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Wednesday, December 29, 2010

Ron Paul on "Competing Currencies" - the Best Way Out of Western Economic Problems

While I don't support many of Ron Paul's foreign policy ideas, I much admire his  economic understanding.

He is by far the best mind in the U.S. House of Representatives when it comes to issues of rational economics, sound money and honest finance.

Here Rep. Paul argues that the best way out of the U.S. economic crisis is to end the Federal Government's monopoly on minting money.

While  the Federal Government is able to routinely debases its fiat money, by simply printing to order, the U.S. economy will always be sick.

Rep. Paul wants to discipline the Feds and restore confidence in U.S. money by allowing private companies to produce gold and silver coinage and derivatives thereof. These currencies would be backed by real assets and subject to fraud and counterfeiting laws, not currently applicable to the Fed.

Strong economies are built on a strong, trustworthy currencies. Rep. Paul's re-surfacing of a basic tenet of classic economics, is very timely indeed.

Ron Paul - you da man.


Anonymous perlcat said...

I like Ron Paul. I'm the same as you about the foreign policy bit, though.

I think that the problem is that the fiat currency is just part of the money pump that benefits the people close to the federal government. As such, highly unlikely for them (either party) to willingly discipline themselves. It'll have to happen from outside.

5:50 PM  
Anonymous Anonymous said...

So if he starts to gain any traction at all how long until there is an "accident"

4:30 AM  
Anonymous Anonymous said...

Marxist Plank #5 calls for the establishment of a (private) central bank (of issue) which controls "credit" (not "money") with an exclusive monopoly. We have become a communist nation. There has been no "money" in this country since 1968.

Socialism was created by bankers to unjustly enrich bankers. Under the federal reserve system, money can only be issued into circulation in the form of a loan.

When a usury loan is created, only the amount of the "principal" is created. When this "borrowed" money is repaid, the usury debt is still left outstanding, which must be paid out of pre-existing currencies or the loan must be refinanced, incuring even more "usury" debt - forever. A usury debt cannot be "paid". The only way out of it is repudiation, the real cause of war.

The solution is what JFK attempted by executive order - issue debt free "public" currency through the US Treasury, United States Notes - not Federal Reserve Notes, which are private property which we rent.

We may still incur infaltion and debt, but private usury bankers running a legqalized counterfieting operation would not derive unjust profit from it.

6:28 AM  
Anonymous Anonymous said...

Readers...Please read "The Creature of Jekyll Island" 5th Edition, Author G. Edward Griffin. We need to end the Federal Reserve period.

7:36 AM  

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