Our currency is based on nothing more than the “full faith and credit” of the Federal Government. With $20 Trillion in debt, and several times that number in unfunded liabilities, the full faith and credit of the Federal Government isn’t what it used to be. It may be time to reexamine central banking, how we value our currency and control money creation as well as lowering our overall debt, before the rest of the world does it for us by selling off their Treasury Bonds. We need to pull off the shackles of central planning, repressive regulation, and poor economic performance that are at the root of so many of America’s problems.
The Federal Reserve is an unelected, unaccountable, non-competitive behemoth that has failed to keep its promise. The value and purchasing power of the dollar has declined.
- Policy should be directed at removing barriers to private money creation and the role of the private banking sector by ending the Fed’s role as the regulator of money and have it as the facilitator of the private sector’s role in money creation and flow. Emergency lending and discount window policies which put taxpayers at risk and benefit an elect few should be eliminated.
- The Fed should be subject to yearly independent audits and there should be full disclosure of any transactions with the International Monetary Fund.
- The Federal government should remove itself from housing financing as well as guaranteeing loans or securities.
We support the complete repeal of the Dodd Frank act and return to regulations, such as the Glass-Steagall Act (also known as the Banking Act of 1933 (48 Stat. 162), that are intended to prevent fraud and reasonable material disclosure not to further choke financial systems and limit innovation. The key provision of Glass- Steagall is to separate banking from investment activities. The intertwining of these activities created the “too big to fail” situations of recent recession. We, as a movement, stand steadfastly against these type of bailouts and should be for a return to the type of safe banking that will prevent things like the housing market bubble. We utterly reject the notion of “too big to fail” as a simply un-American concept that perpetuates the crony capitalism that is holding back our once robust economy.
The Federal debt must be reduced. This starts with a balanced budget. We suggest that dismantling the regulatory machine in DC would both decrease the debt and revitalize our economy by restarting the free market engine.