Sunday, March 17, 2013

Ending the Fed

Ending the Fed, and any other major bureaucracy in Washington D.C., will never happen.  When was the last time any bureaucracy in Washington D.C. was downsized or "ended"?  Instead of trying to "end the Fed", we should instead embrace currency competition and seek to end the monopoly that the federal government (along with the help of the Federal Reserve) currently maintains upon our currency.    This process would not be simple, and would require a constitutional amendment, however it is much more plausible than ending the Fed.  Allowing states to mint their own currency would force the Federal Reserve to change the loose money policies that continue to devalue our dollar.  This would in turn fix the Fed instead of hopelessly trying to end it.