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Mix-Ansicht- Antrag von Ron Paul zur Abschaffung von gesetzlichen Zahlungsmitteln - R.Deutsch, 07.08.2003, 07:46
Antrag von Ron Paul zur Abschaffung von gesetzlichen Zahlungsmitteln
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Hon. Ron Paul Introduces HR 2779
THE HONEST MONEY ACT
REPEAL OF LEGAL TENDER LAWS
Mr. Speaker, I rise to introduce the Honest Money Act. The Honest Money Act repeals
legal tender laws, a.k.a. forced tender laws, that compel American citizens to accept fiat
(arbitrary) irredeemable paper-ticket or electronic money as their unit of account.
Absent legal tender laws, individuals acting through the markets, rather than
government dictates, determine what is to be used as money. Historically, the free-market
choice for money has been some combination of gold and silver, whenever they were
available. As Dr. Edwin Vieira, the nation™s top expert on the Constitution as it relates to
money, says: ia... a free market functions most efficiently and most fairly when the
market determines the quality and the quantity of money that™s being used.lt
While fiat money is widely accepted thanks to legal tender laws, it does not maintain
its purchasing power. This works to the disadvantage of ordinary people who lose the
purchasing power of their savings, pensions, annuities, and other promises of future
payment. Most importantly, because of the subsidies our present monetary system
provides to banks, which, as Federal Reserve Chairman Alan Greenspan has stated,
itinducesly the financial sector to increase leverage, the Federal Reserve can create
additional money, in Mr. Greenspan™s words, iowithout limit.lu For this reason, absent
legal tender laws, many citizens would refuse to accept fiat irredeemable paper-ticket or
electronic money for their promises of future payments, such as their pensions.
Legal tender laws disadvantage ordinary citizens by forcing them to use money that is
vulnerable to vast depreciation. As Stephen T. Byington wrote in the September 1895
issue of the American Federationist: ieNo legal tender law is ever needed to make men
take good money; its only use is to make them take bad money. Kick it out!l. Similarly,
the American Federation of Labor asked: If money is good and would be preferred by the
people, then why are legal tender laws necessary? And, if money is not good and would
not be preferred by the people, then why in a democracy should they be forced to use it?
The American Federation of Labor understood how the erosion of the value of money
cheated working people. Further, honest money, i.e., specie, was one of the three issues
that encouraged ordinary people to organize into unions when the union movement began
in the U.S. circa 1830.
While harming ordinary citizens, legal tender laws help expand the scope of government
beyond that to which it is authorized under the Constitution. However, the primary
beneficiaries of legal tender laws are financial institutions, especially banks, which have
been improperly granted the special privilege of creating fiat irredeemable electronic
money out of thin air through a process commonly called iafractional reserve lending.ln
According to the Federal Reserve, since 1950, these private companies (banks) have
created almost $8 trillion out of nothing. This has been enormously advantageous to them.
The advantages given banks and other financial institutions by our fiat monetary
system, which is built on a foundation of legal tender laws, allow them to realize
revenues that would not be available to these institutions in a free market. This represents
legalized plunder of ordinary people. Legal tender laws thus enable the redistribution of
wealth from those who produce it, mostly ordinary working people, to those who create
and move around our irredeemable paper-ticket electronic money which is, in essence,
just scrip.
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