Govt seeking to ban all methods of barter???

I am not a bullion type... (pure hobbyist)
But, I thought you folks might like to read this:
http://www.examiner.com/finance-exa...forms-of-bartering-illegal-after-court-ruling

It comes out of the Norfed conviction.
What are they so afraid of?!?!

How will this affect the trade of PMs?

How far can it go?
For example, they use the term "private currency" as one of the objects of their ire, however, coupons fall into that discription! How far can they take it?

 

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Anyone else notice their skin starting to crawl? Not a good sign imo : (

 

Don't jump off the cliff yet.this guy was making his own currency and pawning it off like it was real money. ($ dollar on the coin ). The Secret Service went after him like it should have. It doesn't say anything about bartering being illegal.

 

Heck, I write checks for stuff all the time. Perhaps I'm in violation? It's a form of private paper money.

 

I see what you are saying, but you are missing the point that this is not really discussing that case.
The Norfed thing has been discussed to death.
This is a new outgrowth seeking to restrict more than just apparent counterfieting.
Like I said, the way it is worded, could include something as mundane as coupons or even personal checks as green pointed out.
I don't want to get politcal, but overreach has been the MO of the govt lately.

 

I think Uncle Sam is trying to eradicate all cash businesses. How many millions in tax dollars are lost to "cash" transactions. There is talk of requiring anyone who sells more than 600 dollars a year in scrap metal to file a 1099.

Why would cash to PMs or foreign currencies be any different.

 

That makes sense.
It's not good, but makes sense.
We will always need a method of barter beyond the debit card.
Not only that, but this is still a free country and barter is deeply rooted in the American society.

 

I'm positive you were making a joke, but in case you were being serious...

A check is a promise/obligation to tender a set amount of money to a specific person. It's _NOT_ private paper money. It's an obligation. It's not tender.

Also, to the point of the OP: I have an inclination to dismiss "articles" which appear on webpages which begin with opinion and misspell precedent. If the author is going to pretend to be a credible source of news (and not opinion), the least they could do is... report news. If they really wanted to make an effort, they could even check their facts.

 

There is a better rendition of a similar article, where the discussion indicated private exchange ( barter) script is allowed as it does not in any way indicate it was money, or used the word "dollar" or similar cash designation.

 

Bad habit of mine.....

 

Agreed.
I think that is what scares them... ???

 

Howdy,

He was pushing the envelope with regards to his rhetoric and literature. He was barkering an 'alternative currency' to the U.S. Dollar. Good God, the man is not ever going to let you do that. Everyone is doing to with Silver Eagles (official no less) and also Prospectors . . . and even silver rounds.

There are some rules, damnit. You don't get edited with a cop or a judge or the Uncle Sam. Cripes, they sent Martha freakin Stewart to jail, just for lying to them. This guy was selling silver rounds Intended to Replace the U.S. Dollar. duh. It's not like tugging on Superman's cape, it's like edited on it.

I agree there are plenty of spending cuts that can be made from ALL sectors of the budget. ...and I don't think it's right that GE earns $5 Billion and pays Zero (0) income tax just because they have the best lobbyists or happen to be "in bed" with the current Administration.

​

http://www.cointalk.com/showthread.php?t=34131

peace,

rono

 

I've always been under the impression that she was indicted for insider trading, not for lying before a grand jury. Insider trading is fraud and akin to theft... you just don't know the face(s) of whom you're stealing from.

 

On the contrary, she was convicted of conspiracy, obstruction of justice and two counts of lying to federal investigators.

 

Curious here.. one of the questions my accountant/cpa asked me this year at tax time is whether or not I have engaged in any barter transactions and to describe them if so. I assume that this is because the IRS wants taxes for it? This question makes me very nervous, for I'm not quite sure how much they (IRS) n e e d to know. As you say, barter is deeply rooted in the American society (and many others I'm sure.)

I don't want them to eradicate cash business..in fact I'm thinking it might be best to be strictly cash. All these paper trails left behind.. scary IMO

Lucy

 

The original indictment included securities fraud. It was count nine. I'm not sure if she was convicted of it, though.

http://news.findlaw.com/wp/docs/mstewart/usmspb10504sind.html

Turn to page 36.

The reason the IRS asks about barter is profit from exchange. The IRS values each end of the transaction as an individual transaction, assessed at FMV. Then, whichever side profits from the transaction gets taxed accordingly.

Example: You trade one week of house-sitting for two haircut sessions. The IRS would then establish the going rate of a haircut session and a week of house-sitting. The haircut session would be multiplied by two and then compared. Whichever has the higher market value would be viewed as a profit for the individual receiving that service in the transaction.

 

Thank you NorthKorea.

 

I'm not super concerned about this, since the Liberty Dollar and any subsequent clones are what are being banned, not the ability to barter how you choose. It's just eliminating private currency. For example, a Liberty Dollar had a value on it, and there was an exchange rate between those and real dollars based on the price of silver, but it still very much resembled legal tender so the fact that it was very clear about not being legal tender didn't matter much.