One of the expert witnesses testifying before Ron Paul’s Domestic Monetary Policy and Technology Subcommittee on Tuesday was Dr. Lawrence H. White, professor of Economics at George Mason University. His testimony reinforced the case for Paul’s bill, HR 1098, the “Free Competition in Currency Act of 2011” by outlining its benefits in introducing freedom of choice into the realm of currencies.
White compared competition in currencies to competition in package delivery services among Federal Express, United Parcel Service, and the U.S. Postal Service. That competition has lowered costs, accelerated delivery, increased reliability, and in general allowed better overall services to be provided for their customers. It also weeds out weak competition and rewards the most successful. He went further to explain that financial consumers today rely on banks to provide other services such as checking accounts, credit cards, and travelers checks — why not choices in currency? He noted, “Although Federal Reserve Notes … should of course be protected from counterfeiting, there is no good case for them to enjoy monopoly privileges in the market for currency.”
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Photo of a Liberty Dollar:AP Images