Michael Badnarik on Budget & Economy Libertarian Party nominee for President

Base currency on gold, to avoid inflation

A: Article 1, Section 8, clause 5 grants CONGRESS the power and responsibility “to coin money, and regulate the value thereof...” It does NOT give Congress the authority to transfer that responsibility to another branch of the government, much less to a private company such as the Federal Reserve. The Federal Reserve has been inflating our money supply ever since 1933, which makes our money worth less than Monopoly money. (I estimate that Parker Brothers prints far less money than the Federal Reserve!) In order for the US to survive economically, we need to reestablish a non-inflationary currency based on some commodity, not necessarily gold and silver, though I admit a preference to precious metals. Eliminating the unconstitutional Federal Reserve is a logical and necessary first step.