Ron Paul - We Must Have Parallel Currencies

This is indeed some of the best material from Dr. Paul to date. He lays out the reasons why this is important. I'm interested in knowing if you agree or disagree and why...

I have provided a sampling below, but please take the time to read and share this information.

All the legislation and regulation that ostensibly protects the average American from losing money in fact does exactly the opposite. It keeps the average American from being able to defend against inflation by investing in precious metals, forces him into mediocre investment opportunities that do not even keep up with inflation, and leaves him at the mercy of the taxman. Compared to their counterparts in other countries, the average American has far fewer financial options available to them.

Before the United States House of Representatives, Subcommittee on Domestic Monetary Policy, Hearing on Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom, August 2, 2012

One of the most pressing issues of our time is the push for monetary freedom. The only sound monetary system is one which protects sound money and allows consumers, businesses, and investors the freedom to transact in the currency of their choice. The importance of sound money is summed up nicely by Ludwig von Mises: "It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments." It is no wonder that governments fight tooth and nail against sound money, as sound money protects the well-being of the middle class and the poor while preventing the expansion of government.

Over the past 100 years, the Federal Reserve has continually pumped new money into the economy, resulting in a 96 percent devaluation of the dollar. This devaluation does not affect everyone equally, as the banks who receive this new money first benefit from using it before prices rise, while average Americans suffer the price rises first and receive only a trickle of money well afterward. In this way the Fed enriches Wall Street while impoverishing Main Street, leading to a growing disparity of wealth.

It is horribly unjust to force the American people to do business with a dollar that is continuously debased by the Federal Reserve. Forcing a monopoly currency with legal tender status onto the people benefits the issuer (government) while harming consumers, investors, and savers. The American people should be free to use the currency of their choice, whether 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.

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how crazy is paul for thinking we shouldn't have a monopoly on currency

hes really crazy for thinking we shouldn't be the world police

crazy

reply to post by freakjive


Indeed. The dollar is worth nothing if the government has the power to have it created for them and make every single dollar that we own less money by doing so. That means the government essentially has something over on the people, they control all of the money when they shouldn't. There should be a set amount that circulates between the people and the government.

Originally posted by Doalrite
how crazy is paul for thinking we shouldn't have a monopoly on currency

hes really crazy for thinking we shouldn't be the world police

crazy

What Ron Paul is saying is 100% true, and you don't understand a word of it. What you replied had nothing in common with what Dr. Paul was saying. This has nothing to do with the world, or us policing, or us forcing the dollar on others. He is saying the government is forcing the dollar on America all the while devaluing it, and it's not right. The devaluing part is what I disagree with.

As to the OP, I hope when Romney wins a spot is found for Dr. Paul to do what he does best. I love his ideas on the Fed.

reply to post by freakjive


Yes, I strongly agree with Paul on this issue. I have been a precious metals investor for 11 years, well before it was popular with the mainstream as it has been for...maybe the past 5 years or so.

I became interested in precious metals when I saved $700 over the course of a year. Yes, it took me a year to save $700 (11 years ago) and during that time I earned a fat $0.26 in interest.

That doesn't even come close to profiting on your savings. I probably would have done better to purchase clothing or some other tangible asset, than to save it. On top of this, the savings account I had at the time would charge you $3.00 per month in fees if your balance was under $250. That meant I actually had to do an 'under the mattress' savings plan until I exceeded that amount to even open the account.

For a year of holding the money in the bank -which the bank profits from- I was paid a quarter. Bye bye standard method of savings!

There are other tangible assets one can choose if one is not interested in gold or silver. Think outside the box.