Libertarian Senate Nominee Renews "End the Fed" Call
Proposal to return to gold standard comes as Bernanke speaks in Indy
With Federal Reserve Chairman Ben Bernanke speaking in Indianapolis, a Senate candidate is renewing his call to abolish the Fed.
Libertarian Senate nominee Andrew Horning argues currency needs to be tied to the gold standard or something else with a fixed value for economic and constitutional reasons. The Fed was established in part to allow a more fluid money supply that could be loosened or tightened. Horning argues that power holds the same dangers as other monopolies: the lure of abusing that power is too "seductive."
Horning contends a fixed-value currency would boost the economy by assuring businesses of stability.
President Richard Nixon followed West Germany in decoupling U-S currency from the gold standard in 1971.