Ron Paul: Legalize Competing Currencies





by Ron Paul

I recently held a hearing in my congressional subcommittee on the subject of competing currencies. This is an issue of enormous importance, but unfortunately few Americans understand how the Federal Reserve and Treasury Department impose a strict monopoly on money in America.

This monopoly is maintained using federal counterfeiting laws, which is a bit rich. If any organization is guilty of counterfeiting dollars, it is our own Treasury. But those who dare to challenge federal legal tender laws by circulating competing currencies — at least physical currencies — risk going to prison.

Like all government created monopolies, the federal monopoly on money results in substandard product in the form of our ever-depreciating dollars.

Yet governments have always sought to monopolize the issuance of money, either directly or through the creation of central banks. The expanding role of the Federal Reserve in the 20th century enabled our federal government to grow wildly larger than would have been possible otherwise. Our Fed, like all central banks, encourages deficits by effectively monetizing Treasury debt. But the price we pay is the terrible and ongoing debasement of our money.

Allowing individuals and business to use alternate currencies, especially currencies backed by gold and silver, would expose the whole rotten system because the marketplace would prefer such alternate currencies unless and until the Fed suddenly imposed radical discipline on its dollar inflation.

Sadly, Americans are far less free than many others around the world when it comes to protecting themselves against the rapidly depreciating US dollar. Mexican workers can set up accounts denominated in ounces of silver and take tax-free delivery of that silver whenever they want. In Singapore and other Asian countries, individuals can set up bank accounts denominated in gold and silver. Debit cards can be linked to gold and silver accounts so that customers can use gold and silver to make point of sale transactions, a service which is only available to non-Americans.

The obvious solution is to legalize monetary freedom and allow the circulation of parallel and competing currencies. There is no reason why Americans should not be able to transact, save, and invest using the currency of their choosing. They should be free to use gold, silver, or other currencies with no legal restrictions or punitive taxation standing in the way. Restoring the monetary system envisioned by the Constitution is the only way to ensure the economic security of the American people.

After all, if our monetary system is fundamentally sound– and the Federal Reserve indeed stabilizes the dollar as its apologists claim–then why fear competition? Why do we accept that centralized, monopoly control over our money is compatible with a supposedly free-market economy? In a free market, the government’s fiat dollar should compete with alternate currencies for the benefit of American consumers, savers, and investors.

As Austrian economist Ludwig von Mises explained, sound money is an instrument that protects our civil liberties against despotic government. Our current monetary system is indeed despotic, and the surest way to correct things simply is to legalize competing currencies.



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112 Comments:

  1. Robin,

    I haven't listen to the show yet. But I doubt Alex talked about it, since he does his show from 11:00AM to 2:00PM... so the news wasn't out yet. And I know that he will not be doing Infowars Nightly News tonight, Rob Dew will be sitting info Alex. Anyways, I'll listen to both shows and come back to you later in the eveningg on the Brandon Raub arrest if they talk about it.

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  2. Here are Raub Brandon's Facebook accounts so you can see what he has been saying...
    https://www.facebook.com/raub.brandon?sk=wall
    https://www.facebook.com/brandon.raub?sk=wall

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  3. Here is the Josh Tolley interview with Brandon Raub's mother-he is the veteran marine=a Ron Paul supporter who was arrested last night and hauled off to the psych hospital for an evaluation for exercising his first amendment rights on Facebook. Just the beginning of NDAA...We need to use the internet while we still can..
    Make this go viral...Again, Ben Swann is looking into this.
    http://www.youtube.com/watch?v=YaE5zChbC5w&feature=em-uploademail

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  4. Contact information for the police department that took the Ron Paul supporter=veteran Marine who they came and took away..Make this go viral please...
    ean Azpeitia
    Chief of Police
    Thierry G. Dupuis
    Office: (804) 748-1266
    Fax: (804) 748-6265
    DupuisT@chesterfield.gov

    Chesterfield County Police Department
    P.O. Box 148
    Chesterfield, VA 23832

    10001 Iron Bridge Road
    Chesterfield, VA 23832

    804-748-1251
    804-748-6265 Fax

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  5. Any thing on this Surfisher or French Canadian. This is a veteran from Richmond who was the head of the liberty movement there according to a post I just read. He was arrested and in jail pending charges for posting information on Facebook that they deemed dangerous to himself or others. Let me know French Canadian if Alex Jones has any info. on this.

    This Just in
    ACTUAL FOOTAGE: http://youtu.be/nLpChd1-8Q4

    Last night at approximately 7:30pm, Brandon J Raub, founder of the Richmond Liberty Movement, was arrested. When friends came home they witnessed Brandon being detained by the Police, FBI, and Secret Service, loads of vehicles on scene. Video exists of evidence showing Brandon being taken away. Friends and family asked what had happened, they were told they were tipped off that Brandon had “posts” on his FB that led them to believe he was a danger to others and/or himself. Brandon believes 9/11 was an inside job and questions the actions of government like most of us. Brandon is a level headed, logical, non violent, Marine veteran. He has no known history of being a menace or previously arrested. They were told he would be taken to jail for resisting arrest. They were told he needed to be mentally evaluated for PTSD (due to being a vet).

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    • Just listened to the Josh Tolley interview that went viral. Please pass this on He interviews this marines mother. It's what many of us knew was going to happen to anyone who believes in liberty and questions the government. We are in a very dark period of history and I hope that America wakes up. I have been posting something about the NDAA every day to wake people I know up who are in LA LA land. I sent this to someone who is always posting about how unpatriotic people have become because they dishonor the flag. I hope I gave her and her friends something to think about. I wave to the drones outside my house and say hello to anyone listening in on my conversations. Apparently, they took him to a hospital for a psychiatric examination. Ben already has said he will look into this because who else will in the MSM.

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  6. Some new developments have been posted at www.monetary.org

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    • What is a "progressive" and why you scare us!!!!!

      http://davegj13.wordpress.com/2010/01/28/what-is-a-progressive-and-why-they-should-scare-you-part-1/

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  7. Just want to make sure that I say that the ruling on the civil suit in California is still tentative. There was message yesterday by Attorney Gilbert that the judge can change the ruling if he chooses, so it's still up in the air. We can only pray that justice is served. Just read an article out of Oklahoma that the fight is over and these Ron Paul supporters need to concede to Romney. Sounds exactly like what most GOP supporters in our precinct believe. Someone I know yesterday who believes we need to fight to preserve our Constitution posted wouldn't it be nice to have a hunter for VP=a picture of Paul Ryan with a deer. I will continue to try and wake her up. She likes Ron Paul, but watches Fox News...She posted about the ammunition, but still doesn't get that the show is rigged and why they are doing everything they can to get him nominated.

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  8. Surfisher,

    You will like this one...lol

    DHS Classifies New Ammo Purchases Following Controversy
    http://www.infowars.com/dhs-classifies-ammo-purchase-following-controversy/

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  9. Open Letter to the Social Security Administration

    Dear Social Security,

    I'm about to retire this year, but don't want you to go after me with the 174,000 rounds of hollow point bullets you are purchasing now — so, please, don't send me any retirement checks, but keep my hard earned money you've collected from me over all these years for yourselves. JUST DON'T SHOOT ME with all that that ammo you are buying!

    Thank you!
    ———————————————————

    Social Security Administration To Purchase 174 Thousand Rounds Of Hollow Point Bullets

    http://www.infowars.com/social-security-administration-to-purchase-174-thousand-rounds-of-hollow-point-bullets/

    “First it was the Department of Homeland Security, then it was the National Oceanic and Atmospheric Administration, and now the Social Security Administration is set to purchase 174,000 rounds of hollow point bullets that will be delivered to 41 locations across the country.”

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  10. Surfisher,

    Not only are the National Weather Service and Homeland Security buying amnos, but also the Social Security Administration... lol

    Social Security Administration To Purchase 174 Thousand Rounds Of Hollow Point Bullets
    http://www.infowars.com/social-security-administration-to-purchase-174-thousand-rounds-of-hollow-point-bullets/

    "First it was the Department of Homeland Security, then it was the National Oceanic and Atmospheric Administration, and now the Social Security Administration is set to purchase 174,000 rounds of hollow point bullets that will be delivered to 41 locations across the country."

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  11. Incredible interviews on the Alex Jones Show today.

    First: Gerald Celente, (one of my favorite guest)... Celente did an explosive interview today. MUST see.

    His Interview starts at: 1.11: 58

    Second: Richard Belzer (I did not know him), what a fascinating guy. Fantastic interview!
    "Actor, stand-up comedian and author Richard Belzer. Mr. Belzer has an expansive career as an actor and has appeared in NBC police dramas such as Homicide: Life on the Street and Law & Order: Special Victims Unit. Mr. Belzer is also the co-author of Dead Wrong: Straight Facts on the Country's Most Controversial Cover-Ups. "

    This interview starts at: 2:08:29

    Third: Dave Mustaine who pops in right after Richard Belzer, to explain himself on his comment about Obama staging Batman Shooting.

    Alex Jones Show: Thursday (8-16-12) Richard Belzer & Gerald Celente
    http://blogdogcicle.blogspot.ca/2012/08/alex-jones-show-thursday-8-16-12.html

    --------------------------------------------------

    You must see these 3 interviews. Copy/paste them in your browser if you do not have time to listen to them tomorrow... and watch them this week-end.

    Oh, and by the way, just before Celente Interview, Ben Swan video was shown on the Show.

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  12. Mitt Romney WILL be charged as a Criminal --- and hopefully REMOVED from the Republican ticket BEFORE the Tampa Convention (that is, if we had a True Justice System)!

    Powerful charges levied against Romney by attorney at law, Richard Gilbert --- MUST WATCH video!!! Spread it like wildfire!!!!!!

    http://www.youtube.com/watch?v=cxaBqnRosdo&feature=player_embedded

    -----------------------------------------------------------------------------------
    Will Mitt take off for France, like he did when evading the Vietnam Draft?
    Or will Powerful Monopoly MONEY buy him "Get-out-of-jail Card"...?

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    • We pray for Liberty and Justice

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      • Just curious…

        Why would the National Weather Service (a federal agency) want to purchase 46,000 rounds of hollow point ammunition?

        A lot of us don't like their weather forecasts…but not to the extent that warrants them to wanna shoot us….
        ———————————————————-

        This is on top of the 1.4 Billion rounds of ammo PURCHASED by Home Land Security…. Gee, them pesky couple of hundred Muslim Terrorist in the USA need to be taken out by SEVERAL HUNDREDS OF TONS of LEAD per SINGLE Muslim Terrorist…right?

        Or, one can say that this QUANTITY amounts to about 4 bullets for each US Citizen (man, woman and child)….

        Interesting Math.
        ———————————————————

        Just watch the first 2 minutes of this video — the rest is even more disturbing!

        http://www.youtube.com/watch?v=84NbzMr3HKc&feature=player_embedded

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    • A true Portrait of the Destructors of America!

      http://i.imgur.com/YHckG.jpg

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  13. A manifesto someone wrote to give to Romney delegates. I haven't read it yet. Let me know what you think.
    http://www.dailypaul.com/249245/for-romney-delegates-a-paulian-manifesto

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    • Bye, bye Mitt --- Ron Paul to win in Tampa!

      All Delegates are Free to vote their conscience (cannot be bound)!

      http://www.youtube.com/watch?v=jFKZqbGRuxs&feature=player_embedded

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  14. Could there at long last be some divine justice here? Spread the word far and wide...
    ** IMPORTANT NEWS! ************

    Well Folks...it looks like the Judge has ruled in favor of the Delegate Lawsuit concerning the validity of the " Historic Law " that was used.

    Basically...the Judge now has to rule that the Delegates are indeed unbound according to historic law! ( i.e. there is precedence that the Delegates are considered unbound )

    Start reaching out to your delegates...to the media...to anywhere you can! The Delegates are free to vote their conscious and there is NOTHING the GOP can do about it!

    **********************
    Richard Gilbert
    Federal Case Update - We have tentatively won the case on the historic law. The RNC is now engaged in delay tactics. To counter, I am filing an Appellate action tomorrow to seek an Appellate Order requiring the Judge to rule prior to the convention. Yes, I said we have tentatively won the case on the historic law

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  15. French Canadian,
    No, that was not at the Tampa Convention where I pray things are different, but basically they just changed the rules when it didn't go their way. Just like they did in my state and no one in my GOP wanted to do anything about it except the few of us who are Ron Paul supporters. We wanted to send a letter(which many PCP's did), but they are more concerned about getting Romney elected because they truly believe he is going to save this country and get Obama out. They still don't understand the elections are rigged and remain so unless we stand up to the establishment, although we have shared many things at these meetings. It goes to deaf ears. These are people that will have to learn the hard way I'm afraid. People who take liberty and freedoms for granted and simply pay lip service to morality and ethics, although they are the first to condemn those "evil liberals". We also reminded them we used to be liberal democrats who woke up. The hypocrisy just made us sick. No matter what evidence is presented, they refuse to acknowledge it or investigate it for themselves. Undying party loyalty and it is in both camps. We are looking for more like=minded people closer to home to continue to work on issues of liberty. Unfortunately, many of my liberal friends will not watch Ben Swann because he is with a Fox affiliate even though I say he has nothing to do with Fox News. I also shared with Ben when we first started watching him that he might want to take Glen Beck off his like list as that turned us off, which he did. I think it would have been better not to put anything on there and keep it completely neutral. There are those that think his coverage is biased because of the particular stories he covers, but I find him completely refreshing. People are not used to people who tell the truth, and he even responds to your inquiries which is another way he shows he cares.

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  16. Robin,

    Not sure I understood that article:

    "The RNC Committee on Contests found no evidence to support the challenge against the Maine delegation on Friday, yet failed to issue a ruling. Instead they changed their own rules, which previously required a ruling, in order to grant the contestants a second chance to retry their challenge. "

    What do they mean? They find no fraud but will give the delegates another chance? When and where"? At the credential commitee in Tampa?

    Can you explain it to me in layman's term?

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  17. OFF TOPIC about the Maine delegate ruling...
    http://www.prweb.com/releases/2012/8/prweb9803459.htm

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  18. Citizen --- is this what you were looking for (aside from other digs on our Criminal Government)...?

    Ron Paul is about to Check Mate the Feds Banksters!

    Precious metal prices do not fluctuate (since they have stable intrinsic worth — being nearly ALL extracted from our planet (thus of a FINITE QUANTITY)).

    It is paper notes (touted as real money —that can be man-made in many duplicates— from nearly inexhaustible tree fiber) that fluctuate according to their perceived value compared to the ABSOLUTE Stability of Silver and Gold .

    Unless such “paper money” is backed by a specific Weight Unit of Silver or Gold REPLACEMENT Upon Demand by the Bearer — its value HAS NO MERIT , but is only an indication of the trustworthiness of the ones printing such paper notes.
    ————————————————————————————

    It is up to the people to decide if they should believe what their government says how much their paper notes are worth — or, if the people want their paper money to have a Guarantee that translates into exact exchange of paper to fixed weights of precious metals.

    The crux is — governments, therefore, cannot print MORE money than have in Silver and Gold reserves on hand (or it would be Counterfeit)!

    Here is what REAL US DOLLARS looked like BEFORE THEY GOT BANNED:

    http://www.silvercertificatedollarbill.net/files/2011/06/1308325093-64.jpg

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  19. I track this blog site daily and I'm forever perplexed at how these Rabbit Trails get started..

    Seriously...
    Occupy Videos?

    What happened to "Competing Currencies"

    Legalize Gold and Silver coin as competing currencies... not fixed by government fiat decree, but float to free market value.

    Currently
    A Troy Ounce of gold is worth 1,600 Federal Reserve Notes.
    i.e. a single gram of gold costs 50 Federal Resvere Notes
    OR
    A single Fed Res Note is worth 1/50th of a gram of gold!

    Meanwhile... back at the Ranch?

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  20. This is the part of politics that just makes me sick. Ron Paul stands out among them all because everyone elses moral compass blows with the wind. Here is Rand Pauls announcement about Paul Ryan. I'm sure he hoped to be the VP nominee and sold his soul to the devil instead. You can not compromise integrity to get what you want.
    http://www.businessinsider.com/rand-paul-ron-paul-ryan-vp-romney-2012-8

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