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Ron Paul: Fed ‘monopoly’ could be broken if Americans use gold, silver as currency

As the incoming chairman of the House monetary policy subcommittee, Rep. Ron Paul (R-TX) will hold the bully pulpit when it comes to the nation's money woes.

He's not wasting any time getting right to the heart of the matter.

The libertarian-leaning conservative has long been a critic of the US Federal Reserve and central banking as a whole, but this may be a new one: speaking with CNBC recently, Paul said he views the Fed as a "monopoly" that could benefit from the introduction of competition.

2 Comments in Response to

Comment by Anonymous
Entered on:

The "other" Libertarians whose brain does not go down to their bare knuckles and swear their philosophy is superior [rather than fractious] to those who are against -- to which posturing I totally disagree -- are saddened to criticize this economic position taken by Dr. Ron Paul whom like the rest of us I also like. I cannot perceive myself as a party to a political propaganda in deceiving the American public of the historical truth that for so many years we have been in and out of the gold standard. We lastly returned to it in 1925, and finally abandoned it in 1931. You can check these facts yourself.

Get the idea why we could not go back to gold anymore from a learned source who said it eloquently: "Since gold is almost limited, no economic recovery is possible because there is no gold [not much gold available] to spend for expansion, unlike when economic policy takes advantage of printing and issuance of fiat money where only government guarantee is required – not stocks of gold in the vault."

"Trust" on this "guarantee" of the United States government is worth more than the gold or wealth of all nations combined. Perhaps only juvenile delinquents that could not trust their own mother who takes good of them and protect them, have no use for this most formidable guarantee ever contracted on the planet. Lacking this "trust", they describe their mother worse than a whore.

Are there problems associated with our present extraordinary monetary system? Sure. But what gift of life has no threat of death [problem], you tell me …

Yet be that as it may, except for the possibility of anarchy and chaos, the passion of Austrian economics describing the struggle for self-sufficiency and individual liberty is incomparable. I take that as the only guiding light, especially when in life your day changes to night.

But here reality is hard to deny unless you are a Libertarian as stubborn as the proverbial blind bat: The limited stocks of gold and other metal reserves, could not bring us to the future, i.e., in accomplishing extraordinary feats the results of which had made your life and mine a millions times different from what we have then back in the cave. Tell me whether that difference is good or bad, and I will tell who you are!

At least from 1925 to this day, my take out of this in spite of our problems attributed to the operations of the Federal Reserves is that it was our credit or I.O.U. system and fiat money that sent us to the Moon, and now to the edge of the Universe … not the gold, silver [strictly speaking these metals cannot be called "currency"] as a medium of exchange or "money".

As I said before, this subject is my baby in the academe for many years. I would like to write about it for the benefit of our very disturbed and combative readers, but it is no go for that zealously supports its acknowledged Libertarian "hero", Dr. Ron Paul.

Nonetheless, I am still sharing with you fragments of it. To everyone … Cheers! bakadude

Comment by Bill Koehler
Entered on:

As Currency?  shouldn't that be as money?  When will the government free Hargis and VonNothaus the guys who created gold and silver banking and are no in prison for it?

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