The Federal Reserve

The Texas Republican Party "calls for the United States monetary system to be returned to the gold standard." Texas Republicans "call on Congress to abolish the [Federal Reserve System.]"

Returning to the gold standard of the past would make the U.S. monetary system vulnerable to the former Soviet Union, South Africa and other foreign countries with vast gold reserves.

John WorldPeace believes that the gold standard (as well as any other commodity) would make the world economy subject to manipulation and instability due to the continued discovery of new supplies or new uses of that commodity. The Federal Reserve System is not perfect but it is preferable to a commodity standard. We should move to improve the Federal Reserve System in order to reduce the potential of global economic disaster.