Saturday, January 23, 2010

Ron Paul Testifies on Behalf of Free Competition in Currency Act

On December 9, 2009, Ron Paul introduced the Free Competition in Currency Act. Watch a January 20, 2010 video of Ron Paul testifying on behalf of his proposed legislation.

HR 4248 would abolish the legal tender laws, allow the establishment of private mints, and repeal capital gains taxes on gold and silver, allowing them to compete effectively as currencies. From Ron Paul:

"Because of legal tender laws that force acceptance of the dollar, the Fed has absolute power over the currency. This absolute power is leading to the absolute corruption of our currency. The money supply has doubled in the last year or so, which is extremely dangerous. The banks seem to be hoarding liquidity now but once these dollars make their way into the economy, hyperinflation and economic chaos will be a real possibility."

"I introduced the Free Competition in Currency Act last week to free the people from these governmental threats. HR 4248 would repeal legal tender laws, prohibit taxation on certain coins and bullion, and repeal certain laws related to coinage. The prospect of people turning away from the dollar towards alternate currencies should provide incentive for Congress to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government's ability and incentive to inflate the currency and keep us from launching unconstitutional wars that burden our economy to excess. With a sound currency, everyone is better off, not just those who control the monetary system."
For further reading:
"Real Banking Reform? End the Federal Reserve", Richard M. Ebeling, January 22, 2010
"Judicial Terrorism: The State vs. Robert and Danille Kahre", William Norman Grigg, December 3, 2009
"Prosecuting Robert Kahre for Embarrassing the Federal Reserve", Jacob G. Hornberger, June 3, 2009
"Employer's gold, silver payroll standard may bring hard time", Las Vegas Review-Journal, May 26, 2009

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