Wednesday, December 16, 2009

HR 4248: Free Competition in Currency Act

Introduced 12/09/09

Introduction combining Ron Paul & “Fall of the Republic” economic data

A system of the reintroduction of competing currencies needs to be established now. At this country’s emergence there was no Federal government monopoly on coin and currency, no Federal Reserve to print currency without regard to inflation. In fact the Federal government needs to have the ability to inflate the fiat Federal Reserve Notes in order to carry on constant wars and at the same time provide the people with their bread and circuses. The current national debt including toxic derivatives exceeds the GNP by 20 to 30 times. Our economy is bankrupted. The Wall Street bankers together with their international partners are holding Congress hostage with the threat of Marshall law unless more bailout currency is appropriated to them. No amount of bailout is enough to stem the tide of the toxic derivatives originally put in place by the Clinton administration. Obama has the same hencemen as Clinton.

To take back control of our own currency, the following needs to be established:

  1. Eliminate capital gains and sales taxes on gold and silver coins.
  2. Reestablish private mints.
  3. Eliminate legal tender laws. The Constitution, article I section 10 allows states to use only gold and silver as legal tender in payment of debts. The Constitution says nothing about the Federal government declaring anything a legal tender. The Federal government on its own declared the fiat Federal Reserve Notes legal tender. If people are free to reject debased currency such as the Federal Reserve Notes, and instead demand sound currency, than sound currency will return. A free market will dictate this result. Merchants and citizens would be free to reject the Federal Reserve Notes and thus reject the yolk of the Federal Reserve!