Andrew Maguire exposes systemic fraud by CFTC & JPMorgan

Posted on April 7th, 2010 by bile
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From the video description:



LINK C (click the icon on the bottom left)…


LINK E (click the icon on the bottom left)…



Virtual bank in EVE freezes accounts due to deficit

Posted on August 30th, 2009 by bile
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EVE Online’s largest player-controlled virtual bank, Ebank, just can’t seem to catch a break these days. A few months after it was revealed that the company had been defrauded of a staggering amount of cash, it turns out that the institution’s digital vaults are far more barren than many realized, leading to an in-game freezing of accounts for any individual or organization that happened to have invested any InterStellar Kredits (ISK) with the bank.

Early this summer, it came to light that a veteran EVE player (known only as “Ricdic”) had embezzled —and then sold in the real world— over 200 billion ISK from Ebank, causing a run on the virtual financial institution. However, this was just the beginning of the problems for the player-owned bank. Recently installed Ebank Chairman Ray McCormack admitted that the bank had been mismanaged, and rules, safeguards, and controls were not enforced. As a result, it’s been revealed that Ebank is 380 billion ISK poorer thanks to a number of defaulted loans. Because of the aforementioned mismanagement, it apparently took the bank’s new officers a while to figure out just how far in the red their institution is.

At the moment, customer accounts will remain frozen until the bank manages to stabilize. According to McCormack, “withdrawals will be allowed once the bank achieves a maintainable equity status of 90% (1.8t currently); they will be stopped again should that fall below 80%.”

The main problem with Ebank’s account freezing is that it could do some serious harm to the game’s economy, mainly because players won’t be able to withdraw their funds in order to pay for in-game goods and services. Exactly how long a recovery will take is currently anyone’s guess, though, as it turns out that the board of directors revealed that the bank is currently facing a deficit of roughly 1.2 trillion ISK, with the amount increasing by approximately 12 billion ISK a month.

Fiat money is fiat money. Without strict property rights enforcement and a decentralized and competitive free market you will inevitably have these problems.

I’d like to see one of these online communities create a commodity based currency.

Banking tech coming up to speed by way of the less corporatist firms

Posted on August 11th, 2009 by bile
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The Internet has taken a lot of the paperwork out of banking, but there is no avoiding paper when someone gives you a check. Now one bank wants to let customers deposit checks immediately – through their phones.

USAA, a privately held bank and insurance company, plans to update its iPhone application this week to introduce the check deposit feature, which requires a customer to photograph both sides of the check with the phone’s camera.

“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would,” said Wayne Peacock, a USAA executive vice president.

Customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it. But to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. Mr. Peacock said that about 60 percent of the bank’s customers qualify.

USAA may seem like an unlikely innovator in mobile banking. It ranks in size just below the top 20 banks in the United States, and serves mostly military personnel, though many of its products are available to anyone.

But with just one branch, in San Antonio, and customers deployed all over the world, the company has been aggressively developing an anytime, anywhere banking strategy. Three years ago, it introduced the option of depositing a check from home using a scanner. That laid the groundwork for the phone deposit feature, which USAA plans to offer on other phones this year.

I’ve used USAA all my life and have never had a problem with them. I’m happy to see they are front runners in this regard. Goes to show how those closer to the market are more flexible and end up serving their customers better.

Varrin Swearingen: Freedom lovers, stand up

Posted on June 13th, 2009 by bile
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Published: Saturday, June 13, 2009

For those of you who don’t know me, allow me to introduce myself.

I moved to Keene in 2004 with my wife of 16 years and two children, now 7 and 8.

I have owned the same home in Keene since moving here. I attend Grace Evangelical Free Church in Spofford, am a DC-10 captain for an international charter airline, home-school our active children and play drums and other musical instruments.

I also serve as the president of the Free State Project.

Over the past several weeks, numerous news articles and opinion pieces have mentioned the Free State Project. I’d like to offer facts and opinions that I hope will shed light on the subject from an angle not yet covered.

I am in the unique position of being both a resident of Keene, a focal point of recent local and national press, and an official representative of the Free State Project.

First, as a representative of the Free State Project, I’d like to present several facts that correct or clarify inaccurate and misleading statements that have appeared in The Sentinel and other media outlets lately:

1. The Free State Project is very simple: It seeks 20,000 participants who agree to move to New Hampshire, where they will exert the fullest practical effort toward the creation of a society in which the maximum role of government is the protections of life, liberty and property.

2. The Free State Project does not take positions on specific issues, legislation or candidates for office. It does not specify any area for participants to move to, and it does not specify tactics for achieving a “free state.”

The project itself does not exert the fullest practical effort. Participants in the project do so on their own.

3. The Free State Project does not own or control any radio shows, newspapers or magazines.

4. The Free State Project is funded through donations and does not have members, dues, or shadowy corporate backers. Its budget is small and financial reports are posted on the Web site.

5. The Free State Project’s most visible activity in New Hampshire consists of two events each year: the New Hampshire Liberty Forum, and the Porcupine Freedom Festival.

The 2009 Porcupine Freedom Festival will be June 25-28 in Lancaster. Those interested in learning more about the Free State Project, and meeting some Free State Project participants are encouraged to attend.

Though the project takes no position about the activities that have received so much attention lately, I do have personal opinions as a resident of Keene.

I, too, wish all the antics would stop.

It disappoints me that a mature group of people could be so foolish as to waste tax-funded law enforcement resources by initiating attacks against such nonviolent silliness as giving a manicure, holding a plant, or not meeting someone’s aesthetic preferences for outdoor furnishing.

Then, when performers of such nonviolent acts make audio or video recordings of the taxpayer-funded assaults, or choose not to cooperate with threats, the law enforcers get upset and initiate more acts of physical violence.

All this makes law enforcement look more like a gang of perpetually-adolescent thugs than civilized adults.

All of this generates news and opinion pieces, peppered with factual inaccuracies and slurs, that support the notion that it’s good to spend tax dollars assaulting nonviolent, non-fraudulent behavior, whether it be provocative or just plain goofy.

And that’s just plain goofy, or at least it should seem so to anyone who values liberty.

Maybe the question here is, who values liberty? Will the real liberty lovers please stand up?

Free State Project
2 Starlight Drive

Liberty Dollar employees arrested by FBI

Posted on June 5th, 2009 by bile
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The last two days have been amazing! Just shortly after midnight on Tuesday, the phone started ringing and I let the answering machine take the call. But very soon there was another call… with an even more urgent message! Very quickly, a friend of Kevin Innes, explained to me that Kevin had been “detained” by the local sheriff and was being held for the FBI to arrest him! Holy Cow!! The #2 supporter for the Liberty Dollar and co-instructor at the Liberty Dollar University training sessions was in deep trouble with the Feds! I was sure to be next. But would they arrive in a few minutes or would it be a pre-dawn Nazi style assault?

Finally, I got up at 4:00 AM. I was very concerned for Kevin and wondered when the FBI would hit me. Fortunately the morning was quickly filled with a flurry of calls from Kevin’s friend, other interested parties, the usual business calls and making preparations for the inevitable knock on the door. But nobody came. Then just after noon, Niles, who’s wife, Rachelle, manages the Liberty Dollar Fulfillment Office, called to tell me that Rachelle had been picked up by the FBI at the LD Office and was due to be arraigned in just a few hours! The FBI strikes again!

Luckily, I was able to talk to Rachelle via her cell phone while the FBI was holding her. I was pleased that the FBI agents were the friendly professional types and afforded Rachelle and I quite a few minutes of private conversation. Under the circumstances, Rachelle’s demeanor and resolve was right on target. And very quickly, I learned that a warrant had been issued for my arrest. And just a quickly, Rachelle was off to court to be arraigned.

Read More…

Ivy Walker, FSP participant, arrested after being stopped at a speed trap

Posted on June 4th, 2009 by bile
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Ivy Walker, Free State Project participant and Sam Dodson‘s current legal representative, has been arrested after being stopped at a speed trap by the New Hampton Police Department. She has been brought to  Belknap County Jail and will be arraigned in Laconia District Court tomorrow Friday June 5th, 2009 at 9AM.  She was arrested due to a warrant from Rhode Island regarding “various charges, three felonies, including welfare fraud greater than $500, false documents to public officials.”

She’s being held without bail. Her and her husband’s truck was towed and the plates taken off.

New Hampton Police Department : (603) 744-5423
Belknap County Jail: (603) 527-5480
Laconia District Court: (603) 524-4128

More as it becomes available.