End the Fed. Get the Gold.

How can we end the Federal Reserve System? Prior to 2008, this question would have been entirely hypothetical. It is still entirely hypothetical, because the Federal Reserve System is in charge of monetary policy; the Congress of the United States is not. Certainly, the voters of the United States are not. Nevertheless, I wish to indulge myself in a completely hypothetical speculation. I wish it were less hypothetical than it is, but things are better than they were before 2008. “All hypothetical possibilities are equal, but some are more equal than others.”

Let us assume that the voters of the United States know what the central bank is. Let us also assume that they have decided that the nation would be far better off if control over monetary policy were removed from the Federal Reserve System, meaning removed from the cartel of large banks which the Federal Reserve defends. Let us also assume that somehow, by means of political mobilization not presently visible, they convinced the majority of both houses of Congress to pass a bill abolishing the Fed, and the President of the United States signs the bill into law. What should the law look like?

The law would be very simple. “The Federal Reserve Act of 1913 is hereby abolished.” This wording leaves nothing to the imagination. Anyone can understand this. There do not have to be any additional qualifications, exemptions, or anything else. There is no need for an army of lobbyists to recommend the insertion of all kinds of special-interest language.

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