The coronavirus outbreak has had and continues to have a massive impact on a wide range of areas of our lives. It has exposed the harm done by the regulatory state and centralized planning in the healthcare field, but it has also triggered an economic crisis as well, one that is poised to extend far beyond the time it will take to get control over the spread of COVID19. A crisis that is only being exacerbated by the response from the Federal Government and the Federal Reserve System, injecting as much as 6 trillion new dollars into the economy (with less than five percent of that going to direct payments to average Americans) in a vain attempt to the re-inflate a bubble which has already popped.
While the Fed was apparently successful at doing this after the crash in 2007/2008, it’s an illusion. All that they are able to do is increase the money supply and make the new money available to institutions and organizations of their choice. But the value for every new dollar has to come from the dollars already in circulation. This is why the dollar has lost more than 95% of its value since the Federal Reserve was created in 1913, with Congress illegitimately abdicating it’s responsibilities under Article 1 Section 8.5 of the US Constitution.
And while many of us would like to see the Federal Reserve audited and have its powers returned to the Congress, that same Congress has consistently resisted such efforts, as it always resists efforts to repeal laws and abolish institutions that it has created. And truth be told, there are many Americans who believe in the Federal Reserve System and the fiat US dollar. But just because Congress won’t undo the root cause doesn’t mean that it cannot give Americans a solution.
If elected, I pledge to submit legislation to invoke those powers in Article 1 Section 8.5 to create a competing currency to have its value tied permanently to gold and silver, consistent with Article 1 Section 10.1 of the Constitution. This will allow regular Americans to save money without fear of central economic planners deciding to further inflate the money supply to fund their projects, lowering the value of every dollar they have saved. At the same time, by making this a separate option rather than returning the dollar to a gold standard, we can allow Americans who believe in the fiat dollar managed by the Federal Reserve Board the freedom to continue to use it.
While it will definitely require adjustments in our private financial institutions, I have full confidence in the ability of all American businesses and public institutions to adapt to such a change, allowing average Americans to protect their savings from the threat of runaway inflation that will become more likely with every multi-trillion economic stimulus plan that is put into action.