American politician, a former member of the house of representatives from Republican party Ron Paul has published an article that supports the use of cryptocurrencies and precious metals, and also says that they should be exempt from taxes.
Paul discusses the latest increase in interest rates that Donald trump has called “crazy.” The politician explains that people have historically used gold and silver until then, until he was forced to move into the state currency. He also points to the longevity and relative stability of precious metals.
Further, Ron Paul States that government Fiat currency is unstable and that the responsible Central banks “manipulate the offer, seeking to control the economy through interest rates.” He says that the actions of the regulators forced the fed “again to start the whole cycle of boom and bust”.
Paul explains that the issue of money by Central banks, first in their own interests uses the banking and financial elite, and then the funds get to the middle and working classes already when they start the depreciation, which leads to income inequality “due to Central banks”.
Policies indicates that the dollar has lost most of its value since the creation of the Federal reserve system in 1913. He emphasizes:
It’s amazing how many economists oppose price controls on other goods, support the covert activities of the Central banks controlling and dictating the price of money.
He argues that “the fed is so worthless and doomed to failure as any other form of Central planning”, adding that the next recession because the fed is not far off and can end the final collapse of Fiat money.
In conclusion, he said that the only way to avoid crisis is to force Congress to end the monetary madness:
The first step should be the adoption of the law on audit the fed. In addition, you should allow people to use an alternative currency, and also the release of all transactions with precious metals and cryptocurrencies from taxes on capital gains and other charges.