Tuesday, December 22, 2009

Compete with the Fed Dollar:H.R.4248 - Free Competition in Currency Act of 2009

What is currency? To be completely frank, currency is nothing more than the value of labor transfered into credit. When you receive currency(or money) you are being giving the value of your labor. In a fare system the harder and better you work the more value your labor will be worth. As your skill increases the amount of currency your labor should earn you. Once you have currency you can use the value of your labor as credit to make profit. i.e. investments, stocks, loans etc...

Unfortunately, this simple concept has been abused and misused in America to the point in which the harder a person works the less value one`s labor can earn. Due to years of inflation, over production of currency, massive debt incurred by government and a one sided banking system based on quick profit rather than sound money policy American`s find themselves deeper in debt the harder they work.

The Federal Reverse Dollar seem to no longer represent the labor of Americans. A lot of the debt put on the Fed dollar was never actually incurred by the American people. Instead, a private bank has been issuing debt loaded notes expecting the American people to fit the bill. Our government has been, for the most part, played along and helped to load up the Fed dollar with so much debt that it will never be paid off.

As the situation looks to suck the American people into a endless black hole of debt there is a solution which does not get talked about enough. Give the Fed dollar some much needed competition. As Congress fast approaches the year end break the one bill which could actually help break the debt chains of the Fed dollar could sadly die and be forgotten. H.R. 4248 known as the `Free Competition in Currency Act of 2009` would repel the laws concerning what is legal tender in the United States. It would stop all taxes on non-Fed coins and other tender which could be used as currency. This bill, introduced by Rep. Ron Paul on Dec. 9th 2009, would allow alternative currency to complete directly with the Fed dollar inside the United States.

As soon as this bill was introduced by Rep. Paul in the house the speaker buried it by referring it to three committees(House Judiciary,House Ways and Means,House Financial Services) for a period to be determined by the speaker. In short, the speaker has decided to keep in bill in committee until it gains enough support to be considered on the floor. The speaker was able to keep the bill from getting much needed attention during the current session of Congress.

To Rep. Paul`s advantage the three committees which H.R. 4248 has been referred to are committees which he is a standing member. The house returns to session Dec. 22, 2009 for a few days before the holiday break starts. If Rep. Paul can gain a few co-sponsors as well as win a few debates in committee he will be able to do two things: reintroduce the bill on the floor and attempt to get it considered for a vote or hold the bill until the first session in 2010 reintroduce an amended version with co-sponsors.

Both options would keep the bill from being completely killed in the house. Yet, Rep. Paul will not be able to pull any of this off by himself. If other members of the house get pressure from those who elected them to co-sponsor the bill it would make Rep. Paul task a lot easier. If you don`t know how to contact your rep. click here.

If you want to fight off the mountain of debt placed on you, your family and friends by the Federal Reserve supporting this bill is a first step.

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