constitutional liberty coalition

Shadowy federal agency snooping in your wallet

"Created under the sweeping Dodd-Frank Act of 2010, the agency sets regulatory guidance for an array of financial products. The bureau is funded through a direct percentage of Federal Reserve income, not by Congress – and that means there’s no congressional oversight. A recent report found that the CFPB has accomplished the monitoring of more than 85 percent of all credit card records from U.S. consumers. The agency’s goal is to reach 95 percent of the domestic credit card marketplace. The bureau presided over the U.S. Department of Justice’s Operation Choke Point, a campaign to choke off the credit lines of targeted businesses." Continue reading →

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Money Will Be Digital — But Will It Be Free?

"What a strange world we now live in. Total surveillance of every citizen’s transactions, without any basis or suspicion, is not just normal but presented as a virtue, a form of patriotism. Using cash or wishing to retain your financial privacy is inherently suspect, a radical position, soon to be a crime. Using cash or wishing to retain your financial privacy is inherently suspect, a radical position, soon to be a crime. A future where all payments are trackable is terrifying, but a world with centralized control over transactions would be even worse. Digital currency with centralized control means the eradication of property as a right." Continue reading →

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Ending the Ownership of Money

"The overriding effect that the elimination of cash will have on people will be that they will lose their freedom of monetary movement. They will be subject to government and banking surveillance of every transaction and, increasingly, will be subject to legislation that limits currency movement. Once this point is reached, governments will be free to move to a stage in which they declare that money is not the possession of the individual or company. It’s the possession of the government and the government 'allows' the public to use its currency in order to conduct commerce. As such, individuals and companies had best 'behave,' or they might find the privilege taken away and the money confiscated." Continue reading →

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Ecuador launches new digital currency after banning competitors

"The new system, which is officially set to launch on Thursday, will work much like mobile phone bank payments in other countries: users will be able to exchange hard cash for digital money which is stored in an electronic wallet on their phones. As with other mobile payment programmes, text messages will allow users to make payments to other accounts, but what makes this plan different is that this is the first time a national government will have full control; everything from the creation of new units to securing the system against attack will be managed by the Central Bank of Ecuador. The bill that authorized the digital dollar also banned Bitcoin and other digital currencies." Continue reading →

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Budget Gimmicks and Outright Lies: Why D.C. Will Never Limit Itself

Every year, Congress prepares for its “fly-in” weeks – the three to four weeks prior to “appropriations season” when money is allocated to various departments and programs. This generally occurs between April and June. Lobbyists and interest groups from around the country “fly in” to Washington D.C. and meet with Congressional staffers or the elected…

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Bitcoin: Greece’s new euro workaround?

"Joaquin Fenoy was wandering the streets of Athens Friday, doing his bit to ease Greece’s currency restrictions. He wasn’t handing out cash, but rather installing an ATM with a withdrawal limit of €1,000 (about $1,100). That’s €940 above the €60 daily ATM withdrawal limit the Greek government put in place to stop a bank run as its creditors decide the country’s financial fate. There is one catch, though: You need to have the virtual currency bitcoin to use it. In Greece’s case, worried relatives in London could buy bitcoins and transfer them to the digital wallet of a family member in Athens, who could then withdraw the bitcoins as euros from Bitchain’s ATM." Continue reading →

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Jeffrey Tucker: Greeks Prepare to Be Pillaged

"One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency. But there’s another factor in play, for the first time. People are looking at Bitcoin as a way to store and move money. There is now a Bitcoin ATM in Athens that is reportedly doing a brisk business. Redditors are sharing tips. And, of course, the exchange rate of Bitcoin is on the move again." Continue reading →

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Capital Controls and a Bank Holiday in Greece

"When you hear a central banker or politician deny that something is going to happen to bank depositors, you can almost be certain that it will happen. And probably soon. There’s a reason for the dishonesty. The government needs to take the public by surprise. Otherwise they won’t get the results they want from capital controls or a bank holiday. Calling the experience a bank holiday is like calling a street mugging a surprise party. Once the banks are closed - or on 'holiday,' as the government puts it - the politicians are free to help themselves to as much of the customer deposits (including yours) as they want. It’s like an all-you-can-steal buffet." Continue reading →

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“These Government People Suck.” My statement to a Huffington Post Reporter on Background Checks

I was contacted by a reporter at HuffPo today with the following questions. In general, my reply is – “These government people suck,” but here’s the full conversation: Hi Michael, wanted to see if you can comment on the news that Dylann Roof was able to obtain his gun through a loophole in the national…

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