freedolnomics.com

Competing Currency the Wave of the Future

If one were following the news lately, they would talk about Egypt, Libya, and the other protests-riots in the Mid-East. But what I thought was bigger news, which would affect Americans in a way that is unseen, is this

That’s right, South Carolina wants a new currency as insurance just in case the dollar collapses, or hyper inflates. This currency, according to the yahoo article, would be backed by Gold and Silver.
This I believe is bigger news, because it hits closer to home. What really stood out in this article was the frugal state of the US dollar. Even if South Carolina’s hybrid Gold/Silver backed currency never manifests itself, this shows how bad things are getting with US Greenback. The fact that a state is openly calling for a backup currency shows how bad things are getting. But according to helicopter Ben, there is no inflation.

Now I believe that Silver will be the most profitable investment of the decade, but the reason one should by bullion isn’t just because of profitability, but for insurance. I believe the insurance aspect of buying bullion is a much bigger reason, than the profitability one. Think of it, you insure your car, your health, your home, why not insure your money.

Congressman Ron Paul has proposed competing Currency bills to congress, and is a stark supporter of a competing currency act. In the past these bills haven’t gained any traction, but now things might be changing. Thanks to Ron Paul and South Carolina.

“A single journey begins with one step.” The reason I quote this, is due to the fact that when things change, they don’t happen overnight, if you look at the USSA, that didn’t happen overnight. In fact, if you look here, the big government anti-capitalist movement started in 1898, and is now just manifesting itself. I believe that competing currency will be done in the same way, but this time, unlike big government progressive politics, this will be a change for the better, and done at faster rate.

A more free market approach to currencies is the wave of the future, and the Federal Reserve is one big dinosaur, that will hopefully go extinct.


Comments ( 23 )

  1. ReplyJon Pritchard

    Great article as always John! Competing currencies are going to be the new talk of the town for next 2-3 years. Price what ever you want in Gold or Silver and you will clearly see the blatant truth to how REAL money holds its value when priced in fiat currency. The trend is your friend, and commodities should be your new lover for awhile.

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