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Michael Badnarik on Budget & Economy

Libertarian Party nominee for President

 


Base currency on gold, to avoid inflation

Q: Id like you to tell me a little bit about the Federal Reserve banking system, and what, if anything, you think should be done about it.

A: Article 1, Section 8, clause 5 grants CONGRESS the power and responsibility to coin money, and regulate the value thereof... It does NOT give Congress the authority to transfer that responsibility to another branch of the government, much less to a private company such as the Federal Reserve. The Federal Reserve has been inflating our money supply ever since 1933, which makes our money worth less than Monopoly money. (I estimate that Parker Brothers prints far less money than the Federal Reserve!) In order for the US to survive economically, we need to reestablish a non-inflationary currency based on some commodity, not necessarily gold and silver, though I admit a preference to precious metals. Eliminating the unconstitutional Federal Reserve is a logical and necessary first step.

Source: E-mail Interview with L. Neil Smith , Apr 2, 2004

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Page last updated: Oct 01, 2016