• Washington – Tear Down Your Wall Against Currency Competition

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    On December
    9, 2009, Congressman
    Ron Paul introduced the Free Competition in Currency Act
    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.

    Several weeks
    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.

    Another scary
    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.

    Although the
    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.

    Someday soon
    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.


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    Still, for
    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?

    Ron Paul's
    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.

    Americans should
    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.

    15, 2009

    Holland [send him
    ] works
    in Zurich and is a co-editor of the Swiss
    Mountain Vision Newsletter

    Best of Ron Holland

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