Dr. Larry Parks Responses to Questions for the Record from Chairman Ron Paul, Subcommittee on Domestic Monetary Policy and Technology

Question # 1 of 2: Part of the purpose in discussing H.R.1098 and holding this hearing was to initiate a discussion on how we begin to achieve sound money. Your Foundation for the Advancement of Monetary Education has been educating people for more than 17 years about the benefits of an honest monetary system and the perils of, what you call in your testimony, legal tender irredeemable paper-ticket-electronic money. From your experience, what are your suggestions to expedite implementing an honest monetary system that is inconformity with the Constitution?

For the reasons outlined in my written testimony, it is urgent that the United States begin a transition to an honest monetary system to replace our current legal tender irredeemable paper-ticket-electronic monetary system before it completely collapses.

Here is what needs to be done.

Preconditions:

Before the problem of how to change our monetary system can be addressed, there must be widespread recognition that there is a problem. While the symptoms of our dysfunctional and dishonest monetary systemare well recognized and complained about, few have traced the cause back to legal tender irredeemable paper ticket-electronic money.

The parameters of the problem need to be stated and legitimatized. That is the role of intellectuals. As a precondition for implementation, those intellectuals who help establish credibility and build support for an honest monetary system must be paid. As I outline the steps, please keep in mind that all of this will need to be financed.

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