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Tuesday, 13 September 2011 19:00

Ron Paul Wants Competing Currencies

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Ron PaulOn March 15, Rep. Ron Paul (R-Texas) introduced H.R. 1098, better known as the “Free Competition in Currency Act of 2011,” which would repeal the legal tender laws in the United States Code (Section 5103 of Title 31). In its elegant simplicity (the bill is only three pages), it would be the first step to restoring a sound currency by allowing American citizens to choose which currency among competing currencies works best for them.

In his "Texas Straight Talk" for July 11, Paul presented the case for competing currencies and promised that his committee, the House Domestic Monetary Policy and Technology Subcommittee, would shortly hold hearings on his bill. On September 13, the first of those hearing was held with testimonies from Dr. Lawrence Parks, the executive director for the Advancement of Monetary Education, and Dr. Laurence White, professor of economics at George Mason University. In short, Paul told his constituents exactly what he was going to do, and then he did it. It isn’t necessary to iterate how rare such an occurrence is in Washington’s hallowed halls. 

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