Ron Paul Slams Fednow Payment System and Encourages Crypto Competition | Aug 15, 2019 at 6:30 PM
  • Ron Paul, the muckraking former congressman from Texas, is stirring things up once again, this time taking aim at the new real-time digital payment system proposed last week by the U.S. Federal Reserve.
  • This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help “protect” the Federal Reserve’s fiat currency system from competition from crypto currencies.
  • The free banking era of competing currencies in America was ended by the National Bank Acts of 1863 and 1864, implemented to help the U.S. government collect more taxes via a centralized, one-currency framework, and to raise money for the Civil War.