Ron Paul Dear Colleague Citing Milton Friedman on the Federal Reserve
May 26, 1999
(J. Bradley Jansen was Ron Paul’s legislative staffer on these issues at this time)
“…my view of monetary policy … is to get rid of the [Federal Reserve] central bank and have a fixed rate of growth of high-powered money…And the central bank is going to exercise discretionary [monetary] policy because bureaucrats want to be important.”
Milton Friedman, “Beware the funny money,” Forbes, May 3, 1999
May 26, 1999
From Adam Smith to Nobel Laureates F. A. von Hayek and Milton Friedman, free market economists have long opposed central economic planning through monetary policy and favored market solutions. In that tradition, I introduced HR 1148, the Federal Reserve Board Abolition Act. As Milton Friedman explained when he declared that the Federal Reserve Board should be abolished, “After studying the Fed for [its then] 67 years, I have no doubt that the United States would be better off if the Federal Reserve had never been established [and its functions were turned over to Congress or the Treasury]” (“Friedman: Kill the Fed,” Daily News, May 22, 1981). Adds James Glassman, “[the bond markets] move faster than the Fed … we may not need the Fed at all” (“Who needs the Fed?,” U.S. News & World Report, June 1, 1998).
To cosponsor or for more information, please contact Bradley Jansen at 225-2831.