What about just ending the Fed?
The Federal Reserve fulfills several functions, but there are two main powers that negatively affect the economy and the value of the dollar. The first is monetizing debt, the second is manipulation of the discount rate (the rate at which banks can borrow short term funds from the Fed). This amendment eliminates the first power, but not the second. Manipulation of the discount rate causes swings in the economy as we have seen with the recent housing bubble and the Fed's power to do this should also be eliminated.
It is our belief that the passing of this amendment will have a domino effect on financial policy. First, without the ability to monetize, government will have no real reason to keep the Fed around. Second, it will spark the debate over what monetary system is best and whatever transition is made can be accomplished in a controlled and deliberate manner. This amendment will effectively signal the demise of the real power behind the Fed, but will not cause as abrupt a shock to the economy as an outright shutdown would cause.
Lastly, it should be remembered that the Fed is the fourth central bank in our short history. If we end the Fed now, there is nothing stopping a future Congress from implementing another one in years to come. This amendment insures that any such entity would have no power to manipulate the money supply.