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Quote by: Keith Hamburger  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. |
Huh? Why would the Constitutional Congress limit American money supplies to a metal currency? The American colonies tried to print paper money until 1751, when the English Parliament banned that currency form. The constitution doesn't prohibit paper representations of precious metals.
Whether that paper money MUST at all times have actual metals in stock to back it up is also not clearly prescribed in the US Constitution. It's a good idea, certainly, but a literal reading of the document makes no such rule evident.
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Quote by: Keith Hamburger And, where does the Constitution allow Congress to delegate that authority to a private bank? |
What "private bank"--the Federal Reserve run by presidentially appointed Board of Governors and operated by 12 regional banks under the oversight of the Department of the Treasury? That "private bank?"
And where does the US Constitution limit the US Congress to practice any form of "delegating" it damn well chooses? Where are those limits, specifically?