Ron Paul Debate About Gold in 1983

Ron Paul's principled integrity and intellectual consistency is absolutely unrivaled. Just check out this debate from 1983 with someone who was a member of the Federal Reserve governors during that time.  This debate really shows how he's been advocating this positon for a long time and it's really something that he has thoroughly researched and have been fighting for up to now.

Ron Paul 1983 Debate about Gold
I love how the title is "Gold versus Discretion" because it is really so true. Fiat currency, backed by nothing but government edict, is something that is so arbitrary. Even the Keynesians themselves debate on what exactly the policies should be. This is because the market, the economy, all of it is all so complex and organic. The idea that one could manage or direct it somehow is ridiculous. F.A. Hayek referred to it as the pretense of knowledge.
Gold, on the other hand, is something that has been dictated by the market. It has been historical and economic law and the market that dictated that gold has the perfect qualities to become legal tender. But it doesn't necessarily have to be gold. In fact, what Ron Paul is actually pushing for right now is just competing currencies (against, something that Hayek advocated as well). This means that currencies that are backed by commodities like gold or silver (or, again, any for that matter) will be able to compete and the market can decide what really has value. If the governments of the world and worshippers of fiat currency really believe that there paper money has value, then why are they so afraid to compete?
One of the biggest argument I've heard is the concept of how the Great Depression happened because there was very little regulation and that there's a need for an institution like the Federal Reserve (which is quasi-private, by the way) to intervene and manage. There's no other way of talking about it except that it is central planning. In fact, this has been going on long before John Maynard Keynes, only he was the one who turned it into some sort of religion that's indoctrinated to economics students all over the world.
What can we do? Even the simplest attempts of Ron Paul to audit the Federal Reserve is being blocked by lobbyists and corrupt politicians. It's disgusting, really. Much with my argument with competition, what's so wrong with transparency?
For now all we can do to protect ourselves from the discretion of the unelected cronies in the Federal Reserve and from the whim of central bankers is to invest our earnings and savings into precious metals like gold or silver. They increase the money supply and debase the paper currency all they want, but if your money is invested in gold or silver or any other precious metal for that matter, then you are protected. It goes well beyond the concept of being a "hedge against inflation".  It's really a very immoral system that legally steals our earnings.
As I have said, I will be detailing and documenting my experiences with investing in gold here in Singapore here in this blog.