IX - FORMATION OF ASSOCIATIONS TO ISSUE GOLD NOTES 151 to 153. Repealed. -snip-

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