Legalize Competing Currencies

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by Ron Paul: Economy
Flounders, Despite the Stimulus

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Much has been
made recently about the supposed economic recovery. A few blips
in a few statistics and many believe our troubles are all over.
Of course, they have to redefine recovery as “jobless”
to account for the lack of improvement on Main Street. But the banks
have money, Wall Street is chugging along, and the administration
would like to get on with other agendas.

They have even
set up a commission to investigate the crisis as if it were all
in the past.

The truth is
that Americans are still losing jobs, the Fed is still inflating,
and more regulations are in the works that will prevent jobs and
productivity from coming back. We are on this trajectory for the
long haul. The claim has been made many times that this administration
has only had a year to clean up the mess of the last administration.
I wish they would at least get started! Instead of reversing course,
they are maintaining Bush’s policies full speed ahead. They
are even keeping the Bush-appointee in charge of the Federal Reserve!
They are not even making token efforts at change in economic policy.
And for all the talk of transparency, we hear that some powerful
senators will do all they can to block a simple audit of the powerful
and secretive Federal Reserve.

We have been
on a disastrous course for a long time. The money supply has doubled
in the last year, our debt is unsustainable, the value of the dollar
is going to continue its drop, and those Americans who understand
where we are headed feel helpless and held hostage by foolish policy
makers in Washington. When the bills finally come due and the dollar
stops working we are in for some real social, economic and political
chaos. That is, unless we take some major steps now to allow for
a peaceful transition in the future. These steps are laid out in
my legislation to legalize competing currencies.

First of all,
no one should be compelled by law to operate in Federal Reserve
notes if they prefer an alternative. We should repeal legal tender
laws and allow Americans to conduct transactions in constitutional
money. Only gold and silver can constitutionally be legal tender,
not paper money. Instead, it is illegal to conduct business using
gold and silver instead of Federal Reserve notes. Simply legalizing
the Constitution should be a no-brainer to anyone who took an oath
of office. Consequently, private mints should be allowed to mint
gold and silver coins. They would be subject to fraud and counterfeit
laws, of course, and people would be free to use their coins or
stay with Federal Reserve notes, as they see fit. Finally, we should
abolish taxes on gold and silver, which puts precious metals at
a competitive disadvantage to paper money.

The Federal
Reserve is a government-sanctioned banking cartel that has held
far too much power for far too long and is in the end stages of
running the dollar into the ground, and our economy along with it.
The very least Congress can do, if they are not willing to abolish
the Fed, and perhaps not even conduct a serious audit of it, is
to allow citizens the freedom to defend themselves from being completely
wiped out by their monopoly power.

the Ron Paul File

27, 2010

Dr. Ron
Paul is a Republican member of Congress from Texas.

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