From: Gary Lee Jeffers <gjeffers@ns.htc.net>
Date: Fri, 22 Mar 1996 21:57:02 +0800
To: cypherpunks@toad.com
Subject: (X:x)e$ 's other use
Message-ID: <9603220839.AA14552@ns.htc.net>
MIME-Version: 1.0
Content-Type: text/plain


                    (X=:x)e$ 's other use.

My dear fellow Cypherpunks,

   I believe that secret e$'s other use has been overlooked: That is,
e$ would be a sound money replacement for the corrupt currency that
every large state in the world currently pushes. Especially if e$
can be redeemed in something of real value on demand.

   As some of us know, the U.S. Fed State's Federal Reserve Notes are
corrupt currency. The corruption is at 5 different levels:

1. They are DEBT currency - they are lent into existence and it is
mathematically impossible to pay off this debt. If you borrow $100, then
where do you get the interest - say 8% since all FRN's are borrowed into
existence?. This turns the great majority of Americans into victims. If
you want freedom for your citizens, you do NOT allow monopoly DEBT
currency. Note: bankruptcies & good counterfeiting are the only ways.

2. Fractional Reserve Banking. That means that the bank can lend out
several times the money that it actually has. I believe that that is
currently 8 times but that is a rough estimation.

3. Fiat money. That means that FRN's are backed by nothing more than the
willingness of banks to redeem them with other FRN's.

4. Private banks with monopoloy privledges issue the currency. The
Federal Reserve is a private (non-U.S. State) institution with the mono-
poly on U.S. currency manufacture. The U.S. Treasury prints the currency
for the Federal Reserve. Other major states have similar arrangements. These
major banks are properly called Central Banks. To turn your currency
ownership over to a private Central Bank is monstrous! If the people
knew what was going on, the U.S. Federal State would be destroyed along
with the hidden ruling class.

5. The Legal Tender Laws. These laws force the acceptance of FRN's
in the U.S.. "This money good for all debts public and private".

   Note that the book DREAMS COME DUE made the distinction between money
and currency. The author used the word money for real money and the word
currency for false money. It may be the author's private distinction.

    I suggest that Iran did us a good turn in making and passing billions
of dollars worth of uncatchable hundred dollar bills: they allowed the
retirement of billions of dollars of debt for the American people without
forcing Americans into bankruptcy. In a debt currency economy, good count-
terfeiting is GOOD! It adds superior counterfeit to the mass of "legiti-
mate" counterfeit. kind of improves the pool :-)

   Secret e$ offers the possibility of ridding ourselves of the slavery
of private monopoly money issue. It would also give us a choice in what
currency that we would like to use. Another possibility is that due to its
high quality, it would be used during depressions and would possibly
even break depressions. Its extremely FLUID nature might also be a pro-
tection against depressions. It would be a TRUE MONEY and would give the
people the advantages of true money. Let me emphasize: we do not current-
ly have REAL money nor do the people of the other major States. We do not
know what real money is like.

   Another possibility exists with secret e$: that several different kinds
could exist. They would all be convertible into each other, of course.
Major differences?: Different redeemablity schemes, etc..

   Secret e$ offers more that just the freedom of private transactions
(as great as that is). It also offers us the power and freedom of true
money!



Central power is stolen freedom.
THE UNITED STATES "FEDERAL" GOVERNMENT HAS NO LEGITIMACY.
The United States "Federal" Government - We'll be even more American
without it.

                                           PUSH EM BACK! PUSH EM BACK!
                                           WWWAAAYYYY  BBBAAACCCCK!
                                           BBBEEEAAATTTT  STATE!

                                           Gary Jeffers