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Ron Paul Calls for Competition in Money

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posted on Dec, 11 2009 @ 11:47 PM
Ron Paul has got to be my favorite politician ever (yeah, I know that's not saying much). His newest proposal is the "Free Competition in Currency Act of 2009".

He's trying to get rid of fiat currency in the US and move us back to real coinage with REAL VALUE! He probably has a snowball's chance but, I wish him all the best on this one.

The New American

Congressman Ron Paul has become well-known and equally well-admired for his advocacy of sound money and his opposition to the Federal Reserve. In addition to his bill calling for auditing the Fed, he has now introduced the “Free Competition in Currency Act of 2009.” He notes that, to be useful and honest, currency has to be durable, portable, divisible, uniform, stable, reproducible, and scarce. And he notes that mankind’s history demonstrates that gold and silver, not paper bills, have been the choices arrived at for money throughout the millennia.

The congressman’s new measure calls for three steps. The first is to repeal legal tender laws that give paper bills issued by the Fed the monopoly always sought by thieves and tyrants. The only legal tender in our nation today is the paper currency issued by the Fed. But Congress has constitutional power to coin money, not to monopolize paper.

The second step in this new bill would eliminate laws that prohibit private mints from creating coinage to be use as currency. If numerous mints were producing gold and silver coins and bars, the public would cease relying on the increasingly less valuable paper issued by the Fed. Would some mints possibly defraud customers by adding base metal to supposedly pure gold or silver? That’s a possibility and the recourse would be to take the mint owner to court and sue for fraud. What exists today is a Federal Reserve that defrauds everyone.

In his final step, he calls for eliminating capital gains and sales taxes on gold and silver coins. The congressman provides a clear explanation of the absurdity and injustice of taxing the purchase of gold and silver coins by noting how stupid and unjust it would be if a sales tax were charged every time a person exchanged a ten dollar bill for a roll of quarters.

Please visit the link provided for the complete story.

[edit on 11-12-2009 by FortAnthem]

posted on Dec, 12 2009 @ 12:33 AM
You know Ron could of came up with a better name for his bill.

Here is one-

Common Cents bill of 2009

My 2 cents-

Like you said-Snowball chance in DC.

Thanks for bringing this to my attention. Now, if we the people can push common sense to everyone, including our elected officials, this would crush the Fed. Audit first, then eliminate. Almost like a military maneuver.

posted on Dec, 12 2009 @ 12:10 PM
For those who don't understand the importance of theis proposal, here is a brief history of fiat currency in the us;

History of Fiat Money in the US

In a fiat money system, money is not backed by a physical commodity (i.e.: gold). Instead, the only thing that gives the money value is its relative scarcity and the faith placed in it by the people that use it. A good primer on the history of fiat money in the US can be found in a video provided by the website.

In a fiat monetary system, there is no restrain on the amount of money that can be created. This allows unlimited credit creation. Initially, a rapid growth in the availability of credit is often mistaken for economic growth, as spending and business profits grow and frequently there is a rapid growth in equity prices. In the long run, however, the economy tends to suffer much more by the following contraction than it gained from the expansion in credit. This expansion in credit can be seen in the Debt/GDP ratio. We track the bubbles created by this expansion of debt at the inflation / deflation page.

posted on Dec, 12 2009 @ 12:19 PM
Oh yeah let's have a bunch of private mints putting out hundreds of different coins and forms of money. That's a bright idea Paul???????????

I agree with Ron Paul on many issues but he's stuck in the dark ages when it comes to economics and money. We absolutely need to end our debt based monetary system and get rid of the Federal Reserve. But we still need some form of centralized money for our country to run efficiently. If we had an honest, capable, and efficient government then we could allow what the Founding Fathers had always envisioned, a greenback system of monetary creation, i.e. Constitutional authority for the "people" i.e the US government to print it's own money both coins and dollar bills. but because our government is corrupt right now it will never happen. What people like Ron Paul fail to realize is that the private sector is just as corrupt as the public/government sector. Many private companies are just as inefficient as well.

[edit on 12-12-2009 by Zosynspiracy]

posted on Dec, 12 2009 @ 12:26 PM
reply to post by Zosynspiracy

At least we could take private mints to court if they defraud customers. The Federal reserve does it all the time and there is nothing we can do about it as our money loses value through their constant inflation of the money supply.

I do agree though, this is something that should be done throught the govt. The Constitution gives sole authority to congress to mint coinage but, like you said, we can't trust them anymore.

posted on Dec, 12 2009 @ 03:00 PM
reply to post by Zosynspiracy

I don't suppose you have heard about the Clinton Gold bars have you?

Kind of like the man, polished on the outside, and crap on the inside. Just like every other corrupt politician we have.

Link on weighted gold bars-Clinton's gold rush-theirs tungsten in them thar hills!

posted on Dec, 12 2009 @ 10:32 PM

Originally posted by FortAnthem
He's trying to get rid of fiat currency in the US and move us back to real coinage with REAL VALUE! He probably has a snowball's chance but, I wish him all the best on this one.

Nice trick, if it can be done...But I've seen a real upswing in how often I see those "sell your gold" commercials on TV. Check out what the Constitution has to say in Article 1, Section 10, Clause 1:

No State shall... ...make any Thing but gold and silver Coin a Tender in Payment of Debts

See how those people smile big, when they say they sold their gold & hold up a big wad of Federal Reserve Notes!
Those Notes are not backed by gold or silver (& haven't been since the Emergency Banking Relief Act). In essence, too many people have been hoodwinked into believing that those Notes are worth anything, except as Certificates of Debt owed to the Federal Reserve Bank, with interest.

It's not the fact that it's "fiat money" that makes it dangerous...It's the fact that it's not based on Gross National Production or backed by anything else that has real inherent value (such as gold/silver/etc). Once the Banking Relief Act decoupled it from gold/silver, if it had just been linked with our GNP, then you can bet your sweet bippy that the government wouldn't now be allowing our jobs & industries to be shipped overseas!

So, to prevent the government from continuing to over-borrow & overspend, do something like passing a Bill that would reduce their salaries according to how much deficit they authorize would even keep the government's out-of-control growth in check too.

As for the government's out-of-control growth is concerned, I think Thomas Jefferson said it best:

My reading of history convinces me that most bad government results from too much government.

Restore the Constitutional Limits on them, just as their Oaths of Office (Article 2, Section 1, Last Clause for POTUS; Article 6, Clause 3 for all other Officers) have lawfully bound them.

The people in those commercials have have been duped into not believing in the Constitution, the very foundation of our National Law. They'll probably wish they'd hung onto their gold when the Dollar collapses, since it's the Fed Res that's been engineering our economic collapse for over 80 years...And making tremendous profit for themselves ("themselves" being predominantly representatives of foreign banking interests) by "foreclosing" & "repossessing" goods that have real, inherent value used against the loaning of their worthless scrip.
Yes, Federal Reserve Notes are nothing more (& nothing less) than Corporate Scrip!
There...I said it right out front, with no "contextual semantics" or "political spin-doctoring" to disguise the bare truth! And this is far from the first time I've said it thus!

Originally posted by Zosynspiracy
Oh yeah let's have a bunch of private mints putting out hundreds of different coins and forms of money. That's a bright idea Paul???????????

Actually, Article 1, Section 8, Clause 5 of the Constitution delegates to Congress the Power "To coin Money, regulate the Value thereof, and of foreign Coin" & Article 1, Section 10, Clause 1 forbids the States from doing "coining" our money. It even limits the States to gold & silver for lawful payment of debts. Yes, I would oppose numerous private mints too...They would all have to be strictly under the aegis of Congress, not owned privately. After all, the Fed Res is a privately-owned "loan machine" already. The Fed Res already has some competition though; Look up the locations of Barter Exchanges in your area!

JFK tried to reign in the Fed Res already, but he wound up assassinated & his gold/silver money was pulled out of circulation. The Banking Relief Act was Unconstitutional to begin with, because it set the Federal Reserve Notes into a monopoly in circulation...And forced onto the States as the illegal monopoly in circulation.

Originally posted by FortAnthem
At least we could take private mints to court if they defraud customers.

If the Constitution is enforced by We the People, then the 1st Amendment gives us the recourse of the courts through the Right to Petition for Redress of Grievances. Of course, the Constitution would have to be strictly enforced on all Officers, regardless of Branch or level. The current government ignores all duly Lawful Petitions & even delivers more suffering on those who have been issuing the Petitions.

Since at least 99% of the government Officers seem to ignore the terms & conditions of their Contract of Employment (ie: The US Constitution), then We the People (as their Employers) are charged with the responsibility & duty to fire them! They are not above the very same Law that created their positions in the first place!

posted on Dec, 12 2009 @ 10:54 PM
reply to post by MidnightDStroyer

I wish I could give you 10 stars for that.

You seem to have a lot of facts about the criminal nature of our currency close at hand. Maybe you should start a thread of your own to get the word out better.

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