Election 2012 & The Fed: Scotty Boman says Ron Paul should be Fed Chairman

This week-long Economic Collapse News series will feature three candidates vying for a seat in the House of Representatives and Senate.  Each candidate will provide his take on the Federal Reserve, their pick to replace Chairman Ben Bernanke and their view on monetary policy.  Part three of our series looks at Michigan Libertarian Senate candidate Scotty Boman.

When Republican Congressman Ron Paul ran for president in 2008, he inspired millions of people across the United States and in many parts of the world.  Scotty Boman was one of those individuals that was motivated to run for public office and to even further promote the cause of liberty.

In 2008, Boman ran for Senator of Michigan as a Libertarian, but he placed a distant third.  Four years later, Boman is now running again for the Senate to defend the idea of a constitutionally limited government, promote privacy issues and call for an end to the Federal Reserve’s inflation tax.

These stances have prompted Liberty Candidates and Republican State House candidate Chad Dewey to issue their endorsements for Boman.  Essentially, the idea of liberty and personal responsibility are quite popular in Michigan.

Boman isn’t alone when he urges the eradication of the Fed’s inflation tax. In the libertarian community and those who support seeing an end to the central bank, it is considered to be one of the most heinous taxes.

With a possible regime change at the Fed in Jan. 2014, is it possible the nation’s monetary system could be seeing a vast improvement in the near future?  Although Boman believes Bernanke stepping down is a positive step, he will be replaced with someone who maintains the same ideology.

“While the chairman of the Fed can’t abolish it or take any other systemic changes of that degree, his tenacious support for Fed secrecy and comfort with economic easing makes him an overtly bad choice,” stated the Libertarian candidate in an interview with ECN, who has spoken in front of many Tea Party engagements.

Boman noted that a good choice for the Fed may not be positive either – citing Alan Greenspan as an example.

“Alan Greenspan was an outspoken critic of the Fed, and he supported a gold standard, but his self-described efforts to mimic the gold standard, ultimately failed by building the bubble that ultimately was destined to burst,” explained the former state legislator and congressional candidate.  “As long as the statist establishment controls the office of the presidency, that president will appoint a person who will do their bidding.”

Is there anyone he would like to see take over the reins at the Fed that could make a positive difference?  Realistically, though, Boman stated that the issues at the Fed are “fundamentally systematic,” which means anyone who is appointed as chairman will not make the monetary situation any better.  However, out of everyone, he would like to see Dr. Paul become chairman.

A lot of libertarians have rallied together urging for the ultimate conclusion of the Fed, but a lot of have not provided the exact details as to how they would do this.  Boman provided his in-depth analysis as to how to replace the Fed.

Boman’s first step would be to coalesce Austrian Economics scholars, but he does support having a free market to substitute the Fed, while also advocating for the end of legal tender legislation in favor of a new monetary system.

“Meanwhile, the creation of credit out of thin air must stop. The value of said Reserve notes should then be fixed relative to the price of gold,” said Boman, a volunteer for Campaign for Liberty and former chairman of the Libertarian Party of Michigan.

“Fixing the number of dollars would put a break on the ability of the Federal Reserve System to manipulate the economy.  New credit should only become available when balanced by deposits of existing reserve notes in equal amounts, or by deposits of equal value in gold or precious metals.”

Despite his belief that the United States Department of Treasury should coin money – issuing of coin should be distributed by weight and not by dollars – he believes the American people should have the freedom to use whatever financial alternatives they see fit.

“But no matter what form of money is issued by the treasury, people should be free to circulate alternative financial instruments (so long as the character and value of these instruments is represented honestly).”

Boman goes up against Democratic Senator Debbie Stabenow and former Republican Congressman Pete Hoekstra.  Comparing the three campaigns, Boman has spent a little more than $4,000, while his mainstream opponents have spent a total of nearly $12 million.

Be sure to view this week’s interviews with Montana Libertarian Senate candidate Daniel Cox and Texas Libertarian Senate candidate John Jay Myers.