LIBERTY DOLLAR ALERT - Bernard's latest e-mail

[mackler]

Obviously the silver that backs the notes has been.........liberated. Bernard says don't use "stolen". If the silver can be recovered or the warehouse restocked by whatever means, you should get 5 ounces by today's value. After March 23 you will get 2 ounces.

Are you saying is that if Bernard doesn't "restock" his warehouse in the next two weeks, then when he does restock it, he's going to keep sixty percent of the silver that he had promised to give to holders of the paper?

[Russell Kanning]

having the silver in your hand cuts out one step ... and sure beats fake $s too for long term value holding

[coffeeseven]

Obviously the silver that backs the notes has been.........liberated. Bernard says don't use "stolen". If the silver can be recovered or the warehouse restocked by whatever means, you should get 5 ounces by today's value. After March 23 you will get 2 ounces.

Are you saying is that if Bernard doesn't "restock" his warehouse in the next two weeks, then when he does restock it, he's going to keep sixty percent of the silver that he had promised to give to holders of the paper?

No.

[mackler]

If the silver can be recovered or the warehouse restocked by whatever means, you should get 5 ounces by today's value. After March 23 you will get 2 ounces.

Are you saying is that if Bernard doesn't "restock" his warehouse in the next two weeks, then when he does restock it, he's going to keep sixty percent of the silver that he had promised to give to holders of the paper?

No.

You just said that if someone with 100 paper LDs can redeem them from Bernard before March 23, he'll give them five ounces of silver, but that after March 23 he'll give them only 2 ounces.  If he's not keeping the other 60% after March 23, where is it going?

[ReverendRyan]

Keep in mind, the certificates are denominated in silver, the FRN value is largely arbitrary when you're talking internal transactions. So an old 1 oz $20 certificate will be exchangeable for a new 1 oz $50 one or 1 oz of silver. It's a lot simpler than you guys are making it sound.

[Caleb]

except that there is no more silver to redeem. the thugs stole it.

[ReverendRyan]

Right. So old 20's are exchangeable for new 50's in certificates, and not redeemable for silver until it's recovered. Once the silver is recovered, it's still an ounce-for-ounce situation. There's no alleged cash grab.

[Caleb]

1) Do all that you have agreed to do!

Wouldn't libertarian thought demand that Bernard make good on his obligations regardless of whether he recovers his silver or not?

[ReverendRyan]

Actually, no. The contract on every LD certificate is between you and Sunshine Mint (the warehouse), not Liberty Dollar.

[malcolm]

On a happier note: Liberty Dollar is set to Move Up to the $50 Silver Base! Two weeks from today, the Liberty Dollar will respond to higher silver prices Move Up from the $20 to the $50 Base.

So, the spot price of $20.14 justifies jumping the face value of LDs from $20 to $50?

Does anyone still wonder why some of us who believe in metals dismiss the LD as a fraud?

Yep.  An ounce is an ounce is an ounce.  I don't deal in Liberty Dollars for the very fact that the LD imprint does not command a premium to me.  If someone offers me payment in LD, I take it at bullion weight, not face value.

[Caleb]

regardless, someone needs to make good on it ...

[coffeeseven]

If the silver can be recovered or the warehouse restocked by whatever means, you should get 5 ounces by today's value. After March 23 you will get 2 ounces.

Are you saying is that if Bernard doesn't "restock" his warehouse in the next two weeks, then when he does restock it, he's going to keep sixty percent of the silver that he had promised to give to holders of the paper?

He can't keep what he doesn't have. You're looking for a problem. You'll find one sure.

No.

You just said that if someone with 100 paper LDs can redeem them from Bernard before March 23, he'll give them five ounces of silver, but that after March 23 he'll give them only 2 ounces.  If he's not keeping the other 60% after March 23, where is it going?

Do you buy liberty dollars?

[mackler]

Do you buy liberty dollars?

Do I "buy" LDs?  No, but I might accept them as payment.  Some guy came into my store and wanted to pay me with one hundred Liberty Dollars.  He offered me the hundred in Liberty Dollar Bills, or, if I preferred, one hundred Digital Liberty Dollars. 

I asked him how much silver backs each Liberty Dollar.  He couldn't explain it to me in a way I could understand.  It sounds to me as if Liberty Dollars will be devalued by sixty percent on March 23.  But just to be fair, I told him I'd get on the internet to see if anyone could give me a straight answer to my very simple question: is each Liberty Dollar backed by a certain amount of silver or not?  If they are, then what is that certain amount?

From what you're saying, after Manch 23, I'll be able to walk into a Liberty Dollar office, hand them forty Liberty Dollars, and tell them to give me one hundred Liberty Dollars.  Then I could stick sixty of the Liberty Dollars they just handed me into my pocket, hand them back the other forty Liberty Dollars, and tell them to give me one hundred Liberty Dollars.  And I could keep doing this.  Obviously I'm missing something.

Then again you keep saying that there is no metal backing any Liberty Dollars, in which case Liberty Dollars are worthless, the company is out of business and I'm wasting my time by even talking to anyone trying to pass them off on me.

Still waiting for a clear explanation...

[Russell Kanning]

If I was you ... I would like to receive a pile of silver

[FTL_Ian]

Still waiting for a clear explanation...

Have you tried reading their website?