Glenn Beck & Goldline's Tag-Team Scam

I bought gold bullion at 600$ / oz.... it's now around $1,100. It's just a hedge against paper money going bust. Nothing wrong with that.

BUT... some unprincipled elements in the right-wing are exploiting fear and pushing bad gold purchases. Glenn Beck and Goldline International have been exposed in a Mother Jones article entitled Glenn Beck's Golden Fleece.

In short, Beck is pushing Goldline, and Goldline is hard-selling old 90% gold coins that have a buy-back value that is about 30% - 35% less than what they sell for (regular gold bullion buy-back spread is about 5%). They argue that it's "safer" to buy "antique" coins, because the U.S. Government is less likely to confiscate them (grain of truth alert).

It's a scam, plain and simple. Ironically, it's the Glenn Beck followers who are getting screwed.

Sources:

Mother Jones, Glenn Beck's Golden Fleece, May/June 2010.

Alternative "US" Currencies

Most libertarians are probably all familiar with these gold and silver based, privately minted currencies. It's worth checking out The Shotgun Blog entry on one of the newest entries into the field, the Free Lakota Bank currency pictured to the right.

The US dollar is hollow, like the house of cards that was Wall Street. So, the people promoting these alternative currencies cite the inherent value of the underlying metal for its legitimacy.

Included in the "AOCS approved" network are seven currencies. The Free Lakota Bank is on the list, but so, too, is the Liberty Dollar, the "NeoCoins," the Dixie Dollar, the Freedom Mint, the Community Dollar, and the "LibreCoins" which are coming soon.

According to the Shotgun Blog, the AOCS, American Open Currency Standard, is a loose network of currencies noted above. Exactly what they "approve" I'm not sure.

The Lakota brand is an outgrowth of the Lakota Tribe's declaration of independence last year. They have opened the Lakota Free Bank, that challenges the Federal Reserve system by operating under their own principles (it is not a fractional reserve banking system).

It's worth checking out the NeoCoins. These are folks who have a sense of humor. Look closely at the Bush Coin.

Psst.... Do Something!

• Contact the Broadcast Media
  
• Contact the Newspapers
  
• Contact the US Senate
  
• Contact the House of Representatives

Sources:

Will Ethiopia Crumble Like its Gold?

This just in.... or, add this to the CIA Fact Book:

Ethiopia is discovering that the gold in its vaults is... not gold. We are hearing that the Meles Zenawi government has tried to cash in on gold prices only to find that Mengistu, or some other predecessor, has left a legacy of fools gold in the vaults.

If you're invested in Birr, you might wanna get out.

Sources:

Can't say.