by Congressman Ron Paul
Texas Straight Talk
Mon, Dec 14th, 2009 12:00:00 am
Last week, in the name of protecting the little guy from Wall Street, the House passed HR 4173 to increase the little guy’s false sense of security in the financial system. This mammoth piece of legislation would massively increase government regulation and oversight in the banking industry under the misguided reasoning that more government could have stopped faulty lending practices, when in actuality it caused them. This bill would also greatly increase the powers of the Federal Reserve, which too many in Congress still see as savior rather than perpetrator in this mess.
One silver lining is that the amendment to audit the Fed is still attached to the bill, and if it survives the Senate, the Fed will no longer operate in secrecy. If any version of HR 4173 becomes law, the Fed will be intervening and bailing out more rather than less, as it will gain enormous new powers in addition to those it already has. Whatever happens, the Fed and its defenders have seen that people are becoming very wary of its methods of operation, and many are downright angry at its very existence. Never again will the Fed be immune from the scrutiny of its critics. This is very positive.
Because of legal tender laws that force acceptance of the dollar, the Fed has absolute power over the currency. This absolute power is leading to the absolute corruption of our currency. The money supply has doubled in the last year or so, which is extremely dangerous. The banks seem to be hoarding liquidity now but once these dollars make their way into the economy, hyperinflation and economic chaos will be a real possibility.
Every time hyperinflation rips through an economy, the middle class gets completely wiped out. It is very alarming to watch the purchasing power of an entire life savings reduced to that of a few pennies. Those savings represent years of real labor, real time, effort and sacrifice exchanged for corruptible pieces of paper that politicians and bankers can destroy at whim.
Legal tender laws force the people to become subject to this risk for the benefit of the rulers. Artificial demand for currency allows the authorities to create arbitrary amounts of it to pay for wasteful projects, like frivolous wars and an ever-expanding public sector. This saps the private economy of jobs and purchasing power, yet the temptation proves too great for politicians, time and time again. Our government is no different. Although our dollar has taken nearly a century to lose 98f its purchasing power, the fact that we are all obliged to participate in this slow burn of the economy on pain of imprisonment is anathema to the principles of liberty.
I introduced the Free Competition in Currency Act last week to free the people from these governmental threats. HR 4248 would repeal legal tender laws, prohibit taxation on certain coins and bullion, and repeal certain laws related to coinage. The prospect of people turning away from the dollar towards alternate currencies should provide incentive for Congress to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government's ability and incentive to inflate the currency and keep us from launching unconstitutional wars that burden our economy to excess. With a sound currency, everyone is better off, not just those who control the monetary system.
End Ron Paul's letter.
Protect your finances now before it's too late.
Get all the silver you can while the price is still reasonable.
Earn Silver here: http://www.silversnowball.net/
Buy Silver here: http://www.teapartysilver.com/
Are you looking for Solutions for America in Distress
You are in the right place to find out about what is really going on behind the scenes in the patriot movement in America, including solutions from Oathkeepers, Anna Von Reitz, Constitutional Sheriffs, Richard Mack, and many more people who are leading the charge to restore America to freedom and peace. Please search on the right for over 8400 articles.
You will find some conflicting views from some of these authors. You will also find that all the authors are deeply concerned about the future of America. What they write is their own opinion, just as what I write is my own. If you have an opinion on a particular article, please comment by clicking the title of the article and scrolling to the box at the bottom on that page. Please keep the discussion about the issues, and keep it civil. The administrator reserves the right to remove any comment for any reason by anyone. Use the golden rule; "Do unto others as you would have them do unto you." Additionally we do not allow comments with advertising links in them for your products. When you post a comment, it is in the public domain. You have no copyright that can be enforced against any other individual who comments here! Do not attempt to copyright your comments. If that is not to your liking please do not comment. Any attempt to copyright a comment will be deleted. Copyright is a legal term that means the creator of original content. This does not include ideas. You are not an author of articles on this blog. Your comments are deemed donated to the public domain. They will be considered "fair use" on this blog. People donate to this blog because of what Anna writes and what Paul writes, not what the people commenting write. We are not using your comments. You are putting them in the public domain when you comment. What you write in the comments is your opinion only. This comment section is not a court of law. Do not attempt to publish any kind of "affidavit" in the comments. Any such attempt will also be summarily deleted. Comments containing foul language will be deleted no matter what is said in the comment.
Saturday, December 19, 2009
Ron Paul: The Fed's Money Monopoly
Subscribe to: Post Comments (Atom)
Post a Comment
Place your comment. The moderator will review it after it is published. We reserve the right to delete any comment for any reason.