Ron Paul tells this great anecdote about why the country should stick to Constitutional money (backed by gold & silver) instead of paper dollars printed by an un-Constitutional "Federal Reserve" (btw, it is not "Federal" and there is no "Reserve"!!). Here's the story: back in the early 1900's when the U.S. was on the gold standard, a 1 oz $20 gold piece could buy you a suit, tie, belt, and shoes. Today, what would $20 get you? Maybe the tie. Yet, a 1 oz gold piece (valued today at $1365) will still buy you a nice suit, tie, belt and shoes! The point is, you currency has been devalued by over 90% since the Federal Reserve was created. This was the framers of the Constitutions worst fear - having the money supply controlled by a small group of people who are allowed to print dollars out of thin air and distribute it to its friends.
When will this country learn that you cannot pave your way to success by printing paper dollars? I mean, if that was all it took, Zimbabwe and the Wiemar Republic would be running the world! Clearly, they are not.
The inconvenient truth the U.S. faces is this: the serious economic, environmental, and national security issues facing the country today are a direct result of our addiction to foreign oil. The U.S. imports ~12,000,000 barrels of oil a day. At today's price of $85/barrel, this is $1,020,000,000 a DAY. That is, over $1 billion dollars per day!!
Additionally, one must add the cost of the U.S. military exploits in the Middle East to this number, for no one should be deceived into thinking those maneuvers have anything to do with WMD's, "freedom", terrorism, or anything else but OIL.
Meantime, the U.S., in Picken's words, is proving itself to be the dumbest country in history by not adopting natural gas transportation and replacing foreign oil imports with cheaper, cleaner, and abundant *domestic* supplies of natural gas. We could all be refueling our NGVs in the garage over night while we sleep if the U.S. government would simply adopt, embrace, and encourage natural gas transportation initiatives.
So, here we go again. Oil prices will take off as the economies around the world begin to reflate. The U.S. economy and its citizens will be fooled into thinking this is progress. However, unlike last time oil went to $150/barrel, who can doubt that the U.S. is already bankrupt and will be completely at the mercy of the Chinese to "fund" our progress.
Here are the policies the U.S. should be adopting:
1) A Strategic Long-term Comprehensive Energy Policy:
2) Adopt natural gas transportation!
3) Audit the Federal Reserve
4) Transition the country back to Constitutional money (backed by gold & silver)
5) Shut down the Federal Reserve!!