If We End the Fed, What Then?
The late John F. McManus — longtime president of The John Birch Society and publisher of The New American — once quipped that when people ask what should replace the Federal Reserve, we should ask if they prefer replacing cancer with pneumonia and two broken legs.
His point was that the Federal Reserve needed no replacement, and certainly not from the government. He made a distinction between commodity money (gold, silver, and other precious metals), fiduciary currency (“honest paper money” that is merely a receipt for commodity money), and fiat currency (pieces of paper backed by government fiat that have had their value hollowed out by inflation). We have fiat currency today. Since the Fed and Congress are responsible for devaluing the dollar by 98 percent since 1913, why would we want government in charge of money?
Getting rid of the Federal Reserve will lead to long-term economic success. Removing the power to inflate will help keep the value of the dollar strong and stop Congress from having unlimited money for its unconstitutional spending. No efforts to balance the budget, including the terrible idea of amending the Constitution, will ever be successful unless the Federal Reserve is abolished.
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