Comments: .Romney Calls for Fed Audit as Party Mulls Platform Plank

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I think this system would create itself if the government simply revoked the Fed's charter and repealed legal tender laws.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
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