MONEY: Ron Paul Does NOT Want to Go Back to the Gold Standard

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One of the most common items of misinformation about Ron Paul’s positions is that he wants to go “back on the gold standard” or “return to the gold standard.” And, this is often used as criticism against him by misinformed and careless reporters and bloggers.
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For those who follow Ron Paul closely, this is absolutely correct. Not being crazy, he realizes that we need time to adapt. His statements that I have heard indicate to me that he wants to merely remove the restrictions on “commodity money”. A “commodity money” is a store of value that backed by something like copper, silver, gold, platinum. A “fiat currency” is also a store of value backed by the full faith and credit of the printer. Gooferments use “legal tender” laws to ensure that their fiat currency MUST be accepted. In America’s early days, prior to 1913, the American dollar greenback was redeemable in gold. During that time, many currencies circulate simultaneously. If he begins to closely supervise the Fed with an eye to its demise and begins to unwind the “legal tender” laws, then he will have initiated the Third American Revolution. Just doing what he has said are his priorities will set us on the track to peace and prosperity.
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This entry was posted on Tuesday, November 20th, 2007 at 13:14 and is filed under MONEY. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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