MGs converted to semi are legal in allot of places in Europe. Allot of people assume that guns are illegal in Europe. This is not true. In fact, in some countries people can even purchase machine guns, tanks and so on. Finland, Norway, Sweden, and Switzerland are the most famous for this.
But, every gun owner must get a licence which is a pain to get. Even worse then trying to get a class III transfer.
For example, here in Germany you must join a shooting club (all private, up to $1000 a year, sometimes more)and participate for six months. You have to log all your visits. Then you can take a firearms knowledge test. Then you can apply to get your gun license, which takes 6 weeks. After all this, you have to apply for permission thru your gun club for every purchase. After that, you have to shoot a regular basis otherwise they can revoke your licence.
Land of the free? Not really. Besides the gun part, you must pay 40% taxes, 16% sales tax on everything, TV tax, tax on flowers in your garden, and in Germany its illegal to mow your lawn or wash your car on Sunday. There are no laws against the police beating the crap out of you, you have to apply for a permit to have a demonstration, job discrimination based on national origin is normal, the list goes on. But, the streets are clean, very safe, college is free and the social system is wonderful. If you like father Gov't taking care of you its great. If you like personally responsibility, the US is allot better.
Revoke all gun laws in the US? Not really. Yes, in a picture perfect world it would be nice to go down to Walmart and dump a new PKM in the cart. But, just like now there would be jackasses that would do something stupid and ruin it for us. I believe that the whole reason there have been so few misuses of legal MGs is that they are so hard to get. It also helps us keep the moral high ground in that any MGs used in a crime are illegal anyways. For example, can you imagine the response to the LA bank shoot out if the robbers had purchased their MGs legally?