That ol' revolutionary, Ron Paul, has been at it again! In the midst of all his campaigning, where does he find the time to introduce legislation like this? by creator
(libertarian)
Monday, December 24, 2007
Dr. Ron Paul is truly an amazing man. All that anyone who doubts his capacity to fill the office of President need do is observe his incredible fortitude, energy, and faithfulness in representing the American people in congress.
Although extremely busy campaigning for President, Dr. Paul still takes the time required to introduce outstanding legislation in the very best interests of the economic well-being of all Americans. I encourage you to write to your own congressman and urge him to co-sponsor and vote for Ron Paul's "Free Competition in Currency Act," introduced on December 13th.
Here is what it is all about, in Dr. Paul's own words:
Statement Introducing the Free Competition in Currency Act (LINK)
13 December 2007 Rep. Ron Paul, M.D.
Madame Speaker, I rise to introduce the Free Competition in Currency Act. This act would eliminate two sections of US Code that, although ostensibly intended to punish counterfeiters, have instead been used by the government to shut down private mints. As anti-counterfeiting measures, these sections are superfluous, as 18 USC 485, 490, and 491 already grant sufficient authority to punish counterfeiters.
The two sections this bill repeals, 18 USC 486 and 489, are so broadly written as to effectively restrict any form of private coinage from competing with the products of the United States Mint. Allowing such statutes to remain in force as a catch-all provision merely encourages prosecutorial abuse. One particular egregious recent example is that of the Liberty Dollar, in which federal agents seized millions of dollars worth of private currency held by a private mint on behalf of thousands of people across the country.
Due to nearly a century of inflationary monetary policy on the part of the Federal Reserve, the US dollar stands at historically low levels. Investors around the world are shunning the dollar, and millions of Americans see their salaries, savings accounts, and pensions eroded away by rising inflation. We stand on the precipice of an unprecedented monetary collapse, and as a result many people have begun to look for alternatives to the dollar.
As a proponent of competition in currencies, I believe that the American people should be free to choose the type of currency they prefer to use. The ability of consumers to adopt alternative currencies can help to keep the government and the Federal Reserve honest, as the threat that further inflation will cause more and more people to opt out of using the dollar may restrain the government from debasing the currency. As monopolists, however, the Federal Reserve and the Mint fear competition, and would rather force competitors out using the federal court system and the threat of asset forfeiture than compete in the market.
A free society should shun this type of strong-arm action, and the Free Competition in Currency Act would take the necessary first steps to freeing the market for competing currencies. I urge my colleagues to support this bill.
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Posted By: mike montagne
Date: 2008-01-01 21:48:50
Dear Ron,
You need to understand economics if you are going to fix them. I salute you for standing against what is wrong, but being fit to solve what is wrong is another matter.
I'm a supporter, and I'm a believer in the R3VO7UTION. But I can't let you fail in this country's next economics experiment.
Competing currencies provide no benefit whatsoever, if WE THE PEOPLE unite to establish a proper currency. If you had the answer, you wouldn't propose this act.
A free market in money is EXACTLY what we need. Why should we expect a monopoly in the business of money and banking to give us high quality and low prices whereas every other monopoly in the world invariably gives us low quality and high prices?
Your "Mathematially perfected economy" cannot work. For one (from perfecteconomy.com), you say "There is no interest. The people jointly issue and regulate the circulation through representative government."
A free market in interest rates is essential to a healthy economy, and you also expect government to manage the money supply. Government control is the problem - not the solution.
Allowing the government to maintain its stranglelhold on our money for generations is precisely what got us into our current mess. Please listen to this audio book for the quintessential exposition on the subject: http://www.mises.org/media.aspx?action=category&ID=92 or read it at http://www.mises.org/money.asp.
Washington – Tear Down Your Wall Against Currency Competition
Here is an endorsement in support of Ron Paul’s Free Competition in Currency Act. Please review and link if you think it will be useful for your friends and readers.
