My comment on the article: *Jon Roland* (URL) <http://www.constitution.org/cs_money.htm> said: Jul. 10, 11:44 AM <http://www.businessinsider.com/dont-pass-ron-pauls-audit-the-fed-bill-2009-7#comment-4a5761ee14b9b9ef00a4d8e9> Auditing the Federal Reserve is long overdue, but it will take a long time, and we may not have the time to wait for the audit report.
It also examines only one part of the total problem. We need a thorough analysis of the entire system of fiat currency, fractional reserve banking, and credit. We also need to design good alternatives, because we may need them very soon. Constitutionally, we need to return to the use of only gold and silver for currency, but transitioning back to that would be problematic at this point. I propose backing currency with energy units, like joules, in addition to gold and silver. That would take a constitutional amendment, but energy units would more accurately reflect the real value that needs to back currency, as opposed to only trust that governments or financial institutions won't create too much money. We have seen that it doesn't take much pressure to get them to betray that trust. States also need to require banks to maintain 100% reserves. The Federal government has no constitutional authority to regulate banks at all, and needs to get out of doing that. We also need to enable everyone with a computing device to function as a bank, and replace banking and financial institutions that have become "too big to fail" with millions or billions of microbanks, one for every individual. Don't Pass Ron Paul's "Audit The Fed" Bill <http://www.businessinsider.com/dont-pass-ron-pauls-audit-the-fed-bill-2009-7> The Business Insider - New York,NY,USA In addition, I will explain why an extension of the Federal *Reserve's* supervisory and regulatory responsibilities as part of a broader initiative to address *...* See all stories on this topic <http://news.google.com/news/story?ncl=http://www.businessinsider.com/dont-pass-ron-pauls-audit-the-fed-bill-2009-7&hl=en> -- ------------------------------------------------------------------- Constitution Society 2900 W Anderson Ln C-200-322, Austin, TX 78757 512/299-5001 www.constitution.org [email protected] ------------------------------------------------------------------- [Non-text portions of this message have been removed]
