Monetary Revolution Begins With Competing Currencies

Eric Blair
Activist Post
December 27, 2010

In recent interviews, Congressman Ron Paul has been promoting the idea of legalizing competing currencies in the process of diffusing the Federal Reserve’s monopoly over money.

	Gas station in Michigan accepts Ropan Paul silver coins.

As the Fed’s strongest political critic, Paul will now be in a position as the new Chairman of the House Subcommittee on Domestic Monetary Policy to enforce more transparency and push for alternative currencies to compete with the dollar.

Already, his unprecedented measure to audit the Fed was passed in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Despite being a watered down version from the original with 300-plus cosponsors in the House, it will still accomplish more transparency of the Fed. Paul has also introduced a lesser-known piece of legislation that he says is vital to reforming monetary policy and restoring economic freedom: the Free Competition in Currency Act of 2009 (HR 4248).

The premise of this bill is that private or public monopolies are naturally destructive to freedom, especially when that monopoly can legally counterfeit the nation’s currency with little oversight. Paul says during his floor statement to introduce the bill that the Federal Reserve is a “dangerous organization” that “does not allow competition because they know they can’t compete.”

Bill HR 4248 will essentially do three things: 1) repeal legal tender laws to remove the monopoly control of the Federal Reserve, 2) legalize private mints to issue coins to be controlled by anti-fraud and anti-counterfeit laws, and, 3) remove taxes from precious metal coins to ensure fair competition among new currencies.

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Paul adds that it will provide a smooth transition away from the Fed, pointing out that “if nobody wanted to use them (competing currencies), they wouldn’t have to, and everybody could be happy with the Federal Reserve. But if the situation gets so chaotic that the people are looking for an alternative, they can go over to start operating in another currency.”

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