Patrick McHenryChairman

Washington, August 1, 2012 -

A Subcommittee hearing on Thursday will examine the emergence of alternative forms of money, or parallel currencies, and the effects they could have on the economy and monetary policy.

The Financial Services Domestic Monetary Policy and Technology Subcommittee, chaired by Rep. Ron Paul, will also look at the obstacles to circulation faced by alternative forms of money.     

Witnesses scheduled to appear at the hearing are:

• Dr. Richard Ebeling, Professor of Economics, Northwood University
• Mr. Nathan Lewis, Principal, Kiku Capital Management LLC
• Mr. Rob Gray, Executive Director, The American Open Currency Standard

“The American people have suffered for decades from the declining purchasing power of the dollar.  The Federal Reserve has abused its position as the monopolist issuer of currency to enrich Wall Street and impoverish Main Street. The Fed can effectively create money out of thin air with impunity, while creators of gold and silver currencies face jail time. This is a travesty.  The only way to stabilize the economy is to return to monetary freedom by legalizing Constitutional money.  Until the American people are free to choose the money they want to use, and not what the government forces them to use, the economy never will be truly stable and any recovery will be illusory,” said Subcommittee Chairman Paul.

The Subcommittee’s hearing take place on Thursday at 10:00 a.m. in room 2128 of the Rayburn House Office Building.