Funny Money, Part 3
by Late Nite LeRoy
May 2, 2000
Earlier comments about the Federal Reserve / income tax scam that we have to endure lead to the next step for discussion. What can we do about it?
Gold has existed in multiple formats since the beginning of time. Regardless of how zealously coin dealers promote using gold for safety, I dare anyone to take a pocket full of gold with them tomorrow morning and try to carry on your daily commerce in a regular fashion. It just won't work. Everybody is used to these "Federal Reserve Tokens", as Jim Ewart calls them. In his book "Money" he step by step proves the legal worthlessness of this soiled paper. ("Money" published by Principia Publishing, http://www.principiapub.com/ )
Adding to the confusion, I now must introduce you to 2 more proposed solutions. Neither will replace the "FRT's" anytime soon, but you should be aware of them if you encounter either method. Do your research now, before you suddenly have to shift currency into or out of one of these soon.
First is NORFED. These are genuine receipts for an acknowledged amount of silver. This follows an idea first suggested by G Edward Griffin, author of "Creature from Jekyll Island". The system is run by a private corporation. They are audited frequently. The paper currency is exchangeable on demand for a specific amount of silver. Be forewarned though, exchanging your US "FRT's" into this currency is a one way street. The redemption centers that sell you NORFEDs, will NOT buy them back with FRT's. But they will exchange them for silver. So don't paint yourself into a corner. Full information about this system and a list of redemption centers near you is at http://www.norfed.org/ The bad news about these units of exchange, is (at the time of this writing) the exchange rate for $10 USDollars (FRT's) buys more silver than 10 NORFEDS. I'm afraid they expected a faster run up in silver prices than what actually occurred when they launched the idea a few years ago.
Next is E-Gold. They take most any country's currency and convert it immediately to gold at the current exchange rate. So just imagine taking your paycheck to a gold coin dealer instead of a bank. But E-Gold has the advantage of being as close as the Internet. You now have the convenience of E-mailing real gold to your associates who also have an E-Gold account. You can find full information about this service and open your free account at https://www.e-gold.com/newacct/newaccount.asp?cid=133327 There is a transaction fee each time, but it is less than using a credit card. There is also an annual storage fee, but once again offers the stability of gold versus inflation.
Both firms are based in the United States. NORFED's are "bearer" faced pieces of paper. E-Gold requires ID as a US bank would demand. E-Gold transactions are documented and subject to IRS scrutiny should the need arise. I neither endorse nor condemn either of these systems. They are mentioned here just for your knowledge. We are all likely to encounter them both as the economy eventually wakes up to what a farce the Federal Reserve has made.
Always remember that just like Real Estate emphasizes one word, location, any investment plan should emphasize diversification. Many eggs in many baskets, even if they are gold.
LateNiteLeroy Webmaster at http://www.commutefaster.com E-mail directly to leroy@commutefaster.com
http://www.888webtoday.com