Yeah, the establishment won't allow rapid dramatic change and the people wouldn't put up with the shocks. So you make a few important changes, reap the benefits, get re-elected and make some more changes. In other words, Popperian tinkering undergirded with sound political philosophy.
One change that would be quite dramatic and perhaps not produce huge shocks is the Cato Institute's suggestion of converting the central bank into a currency board with much less power. That would lay the groundwork for additional monetary reform, such as gradually building up reserves to back the currency and in the process restoring confidence in the currency.
I would also recommend inviting leaders and analysts who have demonstrated success and knowledge about how to fix the problems, especially the global economic Ponzi scheme, bank failures to properly protect themselves from risk, fiat currencies, and runaway government spending and borrowing, to Washington to teach the politicians and the people in general, such as Lee Kuan Yew, Nassim Taleb, Nouriel Roubini, Jim Rogers, Warren Buffett, Charlie Munger, Peter Schiff (and if Ron Paul isn't elected, then Ron Paul--the most prophetic presidential candidate of my lifetime) and others--and actually putting some of their ideas into action, not just paying them lip service.
When what we're doing isn't working, it's time to look to others who have succeeded or have new creative ideas that might work, especially those who predicted the problems we have gotten ourselves into, not the ding dongs like Bernanke and Greenspan who didn't see it coming and claimed all was well. Heck, maybe even Newt Gingrich has some useful ideas--at least he tries to come up with ideas instead of just parroting what his handlers tell him like Romney.
As others have said, Ron Paul already achieved a great victory in this election. He moved the discussion away from the "six pack mom" nonsense of Sarah Palin and into balancing budgets, the soundness of our currency, foreign policy, and ending the status quo. Heck, some Americans have even learned what Austrian economics is! What a dramatic improvement over the usual nonsense in election campaigns. Thank you Ron Paul!
Ron Paul on the Economy and Foreign Policy – CNN – June 5th 2011
http://ronpaulflix.com/2011/06/ron-paul-on-the-economy-and-foreign-policy-cnn-june-5th-2011/#show-transcript
"I came into the Congress a good many years ago and my goal was to shrink the size of government, balance the budget, pay the bills, have sound money, and live within our means and mind our own business.....
(A)fter 30 or 40 years of having no restraint on spending and printing money, you don’t click a switch and correct that. So yes, interest rates may go up. But you want the market to work. You don’t want central economic planning. That’s our problem, because the central economic planners that get to fix the interest rates also monetize all the debt. So people need to realize that if we’re serious about this, interest rates may go up, but maybe we’ll go back to work too.
(O)ne thing is that’s very encouraging is, I see a fantastic movement at the grassroots. You hear from supporters that the whole country is moving. The attitude toward the endless, undeclared, silly wars that we fight that are bankrupting us. The silliness of the Federal Reserve printing money when we need so-called wealth. The deficits that are uncontrolled. So mainstream is now thinking about these things. Before, mainstream was deficits don’t matter, print money when you need it, endless wars, and personal privacy didn’t mean anything. But believe me: mainstream is moving in the direction that I have been talking about for a long time, and therefore no one knows what the outcome will be in this election.
During the last campaign, I knew what was happening. You know, they mocked me for my foreign policy and they laughed at my monetary policy. No more! No more! The people are coming over here. So I would say whatever happens, it’s going to be good because the people have woke up. .... They’re sick of the status quo!"
