The Federal Reserve is nothing more than a socialist central-planning agency, one whose mission is to plan monetary policy for hundreds of millions of people. That’s why it is not a coincidence that there has been a continuous process of monetary debasement and economic bubbles and busts since the establishment of the Federal Reserve in 1913.

The Constitution brought into existence a monetary system in which gold coins and silver coins were the official money of the United States. The Framers of the Constitution rejected paper money because they knew that governments inevitably use it to plunder and loot the citizenry through monetary debasement.

From the founding of the American republic to the 1930s, America had the most stable monetary system in history, which was a major factor in the enormous and continuous rise in the standard of living of the American people.

That came to an end in the 1930s, when President Franklin Roosevelt nationalized the gold-coin holdings of the American people, ordering them to deliver their gold coins to the federal government, on pain of a felony conviction and punishment for failure to do so.

Roosevelt’s excuse for revolutionizing America’s monetary system without even the semblance of a constitutional amendment? The Great Depression, which, ironically, was brought about by monetary manipulation by the Federal Reserve. Ever since, Americans have seen decade after decade of monetary debasement to fund the ever-increasing expenditures of America’s welfare-warfare state.

As the Nobel Prize-winning libertarian economist Friedrich Hayek pointed out, the ideal is a free-market monetary system, one in which people are free to use whatever medium of exchange they choose, one that would entail ending the Fed and separating money and the state.