http://www.e-gold.com/letter3.html

Here is but a small samples of the response from e-gold:-

Dr. Jackson states, “With regard to child pornography, the government knows full well that their allegations are false, yet they highlight these irresponsible and purposely damaging statements in order to demonize e-gold in the eyes of the public. During the Inquisition, accusations of witchcraft and heresy were used to sanctify torture and seizures of property. In post 9-11 America, child porn and terrorism serve as the denunciations of choice. e-gold, however, as a matter of incontrovertible fact, is the most effective of all online payment systems in detecting and interdicting abuse of its system for child pornography related payments. e-gold Ltd. is a founding member of the National Center for Missing and Exploited Children’s (NCMEC) Financial Coalition to Eliminate Child Pornography. e-gold is the only member institution to demonstrate with hard, auditable data a dramatic reduction of such payments to virtually zero, while billions of child porn dollars continue to flow through other (heavily regulated) payment systems. [Most members, that is, all the banks and credit card associations are utterly unable to even provide an estimate of the volume of such payments processed by their systems. eBay's PayPal subsidiary, who may have the ability to make such a determination, has refused to do so and has indicated they destroy payment records after two years.] What is worse, until August 2005 when NCMEC courageously broke ranks with US law enforcement agencies and began directly notifying e-gold of criminal sites via the CyberTipline, component agencies of the US Department of Justice purposely concealed their knowledge of child pornography abuses from e-gold’s investigators, subordinating actual crime fighting to a policy agenda designed to dirty up e-gold.”

Do I?!

Yep. Search for the Principality of Caledonia, which are a similar group and you will see many old monarchist, anti communist, national socialist and other whacky ideologies – although largely it goes back to a tax dispute.

They have somewhat of an argument about the legality of our constituiton, although this is ultimately flawed, it is an interesting point to note there actually was a Royal Commission in 1926.

You see what these guys are doing is what anyone could do under free enterprise conditions. Since under those conditions no-one has a banking license which is the same thing as saying that everyone has a banking license.

No-one has a license to print money since everyone has a license to print money.

Having reflected on the questions regarding the benefit of such reforms I think the most central reason that I advocate a role for private currency is that ultimately I think central governments should be responsible for deciding and setting the national “unit of account” that is used to denominate the book keeping within government accounts and which forms the basis of tax laws and legal penalties and which thus generally prevails in the conduct of private commercial transactions, however ideally this power would be limited by a constitutional rule prohibiting that same central government from issuing any “medium of exchange”. Such a separation is in my mind the most likely structure to lead to responsible monetary policy and behaviour over the long haul.

The Australian Notes Act 1910 is no longer in force. It was repealed by subsequent Acts and now lives on in the Reserve Bank Act 1959. Perhaps the least efforts way to allow private commodity money would be to repeal:

section 44 of the _Reserve Bank Act 1959_. This section disallows persons and states from issuing bills or notes for the payment of money payable to the bearer on demand and intended for circulation.
section 22 of the _Currency Act 1965_. This section prohibits the making and issuing of other than official coins.

Doing this would keep the Reserve Bank and the Treasury in place, issuing notes and coin, but allow private companies to issue coin and notes as well.

Liberty Reserve is protected by an offshore Trust, and is at all times backed 100%
by U.S. dollars for LR-USD accounts, and by gold for LR-gold accounts, etc.

Bannerman – IP was great . Such a pity it died.