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Schmidt: Google Once Considered Issuing Currency

Posted by Soulskill on from the not-willing-to-nationalize-the-us-government-yet dept.

itwbennett writes "In his keynote speech at Mobile World Congress in Barcelona, Google Chairman Eric Schmidt said the company once 'had various proposals to have [its] own currency [it was] going to call Google Bucks.' The idea was to implement a 'peer-to-peer money' system, but it was squelched by legal issues."

2 of 189 comments (clear)

  1. Re:Digital Rothschilds by Anonymous Coward · · Score: 5, Informative

    Actual quote: "Give me control of a nation's money supply, and I care not who makes its laws."

  2. Re:Digital Rothschilds by JoelKatz · · Score: 5, Informative

    Sharia arbitration courts issue rulings that are legally binding on those who have agreed to be bound by them. So, for example, if you and I both wanted to, we could enter into a contract that stipulates that any disputes that arise over the terms of the contract would be settled by a Sharia arbitration court. The rulings would be legally enforceable, provided:

    1) The only parties were those who had agreed by contract to be bound by the arbitration prior to the dispute arising.

    2) The case is purely civil, not criminal.

    3) The court doesn't violate public policy. (For example, if the court refused to allow women to testify, the ruling would likely be unenforceable.)

    Orthodox Jews and several other groups have their own "courts" that arbitrate disputes among those who consent by contract to their jurisdiction. Generally, their rulings are enforceable in ordinary civil courts.