Rep. Ron Paul's Statement Introducing the Free Competition in Currency Act
As
a proponent of competition in currencies, I believe that the American people
should be free to choose the type of currency they prefer to use.
The ability of consumers to adopt alternative currencies can help to keep
the government and the Federal Reserve honest, as the threat that further
inflation will cause more and more people to opt out of using the dollar may
restrain the government from debasing the currency.
As monopolists, however, the
Federal Reserve and the Mint fear competition, and would rather force
competitors out using the federal court system and the threat of asset
forfeiture than compete in the market.
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