text: He condemns the role of the Federal Reserve and the national debt in creating monetary inflation. The minority report of the U.S. Gold Commission states that the federal and state governments are strictly limited in their monetary role by Article One, Section Eight, Clauses 2, 5, and 6, and Section Ten, Clause 1, "The Constitution forbids the states to make anything but gold and silver coin a tender in payment of debt, nor does it permit the federal government to make anything a legal tender." The Commission also recommended that the federal government "restore a definition for the term 'dollar'. We suggest defining a 'dollar' as a weight of gold of a certain fineness, .999 fine." On multiple occasions in congressional hearings he has sharply challenged two different chairmen of the Federal Reserve, Alan Greenspan and Ben Bernanke.
  He has also called for the removal of all taxes on gold transactions. He has repeatedly introduced the Federal Reserve Board Abolition Act since 1999, to enable "America to return to the type of monetary system envisioned by our Nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold".  He opposes dependency on paper fiat money, but also says that there "were some shortcomings of the gold standard of the 19th century ... because it was a fixed price and caused confusion." He argues that hard money, such as backed by gold or silver, would prevent monetary inflation (and, thus, would inhibit price inflation), but adds, "I wouldn't exactly go back on the gold standard but I would legalize the constitution where gold and silver should and could be legal tender, which would restrain the Federal Government from spending and then turning that over to the Federal Reserve and letting the Federal Reserve print the money."