Ron Paul: “Cryptocurrencies and precious metals can coexist together” against the fiduciary dollar

Ron Paul really deserves to be told that he is not an American politician like any other. This former Republican presidential candidate, a former senator in the US Congress, is a libertarian economist, from the Austrian school, advocating in particular the return to a gold standard, rather than continuing in the current Keynesian credit economy, which We sink more every day under debt mounts.

To give a first view of this politician, we can recall that he had already given his opinion on cryptocurrencies in late 2017, saying that ” if people want and want to use it, the government should not to mingle . “

Small reminder of the possible economic disaster in the making, provoked by the debt

In a major article published on the Mises Institute website , Ron Paul argues that the United States does not have a free market economy because a conglomerate of people (both in and out of government, the “Deep State” ) directs the economy.

Indeed, the huge mountain of debt around the world today dates back to August 15, 1971 when US President Nixon refused to continue the convertibility of the dollar into gold (putting a definitive end to the gold standard), to a fixed rate, for foreign holders of dollars, which was neither more nor less than an admission of technical bankruptcy of the United States of America  Since then, Americans live on credit on the back of the rest of the world.

As Ron Paul explains:

“The problems we are now facing are the predictable consequence of this experimental system of fiduciary money [embodied by the US dollar]. It has been backed by an economic and political philosophy that has promoted the bizarre idea that “printing” unlimited amounts of money and ignoring the dangers of debt creates wealth. “

No one knows yet of the global consequences of this long experience of currency-debt based on trust in states alone, but what is happening in Zimbabwe or Venezuela can give us an idea of ​​the possible disaster. to come up.

Hyperinflation: wheelbarrows of banknotes, bundles of whole bills full arms, to buy bread, these are the possible consequences of a fiat money, when confidence in the state “printer” disappears . – Source :

“Cryptocurrencies and precious metals can coexist”

Let’s go back to our sheep, or rather to our favorite cryptos. Ron Paul declares in his publication, taken by :

“The market is quite capable of sorting out the advantages and disadvantages of cryptocurrencies and precious metals. The biggest challenge will be to put the government aside to allow this choice (…) It is conceivable that cryptocurrencies, using blockchain technology, and a gold standard could coexist together, rather than offering only a choice one or the other “ .

As CCN recalls , it is indeed important for Ron Paul to ensure that people can make the choice without being forced by central banks or the government.

For to take the example of Gold, when the price of an ounce of gold (pure gold 31,1g) is from 35 to 800 dollars in 1971 , the dollar weakened and US Congress created a commission to examine the role of gold in the monetary system. The then young senator Ron Paul was well placed to know it because he was a (protesting) member of this commission , which strengthened the American fiduciary dollar, with the consequences that we knowthe crisis of 2008 being the last “little” taste in date).

So what about all this? The combination of a cryptocurrency (s) backed by precious metals such as gold or silver: a new economic Holy Grail? Preventing central banks around the world (the US Fed and the European Central Bank in the lead) from manipulating the markets, to finally have a healthy and real market economy? Your modest servant, the editor of this article, had already made his choice since the downward manipulation on the April 2013 gold: “In Gold we trust” becomes just “In Gold & Crypto we trust”.

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