How to abolish the Fed?

G. Edward Griffin, in his book "The Creature from Jekyll Island", outlines a plan for eliminating the Federal Reserve. Although I don't agree with his bi-metalism, it's otherwise a well thought-out approach, and nothing in it would be especially time consuming. Here's a short summary, modified slightly to reflect a gold-focused approach instead:

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1. Repeal the legal tender laws


2. Define a "new" dollar in terms of gold


3. Restore free coinage at the US Mint (where you can bring in raw gold and exchange it for gold coins)


4. Pay off the Federal Debt with Federal Reserve Notes created for that purpose


5. Freeze the supply of Federal Reserve Notes


6. Pledge the government's hoard of gold to be used as backing for all FRNs in circulation


7. Determine the weight of all gold owned by the US Government and calculate the total value of that supply in terms of new dollars


8. Determine the number of FRNs in circulation and calculate the new dollar value of each one by dividing the value of the precious metals by the number of notes


9. Retire all FRNs from circulation by offering to exchange them for new dollars at the calculated ratio


10. Convert all contracts based on FRNs to new dollars at the same ratio


11. Issue gold certificates. In exchange for FRNs, recipients will have the option of taking coins or Treasury Certificates, which are 100% backed (the certificates will become the new paper currency)


12. Abolish the Federal Reserve System. It would be possible to allow it to continue to operate as a check-clearinghouse, but not as a central bank


13. Introduce free banking. Banks should be deregulated and cut loose from Federal bailouts. The FDIC and other similar organizations should be phased out. Banks should be required to keep 100% reserves for demand deposits