An informative article at Real Clear Markets prompted me to write a letter to Congress urging them to pass Ron Paul's Free Competition in Currency Act. I encourage you to do the same through DownsizeDC.org's campaign.
The hard-wired message says, "Please co-sponsor and do all you can to help pass Ron Paul's 'Free Competition in Currency Act' (HR 4248)."
To this I added . . .
John Tamny reminds us that the Federal Reserve was established in 1913 to protect Wall Street's big banks from competition. http://tinyurl.com/39z7xkg
Since then . . .
* The dollar has lost 98% of its purchasing power
* Financial crises have been longer and more severe
* And poorly-run banks are constantly bailed out
But if you pass the Free Competition in Currency Act . . .
* Individuals would be free to reject the inflated Federal Reserve dollars and choose a more stable currency
* Banks and other firms could issue their own currency based on gold or some other good
* The public would demand sound money, prudence, and credible banking practices
* Private "lenders of last resort" would serve only healthy banks with short-term liquidity problems, and would let bad banks go through the bankruptcy process, thereby preserving individual responsibility and a sound system of incentives.
It's time to let the free market succeed where the Fed failed.
Assistant Communications Director