Inflation and Depression
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The LP Platform Currently Reads
The Issue: Government control over money
and banking is the primary cause of inflation and depression.
The Principle: Individuals engaged in voluntary
exchange should be free to use as money any mutually agreeable commodity
or item, such as gold coins denominated by units of weight. We support the
right to private ownership of and contracts for gold.
Solutions: We call for the repeal of all
legal tender laws and of all compulsory governmental units of account, as
well as the elimination of all government fiat money and all government minted
coins. All restrictions upon the private minting of coins must be abolished,
so that minting will be open to the competition of the free market. We favor
free-market banking, with unrestricted competition among banks and depository
institutions of all types. The only further necessary check upon monetary
inflation is the consistent application of the general protection against
fraud to the minting and banking industries.
Transitional Action: We call for the abolition
of the Federal Reserve System, Federal Deposit Insurance Corporation, the
National Banking System, and all similar national and state interventions
affecting banking and credit. Our opposition encompasses all controls on
the rate of interest. We also call for the abolition of the Federal Home
Loan Bank System, the Resolution Trust Corporation, the National Credit Union
Administration, the National Credit Union Central Liquidity Facility, and
all similar national and state interventions affecting savings and loan associations,
credit unions, and other depository institutions. To complete the separation
of bank and state, we favor the Jacksonian independent treasury system, in
which all government funds are held by the government itself and not deposited
in any private banks. Pending its abolition, the Federal Reserve System, in
order to halt inflation, must immediately cease its expansion of the quantity
of money. As interim measures, we further support: a.) the lifting of all
restrictions on branch banking; b.) the repeal of all state usury laws; c.)
the removal of all remaining restrictions on the interest paid for deposits;
d.) the elimination of laws setting margin requirements on purchases and sales
of securities; e.) the revocation of all other selective credit controls;
f.) the abolition of Federal Reserve control over the reserves of non-member
banks and other depository institutions; and g.) the lifting of the prohibition
of domestic deposits denominated in foreign currencies.
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