Poverty is a political construct; it is the result of bad public policy.  There is nothing inherent in free markets that would naturally produce what we call poverty.

The number one bad policy we have in America is requiring our children to go to terrible public schools that we protect from competition.  Politicians refuse to make the money they collect for education available to anything but public schools – dollar for dollar the worst educational investment in the modern world.

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In fact, our schools are so bad, that many teenagers decide to drop out altogether, either for a low paying job with no future, or to work in the illicit drug trade, itself an enticing opportunity created entirely by bad public policy.

Poverty can persist as an inter-generational condition, when fed by continued bad policy made by politicians who mean well but who are utterly ill-equipped to make decisions about economics, much less about peoples’ lives.

If you are no longer satisfied with Democratic politicians protecting bad schools and hanging to the tried-and-failed 1960s welfare programs that discourage work, if you are no longer satisfied with Republican politicians acting like it’s all your own fault, you might be a Libertarian.  If you’re looking for a fresh new approach to protecting your liberty, an equal shot in a growing economy, and an equal shot at justice, you’re not just a Libertarian, you’re a part of this campaign.

Three-Point-Plan to End the Fed

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The objective of our party to end the Fed is bold, it’s important to America’s economic future and, notwithstanding what your friends in the duopoly would have you believe, doable. But only if we have the right plan to end the Fed, a private-sector organization owned by its member banks and defined by its two basic functions: Monetary policy and bank regulation.

  1. Remove monetary policy from the Fed in favor of what Milton Friedman long ago proposed, a fixed constant growth rate in the money supply. And the Federal Reserve Bank of New York which conducts market operations on behalf of the Fed today would be contracted by the Treasury Department to continue to do so in order to hit the targeted growth rate in money supply. This would remove the bias in our current system toward inflation, curtail the ability to provide funding for the expansion of federal spending, and stop the boom-bust cycles exacerbated by unpredictable loosening and tightening of money supply.
  2. Transfer the Fed’s balance sheet to the Treasury Department – the Fed’s income is already annually transferred to Treasury. Then liquidate that balance sheet.  This would eliminate the ability to bailout member banks without some accountability through the budget process.
  3. The Federal Reserve Board itself would be eliminated, leaving each individual Federal Reserve Bank free to set its own regulatory framework, thereby competing with each other and competing with the Treasury Department for members.  And yes, banks would have the option of choosing no regulation at all, though I doubt any would, all of them needing some seal of approval to conduct business internationally.  Any bailouts would have to come from the Federal Reserve Banks out of their own balance sheets, created by agreement with the member banks themselves.