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August 19, 2013

Prevent the Fed from Destroying Your Savings

ACTION ITEM


Ron Paul retired from Congress. But this year Rep. Paul Broun introduced one of his signature bills, which is also a Downsize DC Agenda campaign: the Free Competition in Currency Act.


I just sent a letter to Congress telling them to pass it. The hardwired message for this campaign reads…


Co-sponsor the “Free Competition in Currency Act” (HR 77).


You can borrow what I wrote to send your own comments to Congress…


This bill would…


* Repeal the legal tender law, which gives the Federal Reserve a monopoly over the money supply

* Repeal the federal monopoly over the creation of coins for use as currency

* Prohibit federal and state taxes, such as capital gains, on precious metal coins and bullion


Why are these changes needed? Because I want to protect myself and others from wealth-destroying inflation. Consider…


* The Fed’s “Quantitative Easing” (QE3) pumps $85 billion PER MONTH into the economy

* This means the dollar's value decreases as months go by

* Which in turn destroys savings and weakens purchasing power


This inflation is “taxation without representation.” And it falls hardest on those dependent on retirement savings or fixed incomes.


It's also COUNTERFEITING. It's criminal and immoral. If you doubt this, would you allow ME to print up $85 billion in new dollars each month?


Free Competition in Currency allows metal-backed currencies, and paves the way for alternatives like Bitcoin to compete with the Fed’s dollars on a level playing field. And because these alternative forms of currency can't inflate, the public will prefer them to the Fed's counterfeit dollars. That means the Fed will have to stop inflating or lose customers.


I urge you to co-sponsor the Free Competition in Currency Act and promote your support publicly. Failure to do so will communicate that you support the Fed’s counterfeiting and don't care about its victims.


Do the right thing!


–END OF LETTER–


You can send your letter using DownsizeDC.org’s Educate the Powerful System.


You will receive a copy of your letter to Congress via email. Please share your letter with friends and ask them to take the same action.


And if you like having the Educate the Powerful tool, please consider starting a monthly pledge.


Jim Babka
President
DownsizeDC.org, Inc.

P.S. In 2009, Dan Litwin wrote a song and created a Youtube clip in support of this campaign. If you haven't seen it, or want to see it again, you can view it here. I'm sure you'll like it!

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