9, 2009, Congressman
Ron Paul introduced the Free Competition in Currency Act before
the US House. The need for this legislation is a clear indication
of how far our financial rights and freedoms have fallen in the
United States as much of the world outside Washington's financial
iron curtain already have free competition in currencies.
ago, I was in Turkey, Israel and Egypt; while vendors were still
willing to price most goods and services in dollars as has been
the case for decades, a big change now is their preferred foreign
currency is the Euro. Of course they still accept the local national
paper currency when pushed but the dollar has now been relegated
down to Egyptian Pound status as I kept hearing, "no Dollars,
we want Euros" over and over again. It appears even the hawkers
and money changers in the streets of Cairo understand there is no
long-term future for the Washington dollar.
It is the same
story today in advanced Switzerland where most goods are now of
course priced in the official Swiss currency, the Swiss franc but
also in the Euro. Buyers have the option to pay in either currency
although change is given back in Swiss Francs.
trend, I noticed a new sign in the Zurich train station Burger King
which states "$1 = 1 CHF" for workers behind
the counter dealing with international travelers while back in 2001
the Swiss Franc was valued at around 55 cents.
faltering dollar could rebound in the short run, the longer-term
prognosis is terminal unless Washington dramatically reduces spending
and borrowing. When the global run on treasury debt and the dollar
develops, the current relative minor fluctuations in values will
be replaced by a virulent death spiral of historic proportions seen
few times in world history.
the Washington dollar collapse will take its shameful place in history
at the pinnacle of fiat currency robberies by politicians and central
bankers. We will lead the world in wealth lost and future generations
saddled by illegitimate government debts.
This will be
followed distantly by the hyperinflation of the Weimer Republic,
the fall of Rhodesia, the breadbasket of Africa into the Zimbabwe
economic collapse and the Argentina currency crisis.
most Americans blindly trusting the staged Wall Street/banker party
line of Kudlow, Bernanke, and Greenspan, they will discover too
late that the value of a sound currency, a reasonable national debt
and their wealth are irretrievably linked in good times and bad.
A good example
of what can happen to a nation in our situation is shown by the
illegitimate debt placed on Germany following World War One by the
Treaty of Versailles. Today, almost a century has passed and Germany
still owes 56 million Euros but on October 3, 2010, 91 years later,
the final payment is due and the German people will finally be free
of the war debt of World War One. It makes one wonder how many centuries
and future generations of American people will be paying off the
Wall Street bailout debts?
Free Competition in Currency Act is the beginning of the political
and educational solution to allow Americans to get out of the dollar
in their financial affairs here in the United States. Still this
will be a long process and when the run on the Treasury debt and
the dollar happens is more up to our foreign creditors and international
events than our Washington politicians.
in the meantime insulate themselves from the coming dollar and debt
debacle by investing in gold bullion stored in the US and outside
in secure facilities like "Global Gold" in Switzerland
as well as foreign currency diversification with the Euro and Swiss
franc. Don't wait, take action now while you still have the opportunity
to protect and preserve your wealth.