Creator defends 'illegal' Ron Paul 'Liberty Dollar'
Bernard von NotHaus, founder of the organization that mints the Liberty Dollar, made news on two different occasions recently. The first was when he placed the image of presidential candidate Ron Paul on the face of his currency and the second was on Wednesday, when the FBI raided his headquarters, the Sunshine Mint. An upbeat NotHaus appeared Tuesday on the CNBC program Kudlow & Company to discuss his legal woes.
"What did they do that for, under what charge," host Larry Kudlow asked his Hawaiian shirt-clad guest.
"Well the thing is...is that, that's what we're asking," NotHaus said with a congenial smile. "We don't understand what we've been doing wrong and we've been doing it for 10 years, Larry."
"Are these coins themselves gold and silver?" Kudlow asked a moment later.
"Well, they're not coins because a coin is something issued by the government, and we're not the government, Larry. But yes, they're pure gold and pure silver and we also have paper, and it's also in digital form. And in answer to your question, I think what was really bad was how successful we were becoming, Larry," NotHaus said.
"So, you basically, these are investments then is what they are, you're not actually saying these are coins," Kudlow said, trying to get a feel for what his guest actually does.
"We're not saying they're coins but they're not investments either. This is a functioning currency: over $20 million in circulation, been around almost 10 years, couple hundred thousand people using the currency, Larry," NotHause said, adding, after a brief pause, "Even though we are America's second-most popular currency we do have quite a bit of upside potential here for the Liberty Dollar."
The FBI, it would seem, does not share NotHaus' positive outlook about his currency, but the gold enthusiast remains upbeat about the outcome of his case. Kudlow's guest analysts were not all so rosy-eyed however.
"For starts, is it true you have Ron Paul on this currency," one commentator asked.
"Alright don't ask me," Kudlow said, "Bernard is Ron Paul, is this Ron Paul money?"
"Absolutely," NotHaus said, but was unable to explain himself.
"Right away, I'm glad they raided you," the commentator said.
One would hope there is more to this case than the glinting, golden face of Republican presidential hopeful Ron Paul but only time will tell.
The following video is from CNBC's Kudlow & Company, broadcast on November 20, 2007.