Opponents argue that the Fed could just limit its distribution of dollars - Right, that worked so well its like a fox guarding the Chicken coup.
the other argument says it would weaken the US dollar with respect to foreign *(read EURO) currencies. No, precisely the opposite would occur, our monetary base would contract and unsustainable credit expansion would be curtailed. So if by weaken, that we would have all those bubbles that make an illusion of wealth, and then a crash, then yes, of course we wouldnt have that.
The great depression had very little to do with Gold, and alot to do with the same FED policies we have now.
I am surprised ABC gave this story press. Im glad they noted that elimination of legal tender laws would reduce the central bank and government role in monetary issues....as that is THE POINT.