Gold Standard

[JordanQ72]

Presently, there is no alternative allowed to be used as currency.

This is either an outright lie or misinformation.

You can use anything you want as currency, it's called barter, and has never been illegal.

What was the part that got Liberty Dollars is the obvious confusion over claims of it being US backed and currency, ie, legal tender.

Seriously, they should just write in huge letters on the back, "THIS IS NOT LEGAL TENDER ACCORDING TO NORFED AS WELL AS THE US GOVERNMENT"

 

[Gilby]

You can use anything you want as currency, it's called barter, and has never been illegal.

Yet, they impose a tax on the use of other assets based on the increased value relative to FRNs.

 

[Mike Mazzone]

I think he would simply allow private competing currencies that is backed by gold/silver to be used as legal tender. You're right, for the government to try to hoard enough gold to back up all their notes is kind of ridiculous.

It was also the reason why they could get away with going fiat. The US government has a stockpile of 6 billion ounces of silver in 1945, the largest hoard of silver ever in history, and as of 2005 that 6 billion is completely gone. If they didn't still have 2 billion ounces stockpiled in 1980, the revolution would've happened then.

 

[jonahtrainer]

I think he would simply allow private competing currencies that is backed by gold/silver to be used as legal tender. You're right, for the government to try to hoard enough gold to back up all their notes is kind of ridiculous.

A competing currency already exists and is operational.

 

[RustyBrewster]

A competing currency already exists and is operational.

That's not the same as having notes you could go to a store and buy something with. Or a debit card for a gold account.

 

[Dr.3D]

This is either an outright lie or misinformation.

You can use anything you want as currency, it's called barter, and has never been illegal.

What was the part that got Liberty Dollars is the obvious confusion over claims of it being US backed and currency, ie, legal tender.

Seriously, they should just write in huge letters on the back, "THIS IS NOT LEGAL TENDER ACCORDING TO NORFED AS WELL AS THE US GOVERNMENT"

Misinformation? Perhaps, but if it were lawful to have an alternate currency, then Dr. Paul would not have introduced a bill to allow Competition in Currencies.

At this time, the FED does not allow barter! If they did, then the Liberty Dollar would have had no problem.