Our monetary system is broken. It’s given us low growth, a shrinking job force, inequality beyond what a healthy economy would produce, inefficiency, and the unnatural growth of finance as a portion of the economy.
Our aging Federal Reserve System starves both small businesses and Silicon Valley of the capital needed to grow jobs and wages.
Fed policy translates into zero-interest-rate loans for the government and its cronies, and little or nothing for savers or small businesses. And it has transformed Wall Street from an engine of innovation into a servant of government power.
But I believe America can be set on the right path towards a robust and broadly shared capitalism again with just three steps.
Step 1: Abolish Capital Gains Tax on Currencies
This country already allows gold currency. The Treasury mints millions of one-ounce silver eagle dollars that are worth more than twenty dollars apiece and one-ounce gold eagle fifty-dollar pieces that are worth $1,150 apiece.