Rob Gray to US Congress: “Leave our medallions alone!”

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On August 2, 2012 AOCS Executive director, Rob Gray, testified before the House Financial Services Subcommittee on Domestic Monetary Policy for the US Congress. It seems from Chairman Ron Paul’s comments that the US government would like to explore the possibility of “Parallel Currencies.” Which sounds like government speak for “get their cut” to the lay observer.

Gray gave an excellent speech on how the AOCS barter trade system is a PRIVATE network of individuals that barter amongst themselves privately. And that our AOCS gold, silver, and copper medallions are the private standard by which such private barter trade is accomplished. When asked by Congressman Paul what Gray felt like the US government could do to make complementary currency a reality, Gray appropriately responded with “absolutely nothing.” This is because AOCS medallions exist today exactly because the US has completely ignored precious metal currency in favor of the federal reserve note.

If you watch the entire one hour hearing, you will see that Congressman Paul asked the panel of witnesses if they thought that the US Congress needed to repeal the legal tender laws to make competing currencies a reality. When it was Rob Gray’s turn to answer, he first asked Congressman Paul to summarize his understanding of the Legal Tender Laws and Congressman Paul said no. So, being only 99.9% sure of how the legal tender laws read, Gray said “Leave them alone.” They don’t need to be repealed.

Gray has written an article, sharing his thoughts and reflections on the hearing, as well as what it was like to walk right into “the lion’s den.” His article also includes some very interesting comments regarding Ron Paul’s understanding of legal tender laws. The artice can be found at http://www.opencurrency.com/5-things-i-learned-from-d-c/

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