If they weren't so serious about this I would have thought it was a social experiment

Comments

• Zoins Posts: 34,401 ✭✭✭✭✭

  March 30, 2007 5:18AM

  The Millennium Dollar website looks like an astrology site

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• Mark Posts: 3,587 ✭✭✭✭✭

  March 30, 2007 5:25AM

  Here is an incredibly insightful observation from their website:
  
  The concept of whole numbers (CWN) says that each additional integer (1, 2, 3 . . .) must represent one additional whole unit without which we lose the ability to add, subtract, divide and multiply; which is to say, we lose the ability to count.
  
  Now, what the devil this has to do with their theory is not immediately obvious. Personally, I suspect the endeavor is illegal if people try to use the "currency" as a medium of exchange. And if people simply hold the "currency," it would be very profitable for the issuer who can invest the U.S. dollars received when buying the Millennium Dollars in inflation-indexed U.S. bonds. In this fashion the issuer could make a risk free profit. Not bad work if you can get it.
  

  Mark
  
  
  

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• Zoins Posts: 34,401 ✭✭✭✭✭

  March 30, 2007 5:29AM

  
  
  << <i>I suspect the endeavor is illegal if people try to use the "currency" as a medium of exchange. And if people simply hold the "currency," it would be very profitable for the issuer who can invest the U.S. dollars received when buying the Millennium Dollars in inflation-indexed U.S. bonds. In this fashion the issuer could make a risk free profit. Not bad work if you can get it. >>
  
  It seems like they want people to use the currency from their website but at least it seems like they are willing to redeem MDs for US dollars (assuming they are the "issuer"), unlike with Liberty Dollars:
  
  << <i>Merchants will be asked to accept Millennium Dollars® at the indexed value; which may then be redeemed for U.S. dollars from the issuer, sponsor or other currency exchangers at the prevailing currency exchange rate. >>
  
  Articles I've seen on Liberty Dollars and local labor-based money seem to indicate private paper currency is not illegal, just coinage.

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• Mark Posts: 3,587 ✭✭✭✭✭

  March 30, 2007 5:34AM

  Zoins:
  
  You may be right about the difference between coins and currency. I should try to learn more about this issue.

  Mark
  
  
  

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• Writersblock Posts: 1,196 ✭

  March 30, 2007 7:45AM

  While they seem to want you to use them as currency, they are also claiming to index them so that their redemption value rises over time. In essence a note that also bears interest. It strikes me that he is not so much issuing currency as selling a security. In which case he needs to be licensed and registered with the SEC.
  
  
  
  << <i> least it seems like they are willing to redeem MDs for US dollars (assuming they are the "issuer"), unlike with Liberty Dollars: >>
  
  
  Until you hit this
  
  The sponsor is not obligated to convert MR$ notes into USD; if doing so, would affect its ability to maintain the present value assets securing the indexed value of the MR$ notes issued and outstanding on a 1:1 basis.
  
  So if reeeming them would cause them to have to sell assets so that the the amount of assets they have would be less than the indexed value of the notes outstanding, they have no obligation to redeem them. How much you want to bet that if you ever tried to redeem them they would tell you that it would cause the asset value to drop so they won't redeem them.

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• BobaFett72 Posts: 7,304

  March 30, 2007 7:58AM

  fire up the laser printer boys! its time to print some Millenium Dollars! We can use OUR dollars to pay for the auction dollars

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