Ron Paul believes that crypto and gold-backed currency can coexist

The former member of US Congress and Distinguished Counsellor to the Mises Institute, Ron Paul has publicly called for competition to the US dollar to be legalised. He made the call during a debate focussing on the future of fiat currency, cryptocurrency, and precious metals.

In an article he penned for the Mises Institute website, Paul claims that the US doesn’t have a true free market economy due to the fact that it is run by a conglomerate of individuals comprising of governmental and non-governmental figures. He added that due to running on this model, the market is destined to crash.

The Mises Institute was set up to aid the promotion of the Austrian School of Economics, as well as world peace, and individual freedom.

Manipulation of the economy

Paul also believes that through the manipulation of the economy, individuals in a position of power are able to prevent market forces from correcting mistakes that have been made on a continual basis by central planners. Over time, he believes that the market will provide to be much stronger than the governments that control it, whilst the manipulation continues the bubble is always at risk of bursting.

Central planners in America want members of the public to believe that the dollar is strong and that the reserves are full to the brim. They conveniently ignore the number of new dollars that are being produced and of course, the politicians are quick to blame high foreign debts on others, rather than gross economic mismanagement.

The American government often makes claims and publishes reports that state inflation is low and should be increased under the lie that higher prices indicate economic gains. Markers such as the Consumer Price index and the Gross Domestic Product are prone to be manipulated by government officials, but anyone paying attention to their household bills and outgoings can easily see that they are often false.

 

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