Comments on: Ron Paul’s Free Competition in Currency Act Reintroduced

By: Rand

Rand — Wed, 09 Jan 2013 20:37:33 +0000

I’d pay my bills to the govt in fiat dollars. For regular purchases, I would probably use gold or silver and encourage businesses to accept them. There are wannabe startup banks (warehouses) that would store your precious metals and issue you a debit card that would convert your puchase prices to units of precious metal and deduct that from your account. I like that concept for electronic metals.

I’d probably ask to be paid in gold and silver as well.

By: Homer

Homer — Tue, 08 Jan 2013 22:14:08 +0000

Ron Paul was pictured on one of the Liberty dollar coins that are now outlawed as counterfeits. I notice in the bill there is the provision to void previous convictions such as the founder of Liberty coins. Why would anyone want to pay their bills in precious metals? Better to use Fiat Currency. The nice thing about precious metals is that they have value in any currency.

By: jim

jim — Tue, 08 Jan 2013 06:14:58 +0000

Are you kidding? This would mean getting rid of the penny and the $1 bill. Two things Congress is loathe to touch with a 10′ pole. Paul Broun is wasting everybody’s time and money by continuing to reenter this frivolous nonsensical bill.

By: Shawn

Shawn — Tue, 08 Jan 2013 00:23:43 +0000

Like the FED would ever allow the end of legal tender laws. No one would use their paper garbage ever again. Nice dream though!

By: Vachon

Vachon — Mon, 07 Jan 2013 20:43:17 +0000

No co-sponsors? Makes me wonder where the free market cheerleaders have gone. Afraid of the potential competition?

On a more serious note though, even the Federal government could get in on this act by issuing non-denominated or competitively denominated silver and gold coins. Using prior currency terms, silver coins (denominated as “eagles”) could be issued in 1/8, 1/4, 1/2, and 1 ounce coins and gold coins (denominated as “unions”) could be issued in the same sizes and allowed to circulate at whatever value the market would dictate in comparison to dollars. If anything, it would create an incentive for the Federal Reserve to make sure the public does not lose confidence in its dollars.