The primary reasons behind the dollar's foreign exchange value movements are no longer monetary. Since the creation and launch of the euro currency, they have become geopolitical.

The dollar used to be "the only game in town." Traditionally, other countries' central banks were forced to support it when a dollar crisis came along, because there was no alternative. Now, it's different.

Since the launch of the euro, there IS an alternative, and countries around the world are reaching for it with both arms - warts and all. That means the dollar, being an un-backed paper-currency like all others, has lost its fundamental, strategic, support. MORE>>

Mr. Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. I also ask unanimous consent to insert the attached article by Lew Rockwell, president of the Ludwig Von Mises Institute, which explains the benefits of abolishing the Fed and restoring the gold standard, into the record.

Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people. MORE>>

Inflation is a disease of the human condition. It is incurable and has a long incubation period based on monetary excess. Once its appearance is obvious, it is too late to stop major damage to the lifeblood of the nation: faith in a monetary system. History will show how this disease strikes in varying forms, with the most rabid form being hyperinflation. Secondary diseases such as back strain accompany this from lugging sacks of money around. A truckload of notes would be needed to exchange for a low value gold coin. A more recent Argentinean outbreak meant the funds from selling a residence would hardly fill the grocery trolley two years later. MORE>>