Will people continue flocking to gold and silver?
*Texas Straight Talk, by Congressman Ron Paul, July 11, 2011:
''The end of June marked what is hopefully the end of the Federal
Reserve's policy of quantitative easing. For months the Fed has
purchased hundreds of billions of dollars of Treasury debt, enabling
the government to fund its profligate deficit spending, push the
national debt to its limit, and further devalue the dollar.
Confidence in the dollar is plummeting, confidence in the euro has been
shattered by the European bond crisis, and beleaguered consumers and
investors are slowly but surely awakening to the fact that
government-issued currencies do not hold their value.
Currency is sound only when it is recognized and accepted as such by
individuals, through the actions of the market, without coercion.
Throughout history, gold and silver have been the two commodities that
have most fully satisfied the requirements of sound money. This
is why people around the world are flocking once again to gold and
silver as a store of value to replace their rapidly depreciating paper
currencies. Even central banks have come to their senses and have
begun to stock up on gold once again.
But in our country today, attempting to use gold and silver as money is
severely punished, regardless of the fact that it is the only
constitutionally-allowed legal tender! In one recent instance,
entrepreneurs who attempted to create their own gold and silver
currency were convicted by the federal government of
'counterfeiting.' Also, consider another case of an
individual who was convicted of tax evasion for paying his employees
with silver and gold coins rather than fiat paper dollars. The
federal government acknowledges that such coins are legal tender at
their face value, as they were issued by the U.S. government. But
when it comes to income taxes owed by the employees who received them,
the IRS suddenly deems the coins to be worth their full market value as
precious metals.
These cases highlight the fact that a government monopoly on the
issuance of money is purely a method of central control over the
economy. If you can be forced to accept the government's
increasingly devalued dollar, there is no limit to how far the
government will go to debauch the currency.''
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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