“As long as we issue fiat currency, I see no alternative to a legal tender law.”

Dr. Ron Paul offered a solution of a two tiered system that would solve the problem. Namely gold and silver at free market price circulating along side the fiat currency. The citizens could then make the choice of what money to use. The bankers vehemently protested.

I'm not sure what he means by "no alternative." Anybody help me out?

Anon, sorta - he who (makes) the gold, makes the rules.

Double talk. Get ready to lose more freedoms, folks.

Yes, well, what he is saying is that as long as the Fed issues fiat currency, there will need to be a law to force us to accept it in lieu of real money -- because otherwise we wouldn't accept it now, would we?!

Thanks Mike and Archer. Now I sense the arrogance behind the statement.

He is absolutely correct. Most modern nations have fiat currency and a legal tender law. Greenspan was probably just staiting the obvious to some backwoods congressmen.

You guys would probably give thumbs down to life itself. It is such a cruel world isn;t it!

Waffler, alias Anonymous, All life is noble, thus: life is great, then it just gets better. One can only imagine the heights that man could have, and yet would attain if the robber barons would not have stolen so much freedom, liberty, creativity, prosperity, and individual sovereignty from We The People and their once upon a time Constitutional Republic.