The Federal Reserve System - Purposes & Functions

Quote from 2cents:

think a little deeper too, and show us sthg instead of making empty, unsubstantiated statements... just because the libertarian & austrian school press are making similar statements doesn't make them true nor relevant... for starters who says that: "A central bank is what the constitution wanted to avoid"?
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This is not that complicated. It just requires common sense. Long before the constitution, there have been central banks in existence all over europe. The founding fathers weren't stupid, obviously they knew central banks having complete control over an economy using paper assets led to economic abuse.

They didnt' have to write in the constitution "central banks are not allowed." They simply assigned the power to "Congress." Does the word CONGRESS mean or sound like BANK to you? I think not. The first 2 attempts at creating a central bank failed (First and Second Banks of the United States). Too bad the third time was a charm.
 
Read the way how it was enacted. It begins like this:

On a cold morning just before Christmas when most Congressmen already left for the holidays....

P.S.: Plenty of laws are striked down later as being unconstitutional...
 
how does that make the Act and the Fed "unconstitutional", or sthg the constitution wanted to avoid?? help me out there plse
 
If everybody had been present, they wouldn't have voted for the Act, thus the tricky way they did it.

Another one: According to the Constitution, nobody but the Congress can print money. Since the Fed can make money, it is unconstitutional...

Now, no more answers for you until you read Creature from Jekyll Island, that will answer all your questions...
 
i see... funnily i haven't heard of any constitutional lawyer on the land who's sharing that opinion... have u? have they all been bought perhaps? or woooorse??? :eek:
 
You know, ignorance becomes a sin once you have been pointed to the right direction...

I already posted this in a similar thread:

Quote from Pekelo:

Related also interesting material:

On May 23, 1933, Congressman, Louis T. McFadden, brought formal charges against the Board of Governors of the Federal Reserve Bank system, The Comptroller of the Currency and the Secretary of United States Treasury for numerous criminal acts, including but not limited to, CONSPIRACY, FRAUD, UNLAWFUL CONVERSION, AND TREASON.

http://home.hiwaay.net/~becraft/mcfadden.html

If you wonder what happened to the Congressman later, well, there were 2 attempts on his life, surely coincidence... :)
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I am done with this thread, go educate yourself. Will be enlightening...
 
ya, http://home.hiwaay.net thats so my type of reliable source of info, like, totally :D :D :D

anyway, still can't see what any of this past century rearguard stuff has got to do with today's Fed and modern finance & banking... {yaaaawn}...
 
other minor point perhaps, any idiot can be elected Congressman in the US... Ron Paul a more contemporary example... that doesn't make any of these guys a constitutional lawyer, nor give them the competence to argue a point of constitutional law...
Quote from 2cents:

i see... funnily i haven't heard of any constitutional lawyer on the land who's sharing that opinion... have u? have they all been bought perhaps? or woooorse??? :eek:
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so unless anyone's got any better on the libertarian / austrian muppets' 'unconstitutional, duh!' argument, i trust we can move on...
 
So 2Cents, What do you have against free markets? You must prefer to have someone tell you how to operate rather than decide for yourself.

If you've covered this in another thread my apologies. This is the first time I've witnessed your vehement disdain for free markets.
 
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