Record Detail Back
A Foreign Policy of Freedom
- Share to:
My involvement in politics came about due to an earlier interest in
economics, which began in the 1960s after reading Friedrich Hayek's
classic, The Road to Serfdom. This led me to study Austrian economics,
especially the writings ofLudwig von Mises, which provided the best
explanation ofhow central banking and government intervention in the
market economy cause so much suffering. TheAustrians explained, with
great clarity, how inflation and the business cycle undermine the middle
class and injure the poor. Armed with this knowledge, I became convinced
that America was on the wrong track. The breakdown of the Bretton
Woods pseudo-gold standard in August 1971 only confirmed the
predictions ofthe Austrian economists. Alarmed, I made the decision to
run for Congress in 1974--although I entertained little hope ofwinning. I
felt it important to express myselfconcerning economic issues, particularly
monetary policy.
Although I lost that race, by chance it positionedme to win a special
election one year later. During four terms in Congress between 1976 and
1984, I served on the Banking committee and spent a lot oftime dealing
with monetary issues. During the early 1980s I served on the Gold
Commission. This was the eraofstagflation, and there was serious concern
and confusion among politicians and economists regarding our economic
future.