Free Competition in Currency Act

Ron Paul recently introduced the Free Competition in Currency Act which has three parts as follows.

Courtesy of DownsizeDC.org:

  • The Honest Money portion would repeal the legal tender law, which gives the Federal Reserve a monopoly over the money supply.
  • The Competitive Currency section would repeal the words of Title 18 Section 489 of the U.S. Code, which gives the United States government a monopoly over the creation of coins for use as currency.
  • The Tax-Free Gold component of the bill would prohibit federal and state taxes, such as capital gains, on precious metal coins and bullion.

If you are new to the idea of competing currencies, then read more here.

Any power a government arrogates to itself, it is loathe to give back
to the people. Just as we have gone from a constitutionally-instituted
national defense consisting of a limited army and navy bolstered by
militias and letters of marque and reprisal, we have moved from a
system of competing currencies to a government-instituted banking
cartel that monopolizes the issuance of currency. — Ron Paul

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