Quote from: ctoon6 on August 04, 2011, 02:46:48 AM

Quote from: bitrebel on August 04, 2011, 02:37:53 AM

Quote from: ctoon6 on August 04, 2011, 02:29:49 AM

Quote from: BidBitcoins on August 04, 2011, 02:27:31 AM

Quote from: Exonumia on August 04, 2011, 02:21:02 AM

I understood the main reason for this legislation was to close the anonymous pre-paid phone accounts... that is they are not happy that you can use a phone without it being tied to your name/address. The whole thing is silly, however, as those with criminal intent will just use others credentials to purchase.

I don't think that's what it is. Anyone can get a Metro PCS phone without ID. I think it's the fact that stored value cards are used to launder drug money. The Treasury issued a Memorandum about this a few years back. They claimed it was the number one way people were avoiding taxes and laundering drug money.

legalize drugs.

reasons: less money spent on catching criminals and keeping them locked up.
heavily tax the drugs, they would still be cheaper than off the street.

tada! half the money laundering is now gone.

ctoon6, you're probably a very smart person, so I wonder why you have not figured this out yet.
Banks and Drug laws exist to work hand in hand together. Banks would not exist, if there were no drugs which were illegal to launder money through. There would be no need for banks if drugs were legal. Banks were created to serve the purpose of laundering the opium profits and returning the Britsh pound to gold to pay the opium farmers because all they accept for payment is gold. Elementary Watson

i find the argument that banks only make money and exist through laundering money hard to believe. although it would not surprise me much if someone did present proof unless it already does exist and i do not know of it. but even so, you can launder money way cheaper in bitcoin than through a "real" bank. and that would make banks not make as much money, although i have no idea why they would need to do it in the first place, at least in the current day US. Though FRB banks make money out of thin air anyway.

You answered your own question. They print it out of thin air. But they need to keep the drug trade going, and oil and gold, and they need to transfer funds between the 3, without it being obvious to all nations, how it's done.