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Video Update: Ron Paul's Subcommittee Examines Parallel Currencies 8/2/12

Archived web link, thanks bear: http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=304699

Hearing entitled 'Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom'

Thursday, August 2, 2012, 10:00 AM ET
Witness List:

Dr. Richard Ebeling, Professor of Economics, Northwood University
Mr. Nathan Lewis, Principal, Kiku Capital Management LLC
Mr. Rob Gray, Executive Director, The American Open Currency Standard

L i v e S t r e a m L i n k

Statement from Ron Paul:



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We Can Win

So as I vote for this important topic... I ask that you all pay it forward and keep my idea alive in acknowledgement that it can and WILL work.

http://www.dailypaul.com/246662/you-cannot-can-an-idea-whose...

I ask that you read with an open mind and understand that if you simply believe in the RP cause/movement, then this idea only makes sense.

Dr. Paul for Prez - 2012

So be it.

"I guess it comes down to a simple choice. Get busy living or get busy dying." - Andy Dufresne, 'Shawshank Redemption"

Dr. Ron Paul for 2012! Restore America Now. Not 2016.

So be it.

SteveMT's picture

Dr. Ebeling is spot on: All money in the bank is at risk, .....

including money market accounts. He is talking about the both principal as well as the measly 0.1% interest rate are at risk with.
Agree with bigdogpete43 below.... comment from Rob Gray:

Rob Gray's comments are spot on.
"The bottom line is simple: humanity is not going to wait for permission to survive.

I have been a member of the Free Lakota Bank for several years, and I have been very pleased with this decision. Is there risk involved, yes. Are there also rewards, yes. My investments have grown substantially, and I am happy that I am (at least partially) out of the fiat currency system. I'll find out if this bank is for real when it comes time to withdraw my assets, like people invested in dollars will find out when they try and withdraw their dollars from their fiat banks. What will they have at that time (devalued dollars), and what will I hopefully have (silver increasing at a rate of 7.25%/year). What the riskier investment is, is for you to decide. Would a bank like this exist in Galt's Gulch? Yes, IMO.

Great work!

Now not sure the best line of approach.

We should all take the Competition in Currency act and begin passing it in each of our states, for certain, as that's the next bill needing to pass through Congress now that we have our "audit."

We should make no delay on passing the Competition in Currency act.

At this very hour the Rothschilds are definitely beginning the drafted legislation to declare Martial Law, and create a natural disaster.

Just in case you guys didn't notice...

That was Chris Duane behind Rob Gray

SteveO24's picture

Yes!

Sounded like he was reading from Chris Duane's notes.

sad and frustrating that this hearing

was not given the respect it deserved. ONLY 3 congressman. really?
pitiful in my opinion. the world is the brink with all this debt and 3 congressman showed up.

Here

Here is the YouTube version in case you were having audio issues as I was.

http://www.youtube.com/watch?v=eUPbO7Te5OY

I was able to view the subcommittee hearing without interruption

Thanks for posting the link elbanano

I just noticed....

Hmmm is correct

Not Enough


Competing Currencies is fine as a proposal, as a band-aide.

But it does not really fix the problems of having this corrupt debt-generating and debt-pyramided monetary system, or deal with the cost of living consequences of it.

Sure, if you can save (but a lot of people cannot), then this proposal will give you an alternative place to store money, and the conversion rates applied may protect what you've saved.

But you will still get your paychecks in dollars, and since the Central Banks control the supply of dollars, that paycheck will still be worthless...or more and more worthless as time goes by.

The only way to fix the system is to do what Aaron Russo ("America: From Freedom From Fascism") and others have pointed out, which is that you have to get the Bankers out of the business of creating money. They can lend it, and they can Invest it -- but they cannot be the ones to create money.

The way the Government was supposed to work was that: a) Congress was supposed to appropriate all the money in view of the public (transparently), and b) The U.S. Treasury (not Goldman Sachs) was supposed to create the money with no borrowing, and no fabricated debt introduced back to the public.

That would be a transparent (honest) money system. But the current money system is illegitimate and it will continue to distort the whole value-of-income, and the cost-of-living structure .... unless it is abolished.

Competing currencies does fix anything. It just gives people with savings (which is not most of Americans who are living from paycheck-to-paycheck) a savings option.

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property, until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

--Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin, 1802

--

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that vies is above the hand that takes.

Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."

--Napoleon


if we establish a competing

if we establish a competing currency and some years elapse and we still have people paying in dollars, then the competing currency has failed because it has less trust than the dollar. it never hurts to try though.

Mr Gray's clearly a rookie.

Mr Gray's clearly a rookie. He sounded like a college kid in ability.

Also I didnt quite get the answer to the question about how to tax or what to do about taxability

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competing currencies are good

... but a new alternative audit needs to happen which I predict will show that the Federal Reserve "note" is the least reliable currency and your local Mountain Hours might just be the best:

http://mtnhours.com/

Imagine a world without usury

I would like to see a currency based on food..

A currency based on an index of various grains, vegetables, etc.. would create a great incentive to produce more food making it cheaper and more affordable, I believe that it would also be very stable because we constantly need to eat! Demand is not a problem and it is increasing. High levels of speculation in this area of investment would be difficult because these commodities can not be held for a very long time.

Gold and silver are great historically but they are finite resources that must be dug up and the benefits of more gold and silver in the world are not as important as more food.

Does this idea sound nuts? Please point out any problems.

www.youtube.com/truefictions

I try to change people every day. Do You?

lol

wow. you're joking around right? lol. I'm not going to explain why that's one of the dumbest things I've ever heard (besides the most obvious reason: vegetable's decompose. o and what a waste of food, wow). just go to mises.org and search "characteristics of money", and you will see the error in your logic.

sorry

i don't mean to come off as a dick... but for real, waste no more of your time pondering this insane proposition.

Thanks for the added incentive steveZ..

I will certainly continue to think about this idea.

I hope others do too.

Are you aware that there is already tons of "paper food" in the market in the form of futures contracts? It has been traded for years and I have not yet seen any rotting food on Wall Street.

www.youtube.com/truefictions

I try to change people every day. Do You?

as i understand it

futures contracts are just agreements to trade in the future at a previously chosen price. you still need to pay with money. theoretically you could maybe agree to pay in other futures contracts, but eventually you would need to pay somebody something (either with cash or by barter). and, futures contracts still don't have all the characteristics of money. you couldn't put one in the bank and save it for retirement or anything because they specify a certain transaction date. i get that food stocks are traded everyday, that doesn't mean they would be the best commodity to back money.

reedr3v's picture

Maybe locally; perishability is a disabling

factor for capital accumulation to fund, say, an entrepreneurial startup.

The obligation to pay the debt would always exist..

You could save in paper notes and the production of food would be the direct creator of new paper notes.

The "value" of each note would reflect a variable quantity of food determined by the futures markets of each agricultural commodity.

Food is already traded and it is subject to a great deal of manipulation because central banks get to say how much paper money is printed. By removing the power factor behind fiat currency creation and directly tying it to the market, you could have a currency that fluctuates in value based on the supply and demand of food.

More enlightened minds than mine in these financial matters, could consider this idea, I don't think it should be dismissed solely on the issue of perishability. I hope we think about this, it could be the base for one of the competing currency experiments Dr.Paul suggests that we have.

www.youtube.com/truefictions

I try to change people every day. Do You?

Just a note..

You could always trade the food bucks with the folks holding gold, silver or laptops because they need to eat too. :)

Capital is capital no matter what you decide to trade for it.

Fiat currencies are not capital in my view.

www.youtube.com/truefictions

I try to change people every day. Do You?

One more thing..

Gold and silver are great, I own both, but why should we stimulate a sector that will one day run out of product to dig up, not to mention the negative effects mining can have when done ruthlessly..

Food is a renewable commodity that is worth stimulating as there are still millions of people who go without the sufficient amount they need to survive.

www.youtube.com/truefictions

I try to change people every day. Do You?

reedr3v's picture

Thanks Deejay; good volume too -- so often

the volume for these hearings is too low on my computer.

i always edit my videos for higher quality audio

The original video audio is very low

For Mac Users.

The download works with VLC.

http://www.videolan.org/vlc/index.html

Awww

No Edwin Viera. :(

He could have provided most of the data easily to accommodate the non-philosophical questions.

Archived Webcast of Ron Paul's Examination-Parallel Currencies

Click original link http://financialservices.house.gov/Calendar/EventSingle.aspx...

and now there is a link on that page that says

"Click here for the Archived Webcast of this hearing."

So you can now watch after-the-fact!

For Mac Users.

The file works with VLC player.

http://www.videolan.org/vlc/index.html

having trouble getting it to

having trouble getting it to go on a mac

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