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Wednesday, April 4, 2012

John Stossel: Let's Give the Fed Some Competition

The Federal Reserve's monopoly on money is nothing but a gargantuan wealth transfer from the poor and middle class to the rich and the government.
Pssst. Want to buy some Stossels? They’re my own currency with my face on them. Why should you trust them? Because I promise to redeem them for gold. And I’m reliable. I have money in the bank and a job that brings in more than I spend. By contrast, the politicians who back American currency run an unsustainable deficit. The Federal Reserve prints so much money that since it opened its doors in 1914, the dollar has lost more than 90 percent of its value. OK, I won’t really sell Stossels. Americans get jailed for offering alternative currencies.
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