[e-gold-list] Re: GoldAge Partners Arrested - Held on half a million dollar bond

[Viking Coder]

>>
Today, Arthur Budovsky, 32, and Vladimir Kats, 33, both of Brooklyn
new York, were arraigned on charges of engaging in the business of
transmitting money without a license
>>


e-gold(r) welcomes US Government review of its status as a privately
issued currency
http://www.e-gold.com/letter2.html
>>
G&SR had previously proposed to the Government that e-gold be
classified for regulatory purposes as a currency, enabling G&SR to
register as a currency exchange. In a Treasury report released January
11, 2006, however, the Department of Treasury reaffirmed their
interpretation of the USC and CFR definitions of currency as excluding
e-gold.
>>

The joy of bureaucratic hypocrisy and expectation of retroactively
applied legislation. They refuse to issue a money-transmitter's
license because "e-gold isn't money", and then throw the book at them
for transmitting money without a license.

This sounds an awful lot like an overzealous Attorney General who
wants to make a name for himself in hopes of rising further up the
political ladder by either purposefully or ignorantly bending the law
and straining to make it fit.

This is a lose-lose case for him though. Either...
a) The court disagrees with recently reaffirmed DoT interpretation of
the law. If it is not overturned at a higher court, a modern precedent
is set that gold is indeed money right as the US begins to enter an
era of hyperinflation.
b) The case is dismissed as frivolous.

Even if the DoT interpretation is overruled, there is still the minor
problem of retroactively applied legislation. Minor because a
totalitarian police state doesn't have to abide by anything but their
own will.


Viking Coder
___________
http://www.vikingcharts.com


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