Ron Paul and Ending the Federal Reserve

[Gravik]

What would Paul have to do in order to end the Fed without using an executive order? I keep getting this question from Romney and Gingrich supporters...

http://en.wikipedia.org/wiki/Federal_Reserve_Act

I know if you overturn that, then that would help make the fed toast.

A couple of the things I know Paul has said is he would slowly faze the Fed out, appoint a new chairman, push for a full audit, etc.

[Elwar]

Ron Paul wants to allow the free market to eventually push out the Federal Reserve by allowing alternative currencies.

The Fed would still be there, but if another currency is better and people gravitate toward it...then eventually the Fed will go bust.


Or just forget about all that and start using Bitcoins.

[DEGuy]

I love how Paul has really downplayed his "End the Fed" rhetoric on TV and instead counters it with (and I'm paraphrasing) "I just want people to have an option to use other currencies if they choose to." No one really argues with that, even though all the economists know it would effectively end the Federal Reserve. But to the average voter, that doesn't seem like an unreasonable request.

[Philosophy_of_Politics]

My understanding of a competing currency (and the Fed), is that a competing currency (with complete accountability and oversight) will easily flush out the Federal Reserve. As well as, requiring the Federal Reserve to compete against something already better. Thus, forcing them to change their ways, or self-destruct. As for how Ron Paul could do this without an executive order, I believe that's the only way he could do so. But, I fail to see how it could be comprehended as abusing an Executive Order, when the E.O. itself is used to abolish something that is unconstitutional itself.

[eleganz]

the charter is expired this year, reenactment of the federal reserve act might be a decision for whoever win this election.

Let Ron veto it :)

[NoOneButPaul]

The best way to argue with people on this is to say (in my opinion anyway)

"We can't just do away with the FED, even we understand that, but you can introduce compteting currencies into the marketplace so people actually have choices in where they want to store their wealth. We particularly like this model because we believe that as the years go on eventually gold will come out on top- as it always has throughout history- and the end result will be a monetary system that is backed by gold instead of nothing."

I always love to point out as well, that there is not 1 instance in the history of the world where a central banking system did not (in this order) destroy the middle class, make the currency worthless, and collapse an economy.

That's the type of claim they'll actually research and hopefully that will start them on their way of educating themselves.

As it stands now education is the key to the future, we can only win later if we get people's minds moving in the present.


Another thing I like to point out to my younger, pothead, friends is that despite the fact the economy has been all over the place over the last 15 years the price of a gram of weed has stayed at 20$, infact the blackmarket prices of almost all drugs has remained relatively the same (and in some places like California and Colorado it's gotten cheaper) it's an easy way to blow potheads minds on how the free market actually can and will work without any government regulation and that the buyers and sellers of the illegal goods end up setting the prices themselves based on what the majority is willing to pay.

[GeorgiaAvenger]

No, we DO NOT go straight to competing currencies.

Under the Constitution Congress has the power to coin money, and the U.S. dollar would still be by far the most widely use currency if the Fed is abolished.

[Travlyr]

No, we DO NOT go straight to competing currencies.

Under the Constitution Congress has the power to coin money, and the U.S. dollar would still be by far the most widely use currency if the Fed is abolished.
They did that shortly thereafter. 100% redeemable.

The Coinage Act of 1792. (http://www.constitution.org/uslaw/coinage1792.txt)