Ron Paul Releases The Dollar Dilemma Paper
Ron Paul, an Austrian economist, in recent times released a paper discussing some of the global issues with regards to central fiscal planning. In his report, Paul goes ahead to give specifics on the possibilities of a co-existence between cryptos and precious metals. He argues that this can be instrumental in inhibiting the existing market controls from ‘rigging the economy’.
Paul is a renowned broad-minded economist that has at some point ran for the United States presidency. However, he is known for proposing some contrary opinions unlike any other political leaders today. One of his opinions was for the disbandment of the Federal Reserve, or better still, a forensic audit of the same to determine how effective it has operated over the past couple of years.
Additionally, Paul believes that the dollar ought to revert back to the ‘Gold Standard’, and that it is a delusion to believe that the United States has a free market economy. His exceptional broad-minded teachings has motivated many people in the United States to accept free-market economics, which definitely challenges the current economic system.
Paul’s latest paper, known as The Dollar Dilemma gives specifics on how the financial structure in the world today is decadent. In this regard, he asserts that there can be a co-existence between precious metals and cryptocurrencies to assist in fighting against the crumbling world economy. In the paper, Paul laments that the US economy is run by a clique of people who have extraordinary interests, and thus end up controlling the nation’s central fiscal planning.
Cryptocurrencies and gold: an amalgamation of ancient and new fiscal practices
One of the pertinent issues that Paul questions is the possibility of precious metals serving as an enhanced system for the future, or if the new concept of cryptos will fit the bill. In his own views, a good way to assess the situation is to ascertain that people are permitted to choose whether to use cryptos or not, devoid of the controls of governments and central banks.
Paul further stresses that governments must desists from using force and fraud to prevent people from accepting the new forms of money. In his views, it will take a considerable amount of time for cryptocurrencies to challenge the long history of precious metal recognition. Paul emphasizes that the market place has the ability to sort out the pros and cons of precious metals and cryptos.
Paul is of the idea that one of the biggest challenges in the current monetary system is to elbow out the government from controlling the system. In the paper, the economist declares that it is possible that through the use of blockchain technology, there can be a co-existence between a gold standard and cryptocurrencies.
By and large, diverse virtual currencies can be used for definite transactions for purposes of proficiency. One of the main factors of deciding which currency to use is based on the need for promptness and storage. In this regard, the decentralized ledger technology will go a long way in assisting people outside the scope of virtual currencies.
A combination of gold and the virtual assets will therefore demonstrate that it is an achievable venture, instead of forcing people to acclimatize to an entirely new perception of money. A contemporary currency necessitates an open-minded approach about the appropriate role a government should play in a civil societal structure.
The Dollar Dilemma
In The Dollar Dilemma, Paul states that each form of money is likely to attend to diverse needs with the virtual assets being effective in helping with privacy. This is effective more so when large transactions are involved where greater distances and settlements could be the case. In his views, Paul believes that one of the greatest trials for virtual currencies is ability to placate the criterion of a ‘standard unit of account’.
This is mainly because a feasible currency must satisfy the public confidence. Additionally, the monetary unit ought to be effortlessly exchanged and held reliable to be having actual worth. Paul is also of the idea that a considerable amount of force is needed to force governments to accept a truly denationalized fiscal system.