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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Claude Cormier who wrote (30572)4/14/2005 1:41:00 PM
From: Tommaso   of 110194
 
>>>Not so. For the reason I give you above. Also there is no fractional banking at Goldmoney. It is the equivalent of a digital gold coin with the gold sitting in the form of 400oz certified LBMA bars in a secured LBMA vault.<<<

Well, that's what the first holders of receipts from goldsmiths thought they had, and also what the holders of bank notes issued in the United States in the nineteenth century thought they had.

from:

usinfo.state.gov

Until the Federal Reserve Act, the U.S. government had left control of its money supply largely to unregulated private banks. While the official medium of exchange was gold coins, most loans and payments were carried out with bank notes, backed by the promise of redemption in gold. The trouble with this system was that the banks were tempted to reach beyond their cash reserves, prompting periodic panics during which fearful depositors raced to turn their bank paper into coin. With the passage of the act, greater flexibility in the money supply was assured, and provision was made for issuing federal reserve notes to meet business demands.

Even if Goldmoney is exactly what it claims to be (and as far as I can tell, it certainly is)isn't there also the possibility of government action to put it out of business because it is trying to preempt one of the functions of government?
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