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So Ron Paul has introduced this bill to create competition to fiat currency. I have read about his take on this before in his book, but I am curious about the implications and would love to hear thoughts from people who know much more on the subject. As I understand it, it would allow say American Express to create a currency, as an example. I don't understand all the problems or issues this could cause, but it is an exciting prospect with many risks and many possible rewards. I know many will think it is absolutely crazy to think of many different currencies circulating, but with most people using plastic these days it seems to me it wouldn't be that hard to facilitate. The market would mostly keep itself in check. The currencies that did anything to affect their value would have their standard or value fall against others.
H.R. 1098: Free Competition in Currency Act of 2011
112th Congress, 2011–2012
To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
Sponsor:
Rep. Ronald “Ron” Paul [R-TX14]
Status:
Referred to Committee
H.R. 1098: Free Competition in Currency Act of 2011
112th Congress, 2011–2012
To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
Sponsor:
Rep. Ronald “Ron” Paul [R-TX14]
Status:
Referred to Committee
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