By Sam Aydlette
Currently, the U.S. Government restricts your economic transactions, as labor, goods, services, and all other commodities must be bought and sold according to their current dollar value. Simply put, legal tender laws have created a government-sponsored monopoly over what is considered money; other options that once functioned as money, such as gold or silver, are now considered not to be so, and are taxed. Removing the legal restrictions and allowing people to use gold or silver as an alternative currency would free them from the dangers inflation poses to the value of their savings.
The value of gold compared to dollars has actually risen faster than the rate of inflation, possibly because of higher demand due to it being a more reliable preserver of wealth than the U.S dollar despite being treated as a commodity and not a currency.
Regardless of whether or not one believes that the idea of competing currencies would be a viable alternative to centralized banking, it is imperative that these issues come to the forefront of our political discussion. The fundamental practices of the Federal Reserve System affect the lives of American citizens more than any other man-made institution in the world. Three things must occur for America to once again establish economic liberty. First, the citizens must understand how the current monetary system creates inequality, and agree upon a viable system that protects the property rights of the individual. Second, the American people must let their ballots do the talking during elections and vote for candidates who are committed to ending the inequality caused by the Federal Reserve System. And finally, those who are profiting off of the current system must understand that it is morally wrong to use inflation to fund the Government, because it disproportionately affects the poor and middle class, while the rich and powerful are largely exempt. The only way that a truly fair and free society is possible is when property rights are respected by all.
Tags: Federal Reserve, currency, dollar, compeing currency