Please note that the e-gold website will be offline as described below. Times provided are estimates only - actual downtime duration may be slightly shorter or longer.
FOR IMMEDIATE RELEASE
[Melbourne, FL] -- e-gold Ltd is pleased to announce a favorable ruling from The United States Court of Appeals for the District of Columbia Circuit in the matter of whether it, Gold & Silver Reserve, Inc., and Directors of both corporations are entitled to a hearing in the Federal district court regarding whether there was sufficient probable cause to justify seizures of assets from the corporations in December 2005 and April 2007.
The higher court concluded:
"In short, we hold that where the government has obtained a seizure warrant
depriving defendants of assets pending a trial upon the merits, the
constitutional right to due process of law entitles defendants to an
opportunity to be heard at least where access to the assets is necessary for
an effective exercise of the Sixth Amendment right to counsel."
The complete text of the court's opinion is available here:
Opinion for the Court, filed by Chief Judge Sentelle
This ruling will ultimately prove to be beneficial to all Americans whose Fourth, Fifth and Sixth Amendment rights have been increasingly encroached upon in the name of fighting domestic wars du jour - whether or not they use e-gold.
e-gold Ltd, Gold & Silver Reserve, Inc., and their Directors believe there was insufficient probable cause for the seizure warrants at issue and look forward to finally having their day in court on this matter.
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About e-gold
e-gold
is an electronic currency, 100% backed by physical gold in allocated
storage that empowers people to use gold as money. e-gold is integrated
into a secure account-based payment system, operating globally 24/7,
featuring instantaneous payment settlement with no charge back risk, at
lower cost. Shopping cart, automation, and mobile phone interfaces are
available. Operational since 1996, e-gold has settled over 85M transactions, serves customers in 165 countries, and has a circulation of nearly 2.4 metric tonnes of e-gold.
####
Please direct inquiries to...
Press Contact:
Holly Pitt Young
hyoung@jcwatts.com
+1 (202) 207-2854
All others:
Bill Cunningham
bcunningham@g-sr.com
+1 (321) 956-1200 ext 127
Please note that the e-gold website will be offline as described below. Times provided are estimates only - actual downtime duration may be slightly shorter or longer.
* * *
Upgrades at one of e-gold's upstream providers are occurring at the following times. This work may impact your ability to access e-gold during this window of time:
FOR IMMEDIATE RELEASE
[Melbourne, FL] -- Since its inception in 1996, e-gold has settled over 85 million payments and extended its customer base to more than 165 countries. It currently receives nearly one million visits to its website weekly and settles over $1 billion worth of payments annually. It provides a valuable service for many individuals and companies doing business online. E-gold usage offers significant advantages over credit cards. Besides the obvious advantages to merchants (reduced cost and instantaneous settlement with no risk of chargeback ), e-gold is not as subject to the risk of exposing personal information over the Internet (an identity theft risk), while still maintaining full identifying information as part of the record for every transaction.
e-gold is always vigilant to assist federal law enforcement in bringing criminals to justice. Regrettably, e-gold's work with the FBI, FTC, IRS, DEA, SEC, USPS, and other government agencies has gone widely unnoticed. The e-gold staff has participated in hundreds of investigations in support of law enforcement. In addition, e-gold maintains an active investigations staff using numerous automated system protocols to work proactively to identify and stop unwanted activity. e-gold's investigative capability has not only made it one of the poorest choices for illicit activity, but has directly provided extraordinary data that has lead to the identification, apprehension, and conviction of cyber criminals.
####
About e-gold
e-gold is an electronic currency, 100% backed by physical gold in allocated storage that empowers people to use gold as money. e-gold is integrated into a secure account-based payment system, operating globally 24/7, featuring instantaneous payment settlement with no charge back risk, at lower cost. Shopping cart, automation, and mobile phone interfaces are available. Operational since 1996, e-gold has settled over 85M transactions, serves customers in 165 countries, and has a circulation of nearly 2.4 metric tonnes of e-gold.
####
Please direct inquiries to...
Press Contact:
Holly Pitt Young
hyoung@jcwatts.com
+1 (202) 207-2854
All others:
Bill Cunningham
bcunningham@g-sr.com
+1 (321) 956-1200 ext 127
Please note that the e-gold website will be offline as described below. Times provided are estimates only - actual downtime duration may be slightly shorter or longer.
Please note that the e-gold website will be offline as described below. Times provided are estimates only - actual downtime duration may be slightly shorter or longer.
POUR PUBLICATION IMMEDIATE
[Melbourne, FL] -- e-gold Ltd a le plaisir de vous annoncer la traduction de son site en français. La version française est disponible ici. D'autres traductions seront disponibles prochainement.
####
APROPOS DE e-gold
e-gold est une devise électronique garantie à 100% par de l’or physique conservé dans un endroit réservé à cet effet ; ce qui permet aux gens d’utiliser e-gold comme une monnaie d’échange. e-gold est intégré dans un système de paiement sécurisé basé sur l’utilisation de comptes, fonctionnant 24h/24 et 7j/7, caractérisé par des paiements instantanés sans frais de change, à un coût moindre. Des interfaces : d’achat, d’automatisation, et d’utilisation du téléphone mobile sont disponibles. Opérationnel depuis 1996, e-gold a effectué plus de 79 millions de transactions, sert des clients dans 165 pays, et présente une circulation de plus de 2,4 tonnes métriques de e-gold.
####
Pour toute information, contactez Bill Cunningham, US 1-321-956-1200 ext 127
Ou visitez www.e-gold.com.
FOR IMMEDIATE RELEASE
[Melbourne, FL] -- e-gold Ltd is pleased to announce translation of its website into French. The French language version is accessible here. Additional translations will follow in the future.
####
ABOUT e-gold
e-gold is an electronic currency, 100% backed by physical gold in allocated storage, that empowers people to use gold as money. e-gold is integrated into a secure account-based payment system, operating globally 24/7, featuring instantaneous payment settlement with no charge back risk, at lower cost. Shopping cart, automation, and mobile phone interfaces are available. Operational since 1996, e-gold has settled over 79M transactions, serves customers in 165 countries, and has a circulation of more than 2.4 metric tonnes of e-gold.
####
For information, contact Bill Cunningham, US 1-321-956-1200 ext 127
Or visit www.e-gold.com.
Please note that the e-gold website will be offline as described below. Times provided are estimates only - actual downtime duration may be slightly shorter or longer.
Ben Bernanke, Chairman of the Federal Reserve, in his keynote address this week at the Cato Institute 25th Annual Monetary Conference further elaborated his intention to increase the transparency and collegiality of the analytical processes that inform Fed monetary policy. One element of the new transparency will be to publish the forecasts of individual FOMC members in a fashion that enables the public to better observe the range, diversity and provisional nature of forecast projections.
The Fed move, in my view, indirectly acknowledges that collective wisdom can be harnessed in a way that generates predictions of greater accuracy and validity than any individual, regardless of expertise. As noted, however, by William Niskanen, Chairman of the Cato Institute, all of this systematic transparency goes out the window - suspended when a macroeconomic shock threatens an untimely recession. Abrupt ad hoc seat-of-the-pants mode comes into play whenever an asset bubble (likely induced by previous Fed reactions) starts to collapse.
Recent literature examines how, in certain properly conceived settings, collective wisdom, instead of manifesting a dysfunctional madness-of-crowds trajectory, may be the optimum predictive or analytical paradigm. James Surowiecki relates that an average calculated from a large number of guesses - such as the number of pennies in a large jar - tends to be more accurate than any individual estimate. Oddsmaking, pricing of futures contracts, perhaps even maintenance of factual content neutrality on Wikipedia further illustrate the phenomenon.
This note contrasts two qualitatively different institutional arrangements for systematic metering of a money supply; a conventional government central bank, using the Fed as example, vs. e-gold.
The Fed reality is discretionary and given to politically pressured interventions to overrule itself. The e-gold model is automatic and immune to override.
It is necessary to contrast:
Both systems have two sets of levers:
In contrast, once banks have embraced e-gold and an e-gold broad money supply, i.e., AUG denominated deposits, payable in e-gold, has emerged...
With e-gold:
M0 (and other monetary aggregates), open market operations, and primary dealers in the AUG economy all have similar meanings, but also have key differences...
Unlike the Fed, e-gold Ltd, the core e-gold institution performing e-gold (M0 in the AUG economy) issuance and settlement, is unable to make open market operation decisions. e-gold Ltd is neither itself a financial institution, nor is it exposed to financial institutions to the extent that it has no bank accounts, and thus no way to receive, emit or order the emission of a conventional money payment.
As a result it is not able to buy gold and bail it into e-gold reserves for the purpose of issuing additional e-gold liabilities, nor (for the same reason) is it able to redeem e-gold –allowing a quantity of liabilities to be extinguished and freeing up physical reserves to be removed/delivered/sold. Additionally, lacking bank accounts, e-gold Ltd itself also has no ability to own or hold gold, as it has no ability to buy or sell physical gold.
Bailment and redemption decisions are driven by the trading balance requirements of Primary Dealers. Bailments increase the assets held by the e-gold Bullion Reserve Special Purpose Trust (which exists to back e-gold in circulation for the benefit of all e-gold Users collectively), and correspondingly cause new e-gold to be minted. Redemptions decrease the assets held by the e-gold Bullion Reserve Special Purpose Trust, and correspondingly cause existing e-gold to be extinguished (removed from circulation).
The trading balance requirements of Primary Dealers in the AUG economy are dictated by the aggregate individual decisions of all e-gold Users rather than by a central authority; therefore, the circulating amount of AUG M0 (e-gold) derives from collective wisdom rather than centrally controlled, politically influenced, monetary policy.
The unprecedented attribute of e-gold is that the real-time gross settlement system for base money (the portion of AUG consisting of direct liabilities of e-gold Ltd) is available to the general public, allowing each individual the ability to decrease or eliminate their exposure to the banking system or any other financial intermediary. Each and every e-gold user (in addition to deciding the quantity of AUG M0), directly determines, minute by minute, 24/7, how much base money (e-gold) is made available to the banking system for use as reserves (AUG denominated liabilities - i.e. AUG M1-2), and the interest rates at which she is willing to lend to the banks or other financial intermediaries across the full spectrum of maturities.
But what about crises?
Since e-gold has no ability to override the automated mechanisms that govern base money and broad money supply – what could be done in the event of a shock? The responsive assertion is that:
is likely to attenuate the amplitude of swings in aggregate demand and forestall shocks of a bubble forming/bursting nature.
Vera Smith, in her landmark 1936 essay "The Rationale of Central Banking" concluded; "How to discover a banking system which will not be the cause of catastrophic disturbances, which is least likely itself to introduce oscillations and most likely to make the correct adjustment... is the most acute unsettled economic problem of our day".
This monetary holy grail - an automatically self-correcting mechanism for metering money supply and credit is why we created e-gold.
[set it and forget it!]
In another note, however, I will need to address transitional effects. To preview - in the long run e-gold is the ultimate leveler of playing fields. Getting there however will tend to temporarily create winners, losers... and whipsaw effects on exchange rates. The prudent course for early adopting banks will be to reserve their AUG deposits heavily at first, biding their time until exchange rates stabilize before becoming fully loaned up.
