Re: ASAP letter on e-cash
Forbes, ASAP, October 7, 1996, p. 18. Bankrupt the Bureaucrats! Eugene Ludwig's principal concern ["The Money Changers," August 26] is not counterfeiting, theft, or fraud: Those crimes have victims, and regulators are never concerned with victim crimes. As comptroller of currency, he is worried sick about tax evasion (i.e., avoidance) and money laundering because he knows that technology like Chaum's Ecash could put him and his entire bureaucracy out of their cushy jobs, regardless of the actions of the executive branch or Congress. Counterfeiting a $100 bill, even one of the new ones, is easier than counterfeiting one of David Chaum's Ecash payments, and the previous level of government "concern" regarding offshore counterfeiting of $100 bills is instructive here (they let it go on for years!!). Some in government have gotten a clue by osmosis, such as Senator Conrad Burns (R-Mont.), but the damage is already done. My solution: Vote Libertarian! Jim Ray liberty@gate.net [Right E-steamed Cypherpunk]
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jya@pipeline.com