Led by Rep. Ron Paul, Congress Explores Sound Money

Written by  
As concerns over the U.S. dollar and the Federal Reserve continue to grow, U.S. lawmakers explored sound money, competing currencies, and the route to monetary freedom during an August 2 congressional hearing chaired by Rep. Ron Paul (R-Texas). It was the final House Domestic Monetary Policy Subcommittee hearing led by the long-time champion of honest currency and reining in the controversial Fed, but analysts say the impact of Rep. Paul’s work is only just starting to be felt. Entitled “Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom,” the hearing featured powerful testimony from several expert witnesses. But Rep. Paul, almost single-handedly responsible for sparking the ongoing nationwide debate about monetary policy, offered his own thoughts on the issue as well, slamming central planning and calling for honest money as a precursor to free markets and true liberty. “One of the most pressing issues of our time is the push for monetary freedom,” Rep. Paul said in his opening statement, citing Austrian economist Ludwig von Mises — widely considered one of the most important advocates of free markets in history. “The only sound monetary system is one which protects sound money and allows consumers, businesses, and investors the freedom to transact in the currency of their choice.” The popular GOP congressman, who attracted millions of followers during his bid for the Republican presidential nomination, also took the opportunity to slam the Fed and its wild policies — trillions of dollars in bailouts for foreign banks, unprecedented currency printing, and a shroud of secrecy. In just under 100 years, Rep. Paul observed, the central bank has destroyed more than 95 percent of the dollar’s value. And that insidious process benefits the elite while impoverishing regular Americans, he said. “The American people have suffered for decades from the declining purchasing power of the dollar. The Federal Reserve has abused its position as the monopolist issuer of currency to enrich Wall Street and impoverish Main Street,” Paul explained, echoing a tsunami of bipartisan anti-Fed outrage that erupted in recent years. “The Fed can effectively create money out of thin air with impunity, while creators of gold and silver currencies face jail time. This is a travesty.” According to Paul, the only way to stabilize the economy is by returning to monetary freedom and legalizing constitutional money. And until the U.S. government and the Fed get out of the way so the American people can choose what money to use without government coercion, the economy will never be truly stable and the supposed “recovery” will be “illusory,” he added. Meanwhile, other nations are already catching on to the hoax even as Americans lack the freedoms that citizens in some other parts of the world have to invest and protect their wealth from inflation. “The solution to this problem is to legalize monetary freedom and allow the circulation of parallel and competing currencies,” Paul said. The experts called to testify during the hearing largely agreed. Some of them had even harsher criticism about the disastrous monetary restrictions currently being inflicted upon the American people. ... Continue reading at thenewamerican.com... image: flickr.com/larimdame

Sign up here to be notified of new articles from Gonzalo Schwarz and AIER.