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Submission + - Of the Special Interests, by the Special Interests, for the Special Interests (youtube.com) 1

roman_mir writes: It is often that stories appear on /. about the various machinations of various government agencies and special interests that revolve around them to buy them, we are always on the receiving end of these collusions, be it ACTA, CISPA, the Patriot Act, NDAA, anything really.

If you ever wondered what it may look like when a non-special interest person makes it to one of the Congressional hearings in order to present the other side of the story, in order to give perspective of the tax payers, of a general member of public,
then here is an example of what it looks like.

Peter Schiff was invited to this Congressional hearing (this is his second, his first one was a last year). He went to the hearing as a private individual, a person who has predicted the stock market crash of the late nineties, the housing bubble crash of 2008 and now is explaining why the USA is on a path towards the biggest bubble crash — US dollar and bond crash, and the predictions are made simply by observing the fact that the government always ends up catering to the special interests, including political interests, which can never take the real corrective approach to the economy, which would require ditching the policy of controlling the interest rates on money, counterfeiting money (credit) by the Federal reserve, regulating the industries in a way that helps special interests in the first place.

In the room with him in this Congressional hearing were some of the people, to whom he gave speeches in 2005 and 2006 about the coming housing bubble collapse — representatives of the mortgage bankers association.

You will notice that during the Congressional hearing, these special interests are treated as if they are impartial witnesses, while Schiff is mostly disregarded, of-course he does not represent a special interest in that room except that of a tax payer, so it is obvious he has no government solution to offer to the Congress.

Regardless of your point of view on the matter of FHA, it is an interesting review of what it looks like when special interests and the government get together and decide how to spend your tax money.

Businesses

Submission + - Man Convicted of Issuing Competing Currency (fbi.gov) 15

roman_mir writes: This FBI file is about a North Carolina man, who is convicted of minting silver coins, which compete with the currency issued by the US Mint.

The 67 year old is is facing 15 years of prison time and $250,000 fine as well as confiscation of $7,000,000 worth of silver and silver coins.

Following an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and monetary architect of a currency known as the Liberty Dollar, was found guilty by a jury in Statesville, North Carolina, of making coins resembling and similar to United States coins; of issuing, passing, selling, and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy against the United States.

Von NotHaus designed the Liberty Dollar currency in 1998 and the Liberty coins were marked with the dollar sign ($); the words dollar, USA, Liberty, Trust in God (instead of In God We Trust); and other features associated with legitimate U.S. coinage.

In coordination with the Department of Justice, on September 14, 2006, the United States Mint issued a press release and warning to American citizens that the Liberty Dollar was “not legal tender.”

Article I, section 8, clause 5 of the United States Constitution delegates to Congress the power to coin money and to regulate the value thereof.

“Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Tompkins said in announcing the verdict. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country,” she added. “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”

Of-course the value of the US dollar under the US government has been in steady decline ever since the creation of the Federal reserve bank. Here is some data on how much value US dollar lost only in the last 25 years.

US Mint does not like competition, so it would be interesting to see its take on JP Morgan announcing that they are accepting physical gold as collateral with its counterparties.

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