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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http://thehill.com/policy/finance/312662-audit-the-fed-bill-gets-new-push

 

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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."

Unfortunately, I don't think the audience is listening any more. The Free Competition in Currency Act was originally introduced in Congress in 2007. It died and had been successively re-introduced session after session until 2013. If crypto re-awakens interest in this legislation, I would be amazed.
 

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The New York Times published a report on Venezuela:
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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More: https://www.nytimes.com/es/2021/09/06/opinion/venezuela-dollarization-maduro-guaido.html

The main lesson to draw from this is that when faced with a currency crisis, people need another option. One day America will wake up and learn this fundamental truth but I fear it will be through first hand experience while the lessons of history are ignored.

On a related note, El Savador is full steam ahead with integrating Bitcoin as a parallel legal tender to the US Dollar. They are setting up Bitcoin as a competing currency to the dollar. Time will tell if the idea spreads to other nations.
 
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