I don't know if the blog covered it either, but I just did a booth at the Olympia Hempfest in Olympia, Washington for two days this past weekend and used information from the GAO on this issue. I think I hit a nerve with soome people. I had printed out various pages of the GAO report, laminated them and glued them to a trifold display panel along with some related information and it was the main attraction and got a lot of replies and thanks for doing it. Having done a number of booths in the past I say this issue was a hit. I'd suggest libertarians get on it big time.

MHW

Michael: I'm agreed with you. Me, personally, I've got plans in the works to try to tie the "open government" crowd more closely to the libertarian community -- and vice versa.

Seems a certain friend of mine is willing to risk being arrested for committing the non-criminal act of taking photographs on state property -- and further surveilling himself (and willingly //being// surveilled) whilst interacting with any authorities that may arrive. I'm thinking video publicity stunts, that sort of thing.

More on this when it develops... :)

ATTRIBUTED TO SIR. REGINALD MCKENNA, former President of the Midland Bank of England:
"Those who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people."

OOGA BOOGA..another Republicrat, Walker, (who i'm pretty sure works his pork chop chute frequently about illion$ of 'dollars' whilst worse than merely ignorant as to the nature, origin, etc. of even one--or AT LEAST he is unwilling to clearly and publicly condemn this hideously unjust and societally-damaging money system!) warns of impending di$a$ter..as if he had an hone$t clue!..

i.e. Instead of focusing on the/a principle evil of some $ecret $quirrels running the/a stinking back-room '$cam of the age$' this apparent Republicrat dolt or criminal, Walker, tells us we're going to have to do with le$$ 'dollars' ..('federal reserve token$' to people in the know!)..

http://www.gold-eagle.com/gold_digest_02/hein111302.html

"Please Define 'Dollar'

Dr. Paul Hein

Monetary Realists, knowing not so much what they've been taught, but what they've learned with their eyes open and ears tuned, see things clearly, without peering through a haze of misinformation masquerading as knowledge. Like the boy in The Emperor's New Clothes, they make observations which seem to cause frustration and annoyance to those public figures to which they are directed. A case in point is the word "dollar," the definition of which has been sought by Monetary Realists for decades.

Some years ago Paul Volcker, of the Federal Reserve, was lecturing in St. Louis. A Monetary Realist ( not your author ) was in attendance. At the conclusion of Mr. Volcker's remarks, questions were invited, and the Monetary Realist asked, "Mr. Volcker, in your remarks you used the word "dollar" twenty-six ( or whatever ) times. Can you tell me what a dollar is?" There was a remarkable silence. Volcker said nothing. The silence grew protracted; it was embarrassing. "Well, sir, can you tell me what the yen is, or the mark? You mentioned them as well." The silence continued. Eventually, the host made some excuse and hustled Mr. Volcker from the stage.

Over twenty years ago I wrote a letter to the head of the St. Louis Federal Reserve and asked another simple question: is our money tangible? If so, I asked, what are its physical characteristics? If not, how can you tell if you've got it? A brief note was received in reply, stating, in effect, that due to the "technical nature" of my question, the president ( of the bank ) was unable to answer at this time. He hasn't answered since....."

I find the contrivance of a dollar less offensive than most issues we face today. Unjust occupation, wildly bloated government, and the expedient erosion of civil and personal liberties all rate much higher on my WTF? scale.

I have to disagree, Coach. The concept of money is the only thing in modern society that gives value to anything one does. It is the only way someone can get a tangible answer to "Okay, if I put up with _________ I can do ___________." When the value of your work is ZERO, you are a slave, an utter dependent of your government. Your rights are ZERO, your liberties are ZERO. The only thing you have are whatever privileges Master decides to grant you.
At least those being unjustly occupied have the option to fight back. The slave can't even buy ammo to fight WITH without Master's consent.

According to Clark, we can't be in for a monetary crisis because money isn't "real." Thanks, Clark, for helping us avoid a catastophe!

Well, I know I really don't even understand what Clark is looking for with all the talk about what is a dollar. What is the point of endlessly debating what something is that apparently nobody can define?

From dictionary.com

dollar

noun 1. a paper money, silver or cupronickel coin, and monetary unit of the United States, equal to 100 cents. Symbol: $
2. a silver or nickel coin and monetary unit of Canada, equal to 100 cents. Symbol: $
3. any of the monetary units of various other nations, as Australia, the Bahamas, Barbados, Belize, Bermuda, Fiji, Guyana, Hong Kong, Jamaica, Liberia, New Zealand, Singapore, the Solomon Islands, Trinidad and Tobago, and Zimbabwe, equal to 100 cents.
4. Also called ringgit. a cupronickel coin and monetary unit of Brunei, equal to 100 sen.
5. ringgit (def. 1).
6. a thaler.
7. a peso.
8. Levant dollar.
9. yuan (def. 1).
10. British Slang. (formerly) a. five-shilling piece; crown.
b. the sum of five shillings.

Sam, the efforts of my work is NOT zero. If we were facing a situation where our dollars are worthless, then it WOULD be an important topic. As it is, inflation keeps chugging along at its 1-5% rate like it always had.

I appreciates Clark's call for everyone to be aware of the system, but he fails to offer a suggestion about what we should do about it. He simply insults the Republicrat dummies for not knowing anything about it.

Compound interest is the most powerful force in the universe. National debt is increasing geometrically, because of this interest and also new debt.

The US federal government issues treasury bills, which are interest-bearing promissory notes. These are payable in non-interest-bearing promissory notes which are called Federal Reserve Notes (what people think of as US "dollars"). These FRNs are like checks, printed by the Federal Reserve and used to purchase treasury bills. Other parties such as foreign governments also buy these T-bills, using whatever currencies they have in stock (usually their own). The T-bills are then used as backing for the FRNs. Thus a circular relationship is created, much like check-kiting with multiple checking accounts.

If we would be ruthless enough, there is a way out of this mess. First we must limit the liability for payment of T-bills to the assets of the Federal Reserve banking system. Simply print new FRNs to pay T-bills held by creditors. The new FRNs would not be backed by new T-bills--instead would be "backed" by the old T-bills (purchased by creditors and not by the Federal Reserve banking system).

To avoid hyperinflation (which would require wheelbarrows to go grocery shopping), simply issue stock convertible at face value with T-bills. Thus our creditors would very quickly acquire majority interest in the Federal Reserve banking system (if they do not wish to hold either FRNs or T-bills).

Of course this would still result in substantial inflation of FRNs. Technically, this would not be a privatization of the Federal Reserve, because it is already a private corporation. Although it's directors are politically appointed, the new owners may change that at stockholders' meetings.

The US government could be privatized by the simple method of printing "Greenbacks" (there is historical precedent for this). The new currency would be backed by the assets of the federal government--mostly lands in western states (although I also look forward to the sale of federal government buildings).

Of course, the (mostly foreign) creditors might be short-changed. That will teach them an enduring lesson, and ensure future US budgets would be balanced. Many problems would thus be solved.

Technically, Federal Reserve Notes are printed by the US Treasury, but they are given to the Federal Reserve at cost of printing.

I forgot to mention, FRNs are no longer redeemable in gold or silver. I don't think Fort Knox has enough to back all the FRNs that have been issued.
But theoretically the FRNs must be backed by something, or they could no longer have printed on them: Federal Reserve Note. Older bills were labeled Promissory Note. The word "note" has no meaning unless there is a promise to pay. The one ounce gold coins that Ron Paul got minted are not called notes because they are already real money.