Statement Introducing the Free Competition in Currency Act
December 23rd, 2007The man is taking his life in his hands.
Via: U.S. House of Representatives:
Statement Introducing the Free Competition in Currency Act
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.
Yes he is. He is a true patriot hero. I also would not get on a commercial flight he is on.
Love that guy. He and Taki are the Pook’s heroes — albeit very different sorts of men.
Kevin, you’re weaved through the lyrics of this dirge…
Don’t need rose-colored glasses
With a brand new wide-screen TV
Coup d’etat now in syndication
Coup de grâce for a pole marquee
Congressional shadows, marionette
Executives’ out of control
Silverware stolen, now its war eternal
And a gallon of gas for your soul
Lyres, Lawyers, psychos and thieves
Zombies just dance to the spin
Crowd is chanting, ‘Barabas, Barabas’
Oh no, not that again
No hard feelings, jump if you can
From the Undead Railroad Line
Every moment gets more expensive
As you’re running out of time
Twilight approaches the empire’s edge
Darkness and liberty lost
Quick, say a prayer, light up a candle
Bow to the Rubicon crossed
Parchment empowered, the many make one
Echoes a Latin refrain.
Pray for the last American Statesman
And all on board this Hell-bound Train
Ron Paul rhymes with got balls!
ATT and Verizon are certainly on my trail after my friend – who is in the gold trading business- read me the riot act this weekend re the U.S. economy and what he would like to do the Bush, his VP etc. Certainly his sentiments are of the type that would send the swat teams in, and if posted anywhere would get a site shut down. 🙂
Quite disturbing really. An ex US Seal, a person who has made a life for himself trading coin, selling jewelry etc. emoting such vitriole.
He feels his existance in this line of work is at the lowest point in over 20 years. He believes the U.S. is in its worst state ever in his lifetime and I guess he isn’t too happy with the ship of state’s ability to steer.
Recession – nah, in his mind the US is way past that. The next greatest Depression. But no one is paying attention. Except maybe Ron Paul and the rest of us “survivalists.” Merry Christmas!
What’s not to like? —
“Pimp my Ride: On the Road with Ron Paul’s merry band of misfits and his hooker fan club”:
http://www.tnr.com/politics/story.html?id=83665295-1de6-4571-af9c-0a90f6d1fde0