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Quote by: The Decider  Paul claims the Federal Reserve Bank, or any central bank, is unconstitutional. But the US Constitution's Article I, Section 8, clearly gives the US Congress the monetary authority "to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures." Where does it say the US Congress can't establish a central bank to regulate monetary policy? LII: Constitution |
What does coining money and regulating the value thereof have to do with a central bank printing money. Coining money has a specific connotation of a metallic product. Admitted, it doesn't specify that the metal has to have any intrinsic value, however, I believe that was commonly understood at the time.
And, where does the Constitution allow Congress to delegate that authority to a private bank? It doesn't even allow for delegating the authority to the executive branch in the form of a government owned central bank. And, if the Fed answers to anyone in the government, it's most certainly to the executive branch, and not the legislative, other than indirectly.
If we were to take the Constitution literally and appropriately, the Treasury Department would be under direct control of Congress, making money backed by something of real value, and the Fed wouldn't exist at all.
But, since when has our government even followed the Constitution?
Keith