Legalize Competing Currencies

– by Ron Paul

Ron Paul

I recently held a hearing in my congressional subcommittee on the subject of competing currencies. This is an issue of enormous importance but unfortunately few Americans understand how the Federal Reserve and Treasury Department impose a strict monopoly on money in America.
This monopoly is maintained using federal counterfeiting laws, which is a bit rich. If any organization is guilty of counterfeiting dollars, it is our own Treasury. But those who dare to challenge federal legal tender laws by circulating competing currencies − at least physical currencies − risk going to prison.