AN OPEN LETTER TO TREASURY SECRETARY O'NEILL
AND FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN
Why Does the IMF Prohibit Gold-Backed Currency for
its Member States?
(Congressman Ron Paul sent this letter to both the
Treasury and the Federal Reserve Bank in April. Neither has responded)
I am writing regarding Article 4, Section 2b of the
International Monetary Fund (IMF)'s Articles of Agreement. As you may be
aware, this language prohibits countries who are members of the IMF from
linking their currency to gold. Thus, the IMF is forbidding countries
suffering from an erratic monetary policy from adopting the most effective
means of stabilizing their currency. This policy could delay a country's
recovery from an economic crisis and retard economic growth, thus furthering
economic and political instability.
I would greatly appreciate an explanation from both
the Treasury and the Federal Reserve of the reasons the United States
has continued to acquiesce in this misguided policy. Please contact Mr.
Norman Singleton, my legislative director, if you require any further
information regarding this request. Thank you for your cooperation in this
U.S. House of Representatives
Congressman Ron Paul of Texas
enjoys a national reputation as the premier advocate for liberty in politics
today. Dr. Paul is the leading
spokesman in Washington for limited constitutional government, low taxes,
free markets, and a return to sound monetary policies based on
commodity-backed currency. He is known among both his colleagues in Congress
and his constituents for his consistent voting record in the House of
Representatives: Dr. Paul never
votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of
former Treasury Secretary William Simon, Dr. Paul
is the "one exception to the Gang of 535" on Capitol Hill.
Published with the authorization
of Dr. Paul.
Copyright Dr. Ron Paul