Legalize Competing Currencies
by Ron Paul
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 agendae.
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.
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The Gold Standard holds only false hope…it can be just as easily be manipulated as any thing else.
What we need is an understanding of the Science of Economy which is rooted in production and the value of labor.
We need a Glass-Steagall action to return our banks to proper commercial lending practices for the purpose of re-industrializing America.
That is where the jobs are. Real jobs, not just make-work. That is where wealth is generated…through productive labor.
We need high energy sources to sustain world populations.
That means extensive Nuclear fission and fusion development.
And we need science-driver missions to make scientific break-through and technology development.
The Hamiltonian view is where our future truly lies. Strong National Sovereignty committed to maintaining our CONSTITUTIONAL PRINCIPLES is what will benefit all Americans.
You can never progress if you only spend what you have now.
Otherwise, Isabella would have never funded Columbus. You have to invest in the right things…INFRASTRUCTURE…not bailouts.
You have to grow INTO propsperity by investing with long-term, low interest CREDIT to private enterprise that benefit the people of the country. It is the proper wedding of government and private business that builds for the future and supports the population for growth and increasing well-being.
We need a return to these constitutional values espoused by Hamilton, JQ Adams, Lincoln, McKinley, FDR, and JFK…
…the great American Economic Leaders.
Joseph Giallombardo
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Oh my gosh, you do realize that Alexander Hamilton’s real name was Alexander Levine and he was one of the original Zionist Imperialists?!??
Hamilton was FOR centralized slavery, and merely wanted the apple cart version of the Federal Reserve with less secrecy. That was not what any of our founders wanted. It was a lie.
Jefferson at no point even agreed with Hamilton’s vision, it was reckless and lacked wisdom. He told Hamilton it would fail.
We can’t allow these kind of ridiculous neocon ideas to sabotage the movement, that is why I suggest everyone read up on what Rothbard and Ludwig Mises said.
They said the only free nation is one where central banking either does not exist, or is in the hands of the people themselves.
http://www.mises.org
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While I agree with Ron Paul on many aspects, his devotion to Austrian Economics IS NOT CONSTITUTIONAL…nor is the gold standard.
What is Constitutional was the ruling by the Supreme Court in 1819 UPHOLDING the Hamiltonian Concept of the National Bank.
I agree that the FED is a corruption of that concept and was passed by the segregationist Progressive, Woodrow Wilson. It place the Federal reserve above congressional control and has now worked in the last 40 years under Keynesian influence to destroy the American Economy.
But before you throw out the “Baby with Bath”…Austrian Economics and a Gold standard is NOT the answer…And Ron Paul is dead wrong on this. He wishes to correct the FED problem by instigating a Laissez-Fare, competing currencies notion which will not work and has NO history of every working.
What has worked is Hamiltonian form of National Banking UNDER the control of a Government that is “enlightened” to the concept of American Principles of Economy based on Production, not the monetarism of the British Empire.
If you examine the growth and development of the USA under the enlightened leadership of
Washington/Hamilton
Madison (from 1815 and the 2nd National Bank)
Lincoln (Grant, Garfield, McKinley),
FDR
JFK
…you will find the best examples of the American system of economy in full bloom.
Yes, criticize FDR all you want, but he had tremendous obstacles to correct from Teddie Roosevelt, Wilson, Collidge and Hoover who were all progressives and essentially in cohoots with the British/American notion of world-domination.
The aforementioned Presidents all were fighting the intrigue of British Free-Trade…And AUSTRIAN economics reared it’s head as a hedge AGAINST Bismarck in 1979-1890 who had adopted the American system of inter-continental railway development to counteract the British Maritime Empire. Bismarck was a huge “Lincoln” devotee. The Brits got rid of Bismarck and then with the Assassination of McKinley wreaked havoc on Europe leading WWI; American entered the war and participated in the destruction of the German economy with the Treaty of Versailles.
If we return to the American Constitution there is NO
Austrian economic theory of any consequence at that time. The constitutional Aspect of American economic development came from Hamilton espoused in the Federalist Papers.
So if Ron Paul wishes to right this “sinking American ship”…let him return to the real constitutional value of a Hamiltonian style national bank to replace the FED and provide for the infrastructure and technological development in nuclear power that we sorely need.
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Yes…let’s leave our current system of imperialism and central planning and return to Hamilton’s vision…of imperialism and central planning.
A gold standard isn’t Constitutional? What on Earth? It says right in the Constitution that only gold and silver are to be legal tender and paper money (bills of credit) are forbidden.
Keep spewing this nonsense about “Science of Economy”. You self-styled philospher kings/social engineers are so arrogant. You honestly believe that the answer to our problems is your particular brand of force. You never even consider freedom.
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Real freedom is just too scary.
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New iBailout app for iPhone
http://www.youtube.com/watch?v=fn3KIB97hg4&feature
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Once again You are on the right track Dr. Paul! I find it quite humorous that this administration and the Dems in congress is saying that the economy is rebounding! & We still are losing jobs!
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Keep it up Dr. Paul I’ll spread the word the best i can, we will we will win. I wish you would be more open of how a weak federal government will give people a chance to choose in their own states and communities the things that each administration tries to force on all of us.
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