August 21, 2012

.Romney Calls for Fed Audit as Party Mulls Platform Plank

D'y'all see this?

"I would like to see the Fed audited," Romney said today. Still, he cautioned that Congress shouldn’t be given the authority to run the central bank.

"I want to keep it independent," he said. "There are very few groups that I would not want to give the keys to. One of them is Congress."


2012 Election GOP Planks Monetary Policy Posted by JohnGalt at August 21, 2012 3:42 PM

I agree!

Legalize competing currencies and call it a day! :)

Posted by: Bryan at August 21, 2012 3:52 PM

I agree!

Legalize competing currencies and get the government out of it all together :).

Posted by: Bryan at August 21, 2012 3:53 PM

The Federal Reserve? Didn't you hear? Todd Akin (R - MO) thinks that a woman doesn't get pregnant if she's raped. Don't you have Facebook?

The Federal Reserve...

Posted by: jk at August 21, 2012 3:55 PM

Brother Bryan: the Everyday Economist turned me on to George Selgin and I agree that what he calls "Free Banking" is the best way. DO you find that consistent with Article I Section Eight's "To coin Money, regulate the Value thereof, and of foreign Coin?" Would this require amendment (probability 0.0000000000000015%) or simple statue (probability 0.0000055%)?

(Me negative?)

Posted by: jk at August 21, 2012 4:20 PM

I am by no means an expert on "free banking" but from what I have read about it, I would not complain if that were the primary banking system of the United States.

But then again...I like complaining :)

Posted by: Bryan at August 21, 2012 4:30 PM

As to the legality, I would argue that you could implement a "free banking" solution without statute or amendment.

I think this system would create itself if the government simply revoked the Fed's charter and repealed legal tender laws. You could certainly codify it into law, but I don't think it would be needed for this system to function.

Posted by: Bryan at August 21, 2012 4:35 PM

Todd Akin (R-MO) is the kind of person that makes me want to turn in my R membership card. And, unfortunately for the R's this year, many other women feel the same way.

Posted by: dagny at August 21, 2012 4:43 PM | What do you think? [7]