Dismantling the Federal Reserve (interstate, Congress, legal, economy)

[ovcatto]

I've read more than my share of eliminating the Fed articles and posts, but what I haven't read is how one goes about dismantling it, how it would work, how long it will take, and what would be the impact on the economy during the process.

Anyone care to fill in the gaps?

[cw30000]

It doesn't happen over night.

What is going to happen is will be something like this:
1) Money supply is frozen. No new money will be created.
2) Make money competitive. So the central bank no longer has a monopoly on money.
3) decentralize banking.

[ovcatto]

Originally Posted by cw30000

It doesn't happen over night.

No problem.

1) Money supply is frozen. No new money will be created.

Ok.

2) Make money competitive.

How?

[Loveshiscountry]

Originally Posted by ovcatto

No problem.

1) Money supply is frozen. No new money will be created.

Ok.

2) Make money competitive.

How?

allow Gold to once again be a competing currency

[NorthGAbound12]

Originally Posted by ovcatto

No problem.

1) Money supply is frozen. No new money will be created.

Ok.

2) Make money competitive.

How?

Free Competition in Currency Act of 2011- Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public charges, taxes, and dues. Prohibits any tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by a state, the United States, a foreign government, or any other person. Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that has legal tender status under the Constitution. Repeals provisions of the federal criminal code relating to uttering coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins. Abates any current prosecution under such provisions and nullifies any previous convictions.

H.R. 1098 - Summary: Free Competition in Currency Act of 2011 (GovTrack.us)

[Ironmaw1776]

Don't forget that a full audit of the fed is also important ... and the fed will initially probably have to be federalized and placed under the treasury before it can be utterly dismantled and its fiat currency phased out.