Congress should
- adhere to the Constitutional requirement for Honest Money (Article I, Section 10, Clause 1)
- Pass the Honest Money Act
- repeal the Federal Reserve Act of 1913 and abolish the Federal Reserve System
- Why Money is Important
- Not just because you can spend it to buy stuff, but because
stuff doesn't come into existence without money
- Why Some Money is Immoral
- Can you describe the fundamental moral difference
between a dime minted in 1964, and a dime minted in 1965?
- The average teenager in colonial America knew more about
economic morality than today's adults.
- How the Federal Reserve Creates Immoral
Money
- It creates money out of thin air, making your money worth less.
- It loans this new money and charges interest, transferring
purchasing power from you to the borrower.
- This is theft.
- How the Federal Reserve Corrupts the
Entire Economy
- The Fed "spreads the wealth" from hard-working,
successful future-oriented savers to present-oriented borrowers.
- There is a profound moral dimension to this kind of
government-orchestrated economic growth.
Resources on Sound Money
An Overview
The Business Cycle
What makes the economy experience periodic booms and busts? Contrary to
what Karl Marx claimed, these are not an inevitable feature of a market
economy. Economist F.A. Hayek won the Nobel Prize in economics for showing
how central banking (the Federal Reserve System in the American case) and
its manipulation of the interest rate initiates unsustainable booms that
lead inevitably to a bust. This is known as the Austrian theory of the
business (or trade) cycle, and it's the subject of this section.
What About Deflation?
Because the possibility of "deflation" is so often raised as an
objection to a commodity standard, we include a separate section of
articles and lectures refuting this specific claim. Much of the material
in this section is for the advanced student.
Articles:
Audio (mp3):
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