With the celebration of its 100th birthday, the Federal Reserve has received a share of criticism from many quarters. In particular, the Conservative or Tea Party republicans are attacking the Fed for a unique reason; they believe it is time to bring back the old gold standard to help the economy thrive in hard money. The Tea Party wants to borrow a leaf from the 19th Century where; all power and wealth was reserved for the top corporate elites like the Wall Street financiers. The age of hard money was often referred to as the age of savage inequality.
Our interview with Richard Stelfox, the CEO of Golden Eagle Coins , a well known gold & silver dealer proved to be quite interesting. “A very high percentage of the customers I talk to on a daily basis claim to be conservative but after a few questions it seems many would lean toward being Libertarian”. The online gold dealer also has a retail location in the Washington DC area where you can browse rare gold coins, buy silver bars & invest in silver bullion while getting an education on the bullion market from their staff.
The last bond with the precious metal was before 1913 when the Federal Reserve subsequently cut the cord. The last ties with gold were cut in the era of President Nixon in 1971. Despite flexible money being accepted across the board, the conservatives have remained firm in the conviction that gold is the sure way to run an economy. Many personalities have jumped into the bandwagon to advocate for the return of the gold standard. Among others; TV personality Glenn Beck, financial giant Steve Forbes and Tea Party pundit William Kristol have not been shy to air their love for gold publicly.
Ron Paul has been long known to oppose a society that’s webbed by control schemes and a government that wages war against other nations while pursuing shady interests. Because of that, his political views have been dismissed as being too crude or even utopian at times.
Ron Paul’s libertarian political views have been a subject of debate on many political TV shows, especially when it comes to his opinion about the troops overseas, more specifically those in Afghanistan. Ron Paul has made it clear that the over $1 trillion that is spent every year for sending troops overseas can be very well invested in education and other branches that would help speed up the financial recovery and create more jobs for the unemployed.
The Federal Reserve and Inflation The role of the Federal Reserve has been questioned by many analysts for many years and one of its biggest opposers has to be former Congressman Ron Paul. He argued that the Fed is only enslaving the US economy and taking control of the financial system for its own gains and shady purposes. The former politician has also spoken with former Chairman Ben Bernanke in an official debate about missing funds that amount to more than half a trillion dollars. He made it clear to the American people that the Federal Reserve has spent a lot of money in ways that cannot be accounted for. Many of Ron’s colleagues in the Congress are not too eager though to abolish the central bank and that is because it helps fund a lot of government activities. Paul condemns the FR and its role in the state, especially when it comes to creating monetary inflation. Because the Federal Reserve has a massive influence on the financial system, the former politician has attempted many times (without success) to introduce the Board Abolition Act which would allow the US to return to its original monetary system that the Founding Fathers have envisioned. Of course, that system would tie money to commodities, such as gold and silver.