Quote of the Day: "Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?" -- Ira Stoll, writing about Representative Weiner's anti-gold witch hunt
Is it a coincidence that these gold dealers just happen to advertise on shows like Glenn Beck that tend to oppose Democratic polices? Of course not. This hearing is clearly intended to intimidate. Representative Weiner wants to chill speech for a partisan purpose. But it gets worse . . .
Weiner is also proposing legislation that would require gold companies to disclose "the reasonable resale value of items being sold (so that the companies) would no longer be able to hide behind false promises of profitability." This makes it perfectly clear that Mr. Weiner has no idea how a free market works.
Prices rise and fall. No future price can be guaranteed by anyone for anything. Imagine what would happen if, for instance, Mr. Weiner's idea was applied to the stock market, or . . . to the future price of government bonds?
Would people like Representative Weiner go to prison if the government's promises about the future value of its bonds turned out to be overly optimistic? Of course not. But this is exactly how he wants to treat gold dealers.
This is typical of politicians. They apply impossible standards to honest citizens while holding themselves and the government to no standard at all. Unfortunately, Mr. Weiner may have the power to turn his hypocrisy and economic ignorance into law, given his position on the House Subcommittee on Commerce, Trade and Consumer Protection.
Mr. Weiner's hearing is set to happen this Thursday. The time to oppose him is now. Tell Congress we need more freedom for the buying and selling of gold, not less. Send Congress a letter in support of the "Free Competition in Currency Act" (HR 4248), which would allow you to use gold the same way you use Federal Reserve Notes.
Use the personal comments section of your letter to oppose Representative Weiner's hearing and legislation.
You can borrow from or copy this sample letter . . .
I strongly oppose Representative Weiner's proposed hearings (and legislation) threatening to force gold dealers to guarantee the future value of the gold they sell. This idea is economically ignorant and hypocritical. Will the government guarantee the future yield of its bonds? Will the Federal Reserve print inflation projections on Federal Reserve Notes? Will Ben Bernanke be fined, or go to jail if inflation turns out to be higher than his projection? Please oppose this insanity.