Dear Bob,
>MSB (Money Survices Businesses) now include:
>* Currency Exchange
>* Stored Value
>
>Right on the home page:
>http://www.msb.gov/
Yes, but as always, "yes, but."
"Exceptions - Certain MSBs are not required to register:
"Solely an agent. - A person that is an MSB solely because
that person serves as an agent of another MSB is not required
to register. However, a person that is an MSB both because
it engages in MSB activities on its own behalf and as an
agent of another MSB, must register.
Stored value. - A person that is an MSB solely as an issuer,
seller, or redeemer of stored value is not required to register.
However, a person that is an MSB as an issuer, seller, or redeemer
of stored value and engages in MSB activities (of a nature and
value that cause the person to be an MSB on a basis other than
stored value) must register."
In other words, there is a reasonable case to be made against
registration. The term cambist sometimes rendered as "exchange
provider" or erroneously as "agio" or "market maker" or in
Spanish "cambio" is conceivably an agent for various stored
value issuers. Just as likely, cambists are sellers and redeemers
of stored value.
Now, not registering is a bad idea. If you were supposed to
register, or if the gummint cooks up an argument that you were
supposed to register (e.g., by telling lies to judges to get
arrest warrants) then you are in trouble.
Now, registering is also a bad idea, and I think it a worse
idea than not registering. Your mileage may vary. But,
look at it as calling attention to yourself. "Hi! Please
randomly investigate me." Worse yet, they may be systematically
investigating everyone who registers. Why make trouble for
yourself?
Well, isn't not registering making trouble for yourself? Yes,
sure. So is not having a driver license and driving a car.
It is trouble for yourself in escrow. You won't get in trouble
every time you drive a car without a license, but eventually
you are going to get in an accident (someone else's fault of
course) or a traffic stop (the cop was insane, of course), and
then you need a license. It need not be domestic to your
location of course, and driver licenses from abroad are cheap
and plentiful.
What to do? To each his own.
If you can make a case in your own defense that you are not
required to register, don't. If you cannot make a case in
your defense, then perhaps you should register, or get out
of the industry. Tough choices abound.
Does registering protect you? No. You are still subject
to prosecution and arrest for doing your business, or for
not doing anything in particular. You may still be tried
in absentia, convicted, and executed during the process of
capturing you ("he resisted, I swear").
Does not registering protect you? Der, no. You are still
subject to prosecution and arrest for doing nothing. I've
said it before, obedience to the law is no defense.
You can't defend yourself against a system that is both
fundamentally perverted beyond recognition and operated by
perverts. Your only hope is prayer, early and often.
The system is unjust. Prosecutors lie to judges. Judges
grant arrest warrants on flimsy evidence. Prosecutors
manufacture evidence, and keep evidence of innocence from
the defense in order to obtain convictions. Every once in
a while an appeals court overturns.
Is it fair? No. The vested interests have the system
rigged mostly in their favor. Until one of them falls out
of favor, and then a short feeding frenzy ensues.
There is no sensible form of government except for
self-government. All else is tyranny, either of the
individual tyrant or of the majority. Your choices are
all poor. The game is rigged, and, yet, if you don't
play, you can't win.
Enjoy.
Regards,
Jim
http://goldbarterholdings.com/
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