From the February 2003 Idaho Observer:
Liberty Currency now online -- e-currency for electronic transactions
EVANSVILLE, Ind. -- National Organization to Reform the Federal Reserve and Abolish the Income Tax Code (NORFED), developers of The Liberty Dollar and American Liberty Currency, have digitized the new gold and silver dollar online for conducting business on the Internet, via email, and through electronic funds transfer. NORFED responded to marketplace demands for an electronic version of its gold and silver-backed currency by making Liberty e-currency available to the more than 30,000 people who use the Liberty Dollar.
Since Liberty Currency became available in 1998, more than 3 million Liberty Dollars have been put into circulation. “Now, we have put the Liberty Dollar Online to marry the strength of a value-backed currency with the speed and convenience of the Internet,” said Bernard von Nothaus, NORFED's “Monetary Architect.”
“This e-currency is absolutely unique,” continues von Nothaus, “no other money provider offers 100 percent backing and 100 percent physical redemption in precious metals, digital convenience, and paper certificates, all integrated in a single, economic model that pays people to use the money. We are proud to say that after 23 years of extensive research and development, we built a system that works -- technically, economically and legally.”
Simply put, users can e-mail Liberty Dollars to anyone in the world, buy over the Internet, or continue to use them at their neighborhood stores where they exchange them, dollar-for-dollar, with the traditional U.S. Dollar. Plus the digital and paper dollars may be redeemed for the beautifully designed, one-ounce Silver Liberty by the “bearer on demand.”
The Liberty Dollar, America's second most popular currency, is marketed at a discount and is used at a profit, something you can't get from Federal Reserve Notes. Plus you can spend Liberty Dollars Online instantly without any bank fees, anywhere in the world.
“The digital Liberty Dollar is the latest -- and most useful -- in a growing market of electronic, value-backed currencies,” said Louis James, President of The Henry Hazlitt Foundation, who believes that a sound money system is vital to ensuring long-term peace and prosperity.
The Liberty Dollar is distributed by NORFED, a non-profit, educational, national organization, which uses the free enterprise system to bring competition to the Federal Reserve's money monopoly and to “return America to value -- one dollar at a time.”
Jim Davidson, a Redemption Center in Houston says, “The most important reason I use The Liberty Dollar is to offer real value in my business dealings. History has shown time and again that currencies which are not redeemable for gold and silver lose value through inflation and manipulation.”
For more information contact Michelle Jones at 812-473-5250 or Michelle@LibertyDollar.org.
***
CBS investigates Liberty Dollar
AUSTIN, Texas -- The most active Liberty Currency Redemption Center (RC)s in the country became the subject of a special report on the CBS news affiliate KEYE TV here Feb. 6, 2003.
Last November, Austin RCs began introducing Liberty Currency to area merchants in what they called, “Liberty Walks.” They were surprised at how favorably shopkeepers received Liberty Currency.
News of the alternative to fiat money had apparently spread enough to prompt the local news to conduct a month-long investigation. Three businesses were picked at random and asked their opinion of Liberty Currency. Though one business said he wanted to trade it for FRAUDs, he didn't. So, according to the special report, Liberty Currency three, FRAUDs zero.
Other key points revealed by KEWE's special investigation was that Liberty Currency is legal (just as the U.S. Treasury, Secret Service, and the Federal Reserve have already stated); that it also confirmed that the $10 Silver Liberty is really worth $10; that $3 million in Liberty Currency is in circulation and; Austin has 26 RCs.
***
The purpose of Redemption Centers
by Don Harkins
The term “Redemption Center” (RC) was coined by NORFED Founder and Liberty Currency developer Bernard vonNothaus. On the temporal plane, an RC “redeems” (converts) FRAUDs, at face value, into 99.999 percent fine silver (or gold) Liberty Coins or Liberty Currency backed by Liberty Coins.
On the spiritual level, an RC is emancipating his countrymen from servitude. He relieves them of their FRAUDs, which represent debt (servitude) rather than wealth, in exchange for real money of substance.
Once RCs have collected FRAUDs and have redeemed them with Liberty Currency, they forward the FRAUDs to NORFED. NORFED then redeems the FRAUDs with Liberty Currency (at a discount to the RC) and uses the FRAUDs to purchase silver on the open market. The silver is then minted into coins. For each coin minted, a paper note (more accurately described as a warehouse receipt) is also generated.
The beauty of this arrangement is that worthless, government-sanctioned paper FRAUDs are used to buy the silver and gold backing Liberty Currency. In this case, those who use Liberty Currency are the ones who receive something for what is effectively nothing.
When an RC redeems FRAUDs with silver and gold, they are returning their nation to value, a dollar at a time and redeeming slaves by exchanging their debt notes for substance.
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Taking back our freedom -- one real dollar at a time
An economy functions properly when goods and services are traded and all parties receive value from the exchange. An economy will ultimately fail when goods and services are commonly traded in a manner where one party receives no value from the transaction. The medium of exchange traditionally used in America as payment for goods and services is the Federal Reserve Accounting Unit Denomination (FRAUD*). Those who provide goods or services receive FRAUDs in exchange for their items of substance. The FRAUD itself has no value being merely pieces of paper with numbers printed on them. The widespread use of FRAUDs, therefore, represents a system of horribly one-sided exchanges: Goods or services (things of value and substance) are exchanged for pieces of paper that have no value. Those holding the paper FRAUDs after exchanging a good or service to get them have received nothing for something. But, what if they, instead, held silver coins or pieces of paper that can be traded for silver coins? Wouldn't that indicate a properly functioning economy because all parties received value from the exchange?
[ * Federal Reserve Notes are commonly known in fiat-conscious circles as FRNs. As a matter of style, The Idaho Observer prefers to refer to them as Federal Reserve Accounting Unit Denominations -- FRAUDs.]