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. Surfisher,

    Relax, no one is reading this thread anyway!

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  2. Ron Paul to WIN 2012 —Come to Tampa on the 26th Real American Patriots — a Million+ True Americans are expected to show — be One of Us!

    Last chance to voice our support for the only Real American that deserves to be US President: Ron Paul !!!

    Don’t delay — start your trip to Tampa today!

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  3. Surfisher,

    Sorry, but I think you are out of order here. Calm down.

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  4. OMG! What are they afraid of?

    List Of Prohibited Items at RNC Convention
    http://www.dailypaul.com/249626/list-of-prohibited-items

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  5. Ron Paul to WIN---Come to Tampa on the 26th Real American Patriots — a Million+ True Americans are expected to show — be One of Us!

    Last chance to voice our support for the only Real American that deserves to be US President: Ron Paul !!!

    Don’t delay — start your trip to Tampa today!

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  6. Surfisher,

    I'm not trying to start a new thread. I'm giving Robin arguments in the article, she can use to answer to that person. We are discussing among ourselves.

    Besides You, Robin and me, do you know how many other persons posted a comment on this thread of 83 comments? FOUR (4) people:

    Hookagold, Citizen
    Patrick and John

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    • French Canadian --- you just started another invalid thread.

      One responds to queries --- as shown below, and does not start new ones instead of responding directly to the original question!

      You just negated the important ones --- such as COME TO TAMPA...with your lack of courtesy!

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  7. Come to Tampa on the 26th Real American Patriots — a Million+ True Americans are expected to show — be One of Us!

    Last chance to voice our support for the only Real American that deserves to be US President: Ron Paul !!!

    Don’t delay — start your trip to Tampa today!

    Likes(0)Dislikes(0)

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    • Mitt Romney will be charged as Criminal — question is, will he be arrested before the Tampa Convention.

      Only Ron Paul can defeat the abomination Obama…so why is the RNC willing to play patsy?!

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

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    • French Canadian,
      You are right that there are not many of us left on this site. I often start a new thread to make sure that someone sees it just as I think you do. Surfisher.... If you are able to, try and keep us posted if there is a way to do that when you are in Tampa and bring your cell phone or video camera, unless they plan to confiscate all electronic devices in the New Soviet Union Republican Party...Here is a Marine vet talking about the 5 stages from denial to awakening. I've heard this before, but I think he brings up some good points and relates them to Brandon Raub who was arrested for his posts on Facebook.
      http://www.youtube.com/watch?v=LoVHno4GWes&feature=youtu.be He also lists some other sites that go into the stages of denial to acceptance...

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  8. Robin,

    There are also some very good comments on the article from Infowars that I have just posted (318 comments).

    Here is an example:

    "Since these are indefinite delivery and indefinite quantity (IDIQ) firm fixed price (FFP) contracts (meaning the Feds can activate the order at anytime during the 5 year contract period) I would suggest that this will be a method for DHS to immediately exhaust the supply from the market at the time tensions among the citizens reaches the point of outrage at an out of control civil government. What a way to disarm the population!

    Or this one:

    "No matter their intent or motive, the result of this contract is to reduce to nothing the production of ammo for the civil market by setting up a “government” ammo buy that is virtually impossible for the manufacturers to fill…

    Last year DHS contracted for 250 million rounds… earlier this year they added an additional 450 million. To this they have now added another 750 million, for a total of 1.4 BILLION rounds. The contract run time is 5 years… if the equipment runs smoothly with no down time, no brass, powder, primer, and lead shortages… they will have to turn out 1.1 rounds every SECOND, 24/7/365, for the next FIVE YEARS, to meet the obligation.

    The ammo manufacturers will have to decide which side they are on, I think… will they take the side of the people in the protection and defense of the Constitution… or become the tools of the Marxist fascists and their monopoly banking handlers…"

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  9. Mitt Romney will be charged as Criminal — question is, will he be arrested before the Tampa Convention.

    Only Ron Paul can defeat the abomination Obama…so why is the RNC willing to play patsy?!

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

    Share, make this video viral!

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  10. Robin,

    Concerning the response you got to the DHS purchase of amnos, you can tell this person, that what he calls conspiracy sites making unfounded claims, that he IS the one making unfounded claims...lol Infowars is a million times more inform than this idiot.

    Show him this article at Infowars... with 12 links to official documents included in the article plus a video analysis by Madison Ruppert below.

    DHS To Purchase Another 750 Million Rounds Of Ammo
    http://www.infowars.com/dhs-to-purchase-another-750-million-rounds-of-ammo/

    And tell him to read one of the link in the article that he has absolutly no clue of:

    "A recently leaked US Army Military Police training manual for “Civil Disturbance Operations” outlines how military assets are to be used domestically to quell riots, confiscate firearms and even kill Americans on U.S. soil during mass civil unrest.

    On page 20 of the manual, rules regarding the use of “deadly force” in confronting “dissidents” are made disturbingly clear with the directive that a, “Warning shot will not be fired.”

    The manual includes lists of weapons to be used against “rioters” or “demonstrators,” including “antiriot grenades.” It also advises troops to carry their guns in the “safe port arms” stance, a psychological tactic aimed at “making a show of force before rioters.” Non-lethal weapons and water cannons are also included.

    A 2008 report produced by the U.S. Army War College’s Strategic Institute warned that the United States may experience massive civil unrest in the wake of a series of crises which it termed “strategic shock.”

    “Widespread civil violence inside the United States would force the defense establishment to reorient priorities in extremis to defend basic domestic order and human security,” stated the report, authored by [Ret.] Lt. Col. Nathan Freir, adding that the military may be needed to quell “purposeful domestic resistance”.

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    • French Canadian — AGAIN, have the courtesy to reply to poster, NOT start a new thread with the same topic!

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    • French Canadian. Thank you although he probably won't listen to Alex Jones because he thinks that people like him are a bunch of conspiracy nuts. At least he likes Ben because he still believes he's with Fox. I'm sure Ben will do something on this and then maybe he will be more willing to listen. He is a perfect example of what we are up against. He thinks we are all out of our minds. I will listen to it so I can become more educated on this subject and respond more intelligently.

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      • robin --- maybe this will help you understand....

        The more I listen to Alex Jones the more I agree with him (and the less I like him).

        On the other hand --- listening to Ben Swann is a pleasure!

        (nothing to do with whom they work for, but their personalities).

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  11. Romney will be charged as Criminal — question is, will he be arrested before the Tampa Convention.

    Only Ron Paul can defeat the abomination Obama…so why is the RNC willing to play patsy?!

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

    Share, make this video viral!

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  12. PLEASE SEE www.nagr.org

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  13. French Canadian and Surfisher,
    Here's another response to something I posted about the DHS, Social Security Administration and NOAA, purchasing hollow point ammunition...How would your respond?
    Once again simple people lacking facts and conspiracy theorists making more unfounded claims. The DHS buys ammo for TAS, ICE, border patrol, Coast guard, FLATC(federal law enforcement training center), US Marshals, the Secret service, as w
    ell as many other small organizations that for example offer protection to people and high value properties in the US ie (power plants, the UN, politicians, etc.) This P order is a GOV attempt to save money by making single purchases for multiple agencies and the total is extended over a five year period. Also for you non gun users, use some simple common sense (which always seems to be lacking with the wackos conspirators) just add the numbers up ICE & DHS has 220,000 officers alone. They daily carry min. 3 mags each @ 15rds =9,900,000 plus more in each vehicle so even though it should be much more let us just round to an even 10 million for daily carry and then for officers to qualify yearly the minimum range time is 2 days at about 1000 rd.total ea. X 220,000 people= 220 million rds. plus the regular carry =230 million rds, The officers I have shot with practice much more than just the minimum (why not it's free to them) and the more elite groups shoot uncountable amounts more. Heck every time I go I never shoot less that 100 rds of HP 44. mag, 500 rds of fmj 9mm, and if at the out door range then add to that 100 rds of 12 ga, and 100 rds of 223.fmj & HP plus uncountable amounts of 22s. So just add the numbers up this purchase order of pistol rounds is nothing compared to the total amount of ammo purchased and used. If you actually do any research you will find out the real true. The conspiracy theorists on these sites have nothing to do but constantly cry wolf and claim the sky is falling every single day! Sheesh these loons that manufacture these conspiracy sites need to stop promoting lies and come back to the real world.
    As for the ammo being hollow point, YES and thank god it is! The intent is to kill those that are being fired on!

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    • robin --- this one is even simpler to answer (the dolt that wrote it made crucial mistakes and lies).

      Let's start backward:

      1) "As for the ammo being hollow point, YES and thank god it is! The intent is to kill those that are being fired on!"

      A lie --- any bullet can kill , what a hollow point does is create EXTREME internal damage that is usually beyond medical help. The reason Hollow point bullets are BANNED from military use by the Geneva Convention (no US Soldier (or any soldier on the planet) is allowed to have such devastating ammo in COMBAT)! Only full metal jacket ammo is ALLOWED --- since it penetrates making a clean exit wound, with limited internal damage, and can be treated usually by a Medic on the spot.

      2)"... just add the numbers up ICE & DHS has 220,000 officers alone..." --- that is less than 1% of the total US Population --- why would they need to have SO MUCH Hollow Point Ammo (to blast the Couple of Hundred Muslim Terrorists that MAY be in America with SEVERAL THOUSAND TONS of lead per terrorist...LOL)? Or does this 1.4 Billion Rounds of Ammo equate to about 4 Hollow Point Rounds per Us Citizen???

      3) Police buy their own ammo --- so cannot be included in this .

      Conclusion --- The Us Government (under wannabe Dictator Hussein Obama) is buying up enough DEVASTATING Hollow Point Ammo to be able to kill ALL Us Citizens 4 times over, in the most brutal way (that even the Geneva Convention prohibits)!

      Math = Logic!

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  14. French Canadian and Surfisher,
    How would you respond to this message from a male relative? I told him that Ben Swann is not with Fox News, but is an affiliate. I believe because they show American Idol on their station.
    AFFILIATE def. = 1.) to bring into close association or connection. 2.) to attach or unite with on terms. 3.) to adopt. ??? So if you are payed by FOX corp and it says FOX on all your shows and logos what does that mean, that they are not
    endorsed by or promoted by the all the so-called evil liars at FOX??? And how does one possibly become "disconnected from the MSM" how is that even possible, what does one do, become a god and go to each and every event and personally gather information? The reality is that the crazy conspiracy theorists always and I do mean always, get it directly from the MSM and then it is filtered, twisted and changed by a third party in the most improbable abstract extrapolated terms imaginable. I like Ben, he is another of the many good things about FOX. FOX is the only news corp that is open to all and any views/opinions which is easy to see by all the different people they have hired from OPB, CBS, MSMBC, etc. etc. and that is a real fact.

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    • robin --- this one is easy.

      There is truth in media --- and only Ben Swann delivers it.

      The rest of the main media are paid shills --- that do noting but obfuscate (anyone with a brain can see it).

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      • Thank you Surfisher...This is one of our brain dead relatives who appears love killing and war..He claims to be a Christian- of course in name only. I appreciate your input as I didn't know enough to respond....

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  15. Come to Tampa on the 26th American Patriots --- a Million+ True Americans are expected to show --- be One of Us!

    Last chance to voice our support for the only Real American that deserves to be US President: Ron Paul !!!

    Don't delay --- start your trip to Tampa today!

    Likes(0)Dislikes(0)

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  16. GOP RNC Politburo ( Политбюро) has met and decided that things like “Rules and regulations”, “Constitution” are bad for us:

    Ben Swann's Reality Check — SHARE!

    http://www.youtube.com/watch?v=i3OZkBiqg4Y&feature=player_embedded

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  17. http://blog.tenthamendmentcenter.com/2012/04/ndaa-nullification-passes-in-virginia-governors-signature-expected-shortly/

    Let's pray that other states follow Virginia's lead by nullifying the NDAA..

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    • robin --- great post!

      Thank you!

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    • Virginia — gotta love this State!

      Let's hope the rest follow suit!

      "Today, the Virginia legislature once again approved House Bill 1160 (HB1160), what many refer to as the NDAA Nullification Act. The support was overwhelming, again. In the House today the vote was 89-7 and the Senate concurred a few hours later, 36-1.

      The bill “Prevents any agency, political subdivision, employee, or member of the military of Virginia from assisting an agency of the armed forces of the United States in the conduct of the investigation, prosecution, or detention of a United States citizen in violation of the United States Constitution, Constitution of Virginia, or any Virginia law or regulation.”

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  18. Thank you French Canadian. We know our government is preparing for civil unrest when they collapse the economy and we are dragged into WW111. Most of the people I know on both sides of the spectrum just don't want to think about it and many say what can we do about it? They feel powerless and helpless. Instead, many say all they can do is pray. Some actually seem to look forward to fulfilling biblical prophecy and these are the ones that concern me the most-my Christian Zionist relatives. We are doing what we can to prepare, but we are in a rural area away from a large metropolitan city and have a sheriff that we trust to uphold the Constitution.

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  19. Robin,

    Nothing on the Alex Jones show about the arrest of Raub Brandon. Maybe on the Infowars Nightly News, but I am too tired to listen to it tonight, I'll listen tomorrow.

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

    But, the show had two very interesting interviews:

    First: Max Keiser is back on the show, he predicts a coming civil war, he says it is inevitable... must listen.
    It starts at at: 1:00:53

    Second: Attorney Robert Bernhoft (in studio) who is a libertarian and Ron Paul supporter. If you ever have problems with the IRS, this is the attorney you want... he wins most of his cases...lol
    It starts at: 2:09:16

    Alex Jones Show: Friday (8-17-12) Max Keiser,Joe Banister & attorney Robert Bernhoft
    http://blogdogcicle.blogspot.ca/2012/08/alex-jones-show-friday-8-17-12-max.html

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  20. Just saw this and wanted to pass it on about 9/11..
    http://www.ae911truth.org/
    Special program being broadcast in Colorado on PBS with the experts that dispute the official story..

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