“In his speech to the panel, Rep. Ryan declared that Shelton’s pamphlet was “The best 25 pages on money I’ve read in a long, long time.” He chastised the Fed for their claims that they were not trying to monetize the debt, “Well what are they doing right now?” he asked. “What is happening here in government is a systematic replacement of the rule of law by the rule of man.” Ryan also took aim at the Humphrey–Hawkins Full Employment Act of 1978, and the Philips Curve.
Ryan argued that the debate that he and Shelton were trying to have was not new. Rather, they were reviving a line of argument which has been largely silent for decades: “We [referring to his generation] were just little kids when Nixon pulled us off the gold standard, so we didn’t go through these fights.”
Ultimately, Ryan did state that he viewed the current Fed system as a threat to American citizens, “There is nothing [more] insidious that a government can do to its countrymen, then debase its currency.” Ryan warned.” Read more.
“Why Is Ryan Flirting With Gold Bugs?”
FrumForum, December 9th, 2010.