There used to be a fantastic page called the "Navy Seal Wall of Shame". Anyone who heard someone mouthing off about being a Seal could submit the idiots name for authentication, along with a photo preferably and a full "report" of what they said, where, when, witnesses, etc. If they failed the records check, they got on the wall of shame. It was too hilarious. Absolute humiliation for anyone stupid enough to make this claim falsely. Very funny reading. Too bad it died due to lack of manpower. It was the best, and probably the only, mechanism needed to keep the braggarts in line. I agree that idiots have to have their free speech protected too. Glad this law is off the books.

Does that mean it's legal for Obama to falsely present himself as "Savior Of The Universe" and as a Natural Born Citizen? 

Well, the right to free speech should include the right to lie, as long as you are not defrauding or defaming someone.