Ron Paul on the House floor introducing his bill for legalizing competing currencies -- the HR 4248 Free Competition in Currency Act of 2009.
The Act Summary:
- Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public charges, taxes, and dues.
- Prohibits any tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by a state, the United States, a foreign government, or any other person.
- Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that has legal tender status under the Constitution.
- Repeals provisions of the federal criminal code relating to uttering coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins. Abates any current prosecution under such provisions and nullifies any previous convictions.
Contact your Rep to support this effort. Read full bill HERE.
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7 comments:
Ron Paul is an absolute fool. I'm taking the Ron Paul sign off my truck.
Ending the legal tender laws would cause MASSIVE and IMMEDIATE hyperinflation. Only a damned fool wants that.
The vast majority of people do not own gold or silver. Removing the legal tender laws would instantly render the Federal Reserve Note worthless. No one would accept them at all without a deep discount.
We're going to have hyperinflation sooner or later, but only a damned fool would rush that black day.
A closer look, my dear sir, reveals a mirror of which is your reflection and under which those very words are written. Wisdom lacks in the rash judgement of those who deny the subtle nature of destruction that is already upon us. The ship now is sinking, shall you only awake when it becomes evident personally? Ron Paul, my dear sir, remains cool at your off hand remark and Liberty shall indeed still prevail.
Sincerely,
Joshua Lake, PATRIOT
How would it cause massive and immediate hyperinflation?
I'd be quite surprised if Corbett had a Ron Paul sign in the first place, and wasn't already pre-decided. hopeseekr I had the same question.
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I think multiple competing currencies is a great idea, and exactly the step we need. If all we can use is the debt-notes printed by the Fed, we'll be financially enslaved worse and worse with every passing year. When will we say the noose is too tight??
However - assuming our run-of-the-mill Congress will not not side with Ron Paul - I believe we don't need to actually PRINT currency (and so break the law), we can simply record it in secure online databases, thereby NOT using the US Dollar. Think about it; it's that or Ron Paul's bill as about the only way off the (Fed's fish)-hook.
Doing this will also enable us to start producing our own food and the rest, and trading goods & services. The latter are the only REAL currency, and this way, we literally do not need their debt-dollars to trade (and makes it a lot easier than bartering cows for apples). This is very possible. I'm starting now.
What about Gresham's Law? Of course the Fed notes would be preferred as currency since the bad currencies will always drive out the good. People will hoard their PM's. (Merchants may demand payment in gold but that would likely cause them to lose business.)
The main benefit, which I believe Paul is aiming at, is that precious metals will trade without capital gains tax or any other tax. However people will continue to hoard them, demand will increase exponentially and they will not circulate in any meaningful degree.
A likely interim compromise would add gold and silver as legal tender for payment of taxes etc. while keeping that status for Fed notes. This would assist the price of gold to go MUCH higher and prepare the way for gold as a global reserve currency at the $12,000 an oz. level. This is the direction the global elites are driving in, I believe.
Has the value of gold vs the value of steak really changed all that much in 100 years? No. Steak fluctuates supply vs demand. The value of the exchange medium, the dollar (and any other fiat currency) however, has.
An ounce of gold will buy you ~15 barrels of oil today.
In 1970 an ounce of gold would buy you ~21 barrels of oil.
in 1990, ~21...
Yes, demand for OIL is higher today... but speculation is accountable for some of that difference... the point is that the DOLLAR is what's changing value, not the commodity...
"What about Gresham's Law? Of course the Fed notes would be preferred as currency since the bad currencies will always drive out the good. People will hoard their PM's."
This is why the dollar would go to zero because everyone would only want to hold onto gold/silver. Low or no demand for something=worthless.
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