On December 9, 2009, Congressman Ron Paul introduced the Free Competition in Currency Act before the US House. The need for this legislation is a clear indication of how far our financial rights and freedoms have fallen in the United States as much of the world outside Washington’s financial iron curtain already have free competition in currencies.
Several weeks ago, I was in Turkey, Israel and Egypt; while vendors were still willing to price most goods and services in dollars as has been the case for decades, a big change now is their preferred foreign currency is the Euro. Of course they still accept the local national paper currency when pushed but the dollar has now been relegated down to Egyptian Pound status as I kept hearing, “no Dollars, we want Euros” over and over again. It appears even the hawkers and money changers in the streets of Cairo understand there is no long-term future for the Washington dollar.
It is the same story today in advanced Switzerland where most goods are now of course priced in the official Swiss currency, the Swiss franc but also in the Euro. Buyers have the option to pay in either currency although change is given back in Swiss Francs.