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Idaho GOP: End the Fed, bring back gold

At the Idaho GOP convention in Twin Falls, the state GOP decided to preserve the platform of abolishing the Federal Reserve Bank and instituting dollars backed by gold and silver.

“We recognize the failure of the Federal Reserve System to maintain a sound U.S. dollar and the danger of mercantile banks controlling the issuance of our currency. We believe the Federal Reserve Bank should be abolished and the issuing power restored to the people with the stipulation that the U.S. dollar be backed by gold and silver,” reads the recently adopted 2012 platform.

The platform goes even further and encourages Idahoans to acquire precious metals.

“We believe Idahoans need to protect their savings from the ravages of inflation, which is hidden taxation, and encourage citizens to participate in a systematic acquisition of precious metals which represent real value as opposed to paper currencies,” the platform continues.

An Idaho GOP spokesperson declined to comment on the record about the state party’s 2012 platform and the platform of abolishing the Fed and instituting U.S. dollars backed by gold and silver plank.

Returning to the gold standard and abolishing the Federal Reserve System has recently gained notoriety largely because of the popularity of one of the Fed’s biggest critics, Texas Republican Rep. Ron Paul, who was a candidate for president earlier this year.

Paul has been at the forefront of advocating for a return to a gold standard for many years, even serving on a congressional commission to consider returning to the gold standard in 1981. During his 2012 campaign, one of his main platforms was auditing and eventually abolishing the Federal Reserve Bank.

The Fed was eventually audited as part of the Dodd-Frank financial reform bill, but there has been no serious move in Congress to end the Fed.

Idaho has supported the use of gold and silver currencies for some time now.

According to Businessweek, Idaho has previously introduced bills to allow for the use of gold and silver in addition to U.S. dollars issued by the Federal Reserve. Republican Rep. Lenore Barrett, who introduced the bill in 2010, said she wanted Idahoans to have control over their currency. However, Barrett was unsure how the bill would work in practice.

Similar bills had been introduced in previous Idaho legislative sessions.

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