“...my vie w of monetary policy ...

is to get rid of the F

[ e deral Re serve]
central bank and have a fixed rate of growth of high-powered money...
And the ce ntral bank is going to e xe rcise discretionarymonetary]
[
policy because bureaucrats want to be important.”
M ilton Friedman, “Beware the funny money,” Forbes, M ay 3, 1999

M ay 26, 1999
Dear Colleague,

From Adam Smith to Nobel Laureates F. A . von H ayek and M ilt on F riedman, free
market economists have long opposed central economic planning through monetary policy
and favored market solutions. In that tradition, I introduced HR 1148, t he Federal Reserve
Board Abolition Act. A s Milton Friedman explained w hen he declared t hat the F ederal
Reserve Board should be abolished, “ A ft er studying the F ed for [its t hen] 67 years, I have no
doubt that the United States would be better off if the Federal Reserve had never been
established [and its functions were turned over to Congress or the Treasury]” (“Friedman:K ill
the Fed,” D aily News , M ay 22, 1 981). Adds James Glassman, “ [the bond markets] move
faster than the Fed ... we may not need the Fed at all” (“Who needs the Fed? ,” U.S. News &
World Report, J une 1, 1998).

To cosponsor or for more information, please contact Bradley J ansen at 225-2831.

Respectfully,

Ron Paul