> >In order to make me feel comfortable about 1mdc I would request a thorough
> >explanation of:
> >
> >- who is behind 1mdc
>
> Me - JP May! :)
>
> John Wayne Zidar is not an investor.
>
> >- what are the 3rd party controls in place (like audits)
>
> It's just like e-gold, there are none! :)
<quote buster>
> >- a complete set of addresses, organisation chart etc. of this 'company'
> >(i doubt it's a legally registered company at all)
>
> It certainly and proudly is not, you're right! It is a pirate
> company in the modern mode. The sole trust is reputation.
I would never think to see if some government sanctions any
business operation owned by JP May, based on his earned
reputation since the early days of e-gold's mailing list.
It's the person, not whether some government gives
it's ok to that person. JP's the "Finest Kind",
old Grand Banks saying.
Bob
A copy of an Hettinga post:
Finally, in what has become the most famous exchange in the
[House
Banking and Currency subcommittee 1912 "money trust"] hearings'
thousands
of pages of testimony, the two men returned to the question of
controlling money and credit. [Samuel] Untermyer [vocal critic of the
"money trust", committee counsel] said, "The basis of banking is
credit,
is it not?"
Morgan: "Not always. that is an evidence of banking, but it is not
the
money itself. Money is gold, and nothing else."
There was in 1912 a significant difference between actual metal
coin and
loans represented by paper (banknotes, bonds, bills). When
Morgan repeated
yet again that money could not be controlled, Untermyer asked
whether
credit was not based on money -- that is, did not the big New York
banks
issue loans to certain men and institutions "because it is believed
that
they have the money back of them?"
Morgan: No sir. It is because people believe in the man."
Untermyer: "And he might not be worth anything?"
Morgan, with less than perfect regard for grammar: "He might not
have
anything. I have known a man to come into my office, and I have
given him
a check for a million dollars when they had not a cent in the world."
Untermyer: "That is not business?"
Morgan: "Yes, unfortunately, it is. I do not think it is good business,
though."
Untermyer did not, apparently, think much of this answer, for he
repeated
his proposition: "Is not commercial credit based primarily on
money or
property?"
Morgan: "No sir; the first thing is character."
Untermyer: "Before money or property?"
Morgan: "Before money or property or anything else. Money cannot
buy it" -
-- and he elaborated, after a few more questions -- because a man I
do not
trust could not get money from me on all the bonds in
Christendom."
- -- From _Morgan:_American_Financier_, by Jean Strouse.
Random House, New
York, 1999
--
http://www.bearerinstruments.com
A Directory of Web sites and Internet
presences accepting non-fiat monies.
http://www.bearerinstruments.com/assets/BIMDsPGPkey.txt
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