Hard money, hard time?
Federal agents raided a company selling coins with Ron Paul's likeness on it, Monitor alumnus Alec MacGillis reports on today's Washington Post front page. The raid took place at the headquarters of the National Organization for the Repeal of the Federal Reserve Act and Internal Revenue Code (Norfed):
The company says it has put into circulation more than $20 million in Liberty Dollars, coins and paper certificates it contends are backed by silver and gold stored in Idaho, are far more reliable than a U.S. dollar and are accepted for use by a nationwide underground economy.
Norfed officials said yesterday that the six-hour raid occurred just as its six employees were mailing out the first batch of 60,000 "Ron Paul Dollars," copper coins sold for $1 to honor the candidate, who is a longtime advocate of abolishing the Federal Reserve. The group says it has shipped out about 10,000 silver Ron Paul Dollars that sold for $20 and about 3,500 of the copper $1 coins. But it said the agents seized more than 50,000 of the copper coins -- more than two tons' worth -- plus smaller amounts of the silver coins and gold and platinum Ron Paul Dollars, which sell for $1,000 and $2,000.
The coins, including the one pictured above, are promoted at this website with the slogan "America's inflation proof currency." You can read what Ron Paul has to say about inflation and the Federal Reserve here.