Ron Paul holds hearing on legalizing competition in currencies
From Chris Powell of the Gold Anti-Trust Action Committee comes the news:
Last week U.S. Rep. Ron Paul, R-Texas, chairman of the House Subcommittee on Domestic Monetary Policy and Technology, held a hearing on his proposed Free Competition in Currency Act of 2011 (H.R. 1098), which would repeal legal tender laws, restrictions on private mints, and taxes on gold and silver, since such taxes interfere with the metals’ circulation as money. Testifying were the executive director of the Foundation for the Advancement of Monetary Education, Lawrence M. Parks, and George Mason University Economics Professor Lawrence H. White. Video of the hearing is not quite an hour long and you can watch it here:
The full text of the legislation is simple and concise and can be found here:
http://www.govtrack.us/congress/billtext.xpd?bill=h112-1098
The legislation would seem to legalize the Liberty Dollar coins whose issuer recently was convicted on vague charges in federal court in North Carolina. Professor White quotes New York Sun editor and Wall Street Journal contributor Seth Lipsky to the effect that it doesn’t make much sense to suppress private money that is sound to protect money that is unsound.
Unfortunately the Free Competition in Currency Act has no co-sponsors and its introduction and this week’s hearing seem to be mainly an educational exercise. But that’s where everything starts.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Source:
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