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October 21, 2010

Four Reasons Why Freedom is Better than the Fed

An informative article at Real Clear Markets prompted me to write a letter to Congress urging them to pass Ron Paul’s Free Competition in Currency Act. I encourage you to do the same through DownsizeDC.org’s campaign.

The hard-wired message says, “Please co-sponsor and do all you can to help pass Ron Paul’s ‘Free Competition in Currency Act’ (HR 4248).”

To this I added . . .

John Tamny reminds us that the Federal Reserve was established in 1913 to protect Wall Street’s big banks from competition. http://tinyurl.com/39z7xkg

Since then . . .

* The dollar has lost 98% of its purchasing power
* Financial crises have been longer and more severe
* And poorly-run banks are constantly bailed out

But if you pass the Free Competition in Currency Act . . .

* Individuals would be free to reject the inflated Federal Reserve dollars and choose a more stable currency
* Banks and other firms could issue their own currency based on gold or some other good
* The public would demand sound money, prudence, and credible banking practices
* Private “lenders of last resort” would serve only healthy banks with short-term liquidity problems, and would let bad banks go through the bankruptcy process, thereby preserving individual responsibility and a sound system of incentives.

It’s time to let the free market succeed where the Fed failed.

(END)

You may send your letter using DownsizeDC.org’s Educate the Powerful System.

James Wilson
Assistant Communications Director
DownsizeDC.org

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