Ron Paul's Economic Policy, Part Two: Alternative Currencies

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I agree that the Treasury's crusade against the Liberty Dollar is stupid and should be halted. I don't agree that you have a right to hold commodities without paying capital gains taxes, nor that the US government should accept taxes in multiple currencies. The exigencies of the law mean that the government is always going to specify tax rates in one currency, which means that anyone who wants to use an alternative currency is going to accept currency risk. And given that taxes are 20% of GDP, most people are not going to be willing to accept that currency risk.

Which is why, while I agree that the government should leave the damn Liberty Dollar people alone, I don't agree that this matters. The gold standard is an idea whose time has gone.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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