The best legislative action, regarding monetary affairs, that the new Trump administration could take in its first 100 days in office would be: to eliminate all taxes and restrictions on transactions in gold and silver, which would allow them to be used freely as an alternative form of money. The U.S. had already rejected the model of the monopoly central bank, exemplified by the Bank of England, three times. The first was before the United States was even formed: the Bank of North America, in effect a “central bank,” was chartered by the Congress of the Confederation in 1781. The First Bank of the United States was founded in 1791, and was dechartered in 1811. But the War of 1812 with Britain broke out soon afterwards, and in 1816, the U.S. had another central bank, the Second Bank of the United States.

Source: Forbes November 24, 2016 17:39 UTC