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The Federal Reserve

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10/28/2015 6:39:47 AM
Posted: 12 months ago
This content was copy pasted from a debate, but it is not plagiarism because it is my debate:
Congress shall have the power; to coin money, regulate the value thereof, and of foreign coin, fix the standard weights and measures.
This meant that congress would issue the money, this is very simple to understand, fix the standard weights and measures, however, is not, the phrase standard weights and measures is what people in the 1700s called the gold standard, this put the power over the economy into the hands of the people, gold or silver certificates were issued based on coin being deposited by people, which meant that certificate issue was based on the people and coin supply, coin supply was controlled by congress who ordered minting, and gold/ silver miners who provided gold and silver, and congress/ the treasurer were elected by the people, the people also chose which establishment"s to support, this gave 100% of the economic power to the people. Though the constitution allows for amendments, the Federal Reserve Act was not an amendment, it was just a unconstitutional law. The Federal Reserve ended this, it does not back its money by gold or silver so it is not dependent upon miners, it is separate from the government and the board of governors are not elected, which makes them not accountable to the people, and they will bail out any corporations which people choose not to support, preventing companies from shutting down effectively entrenches said corporations, exterminating any chance for new companies to be established. This has effectively eliminated our free market, creating a command economy, or in layman"s terms- communism.