Well-known economist and libertarian Ron Paul (Ron Paul), repeatedly running for President of the United States, published a report that discusses the global problem of Central economic planning. In his work Paul argues that a combination of precious metals and crypto currency can replace the dollar.
Ron Paul: «In the end, the market will be stronger than government manipulation c economic events.»
Views Ron Paul has always been far from conservative. He talks to Americans about the need to «end the Federal reserve» expresses the confidence that the money will return to the «gold standard» and considers it «a fallacy to believe that the US has a free market economy». Unique libertarian Paul’s work has inspired many people.
In his latest work, entitled «the Dilemma of the dollar» (The Dollar Dilemma) Paul tells how imperfect is the current monetary system and says that precious metals and cryptocurrencies to coexist, to work together to combat declining global economy.
«The economy drives a conglomerate of individuals and special interests inside and outside government, including the «secret power» that controls Central economic planning,» the article says.
By manipulating the economy, some people do not allow market forces to correct errors that constantly allow Central planners. However, over time, the market is stronger than government manipulation.
Cryptocurrency and gold: a combination of new and old monetary systems
Then Paul asks the question, will be to improve the monetary system in the future to use precious metals, or cryptocurrency? In his opinion, the best solution would be if «free men on the market will be able to choose when to use them free from the dictatorship governments and Central banks of the cryptocurrency». Paul emphasizes that this process requires a «refusal of use of force and fraud.» To cryptocurrency could change the history of the adoption of the precious metals, will need a lot of time, says a former us Senator.
«The market is quite able to identify the advantages and disadvantages of the cryptocurrency and precious metals. The main problem is to get the government to approve this choice», — explained in the work Floor. «.. Cryptocurrency that uses the technology of the blockchain, and the gold standard can exist together, instead of forcing people to choose between different currencies can be used for certain transactions depending on the effectiveness.»
«The quest for storage and speed can be important factors in favor of the cryptocurrency. It seems that the technology of distributed registry may be useful beyond the space of digital currencies. Combine gold and crypto is much easier than to force people to adapt to the brand new model of money.»
«Modern currency needs more competent attitude to the role of government in civil society.»
Paul claims that each form of money can serve different needs, cryptocurrency, in particular, can help of confidentiality, particularly in relation to major transactions and payments between countries. According to Paul, the main problem of cryptocurrency right now is to meet the requirements of the «standard unit of account». In his opinion, the working currency has to be credible, to be able to exchange into other currencies and to have a stable «real value».