Ron Paul and HR 1098: Free Competition in Currencies

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Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress.

But such a proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, may face its best odds ever of becoming law. Both chambers are controlled by Republicans long critical of the Fed’s policies, and President-elect Donald Trump has heaped scorn on the central bank since the beginning of his presidential campaign.

Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House.

“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress,” said Paul.
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Former Congressman Ron Paul said that Bitcoin is a form of money, and money should not be regulated.

"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value," Paul told Michelle Makori, editor-in-chief for Kitco News.

Governments will always try to suppress alternative forms of money, Paul noted, but it's important to let the free markets decide what's best instead of having the state intervene.

"I will argue more the case for the legalization of freedom of choice and the people should make a decision, not the government," he said. "And the market will finally determine that my goal is to help legalize the competition. And I think the people will sort it out, freedom of choice will sort it out."

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A few years ago, Venezuela was experiencing such devastating food shortages that people stood for hours in lines just for a chance to buy basic staples. Venezuelans reported losing an average of 24 pounds in 2017. Today, such hard times feel like a distant nightmare.

People can now buy groceries, medications and other goods that for nearly a decade were impossible to find, thanks to the informal dollarization of the economy and the partial lifting of price controls and import tariffs by President Nicolás Maduro’s government. After years of deprivation, near economic collapse and political chaos, this shift has improved the quality of life for many people across Venezuela. Using the dollar instead of the local currency, the bolívar, has its drawbacks, but it has brought fragile stability, for now.
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DoChenRollingBearing said:

I agree that Ron Paul is really the only candidate who could fix this mess our country is in. Even with Ron Paul, we would still go through a lot of a lot of turbulence and pain.

But, he gets it. Honest money. He is very truthful (by political standards anyway).

And he does not have any problems with liberty of owning gold, in fact he is aggressive in recognizing gold's roles as wealth protector and liberty protector.

Still, if he cannot win the nomination I would rather have a Romney or a Gingrich than the current president. But, I think that anybody BUT RP is more part of the problem than part of the solution.

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Goldbrix said:

Homage to R. Kipling's - The Gods of the Copybook Headings.

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pmbug said:

Won't go anywhere in D.C.,

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In EMDEs, crypto-assets are relatively popular. The more popular they are, the more they could erode the effectiveness of domestic monetary policy. Because people may start preferring crypto-assets or stablecoins over domestic currencies.
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