Thursday, January 7, 2010

Competition in Money

In modern society whoever controls money controls you. Whoever controls the money has so many opportunities to take advantage of you. There are inflation, taxation, confiscation (e.g. gold confiscation in US, mandatory conversion in Argentina) and many more schemes to control you and slowly make you hand over your earnings to the government. The government has a monopoly on defining what is legal tender and on money printing. And like a lot of monopolies it is abusive. How to bring a little bit of fairness back into money? Ron Paul suggests competition of money. If there are multiple currencies then people have a choice. And if the new currency or currencies (why stop at two?) are not government controlled the government no longer has the monopoly. An innovative thought. Here is the speech were Ron Paul presents the Free Competition in Currency Act.

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