Constitution - Banks

[The Irish Ram]

Thank you.

But doesn’t this mean that the Fed is taking powers that belong to Congress?

Or is the Federal Reserve under the authority of Congress?

That is exactly what it means. The Federal Reserve isn't federal or a reserve. They are a corporation of European bankers that we gave the power to. They haven't gotten anything right so far, and need to be removed from our government.

The Federal Reserve was conceptualized during a secret meeting on Jekyll Island in 1910, led by Senator Nelson Aldrich and attended by top bankers and financiers, including Paul Warburg, Frank Vanderlip, and Henry Davison, who drafted the Aldrich Plan, a blueprint for a central banking system that laid the foundation for the Fed.

 

[ThisIsMe]

Dear Members,


I am new here and hope to meet knowledgeable people who can answer my questions and help me deepen my understanding.

I am studying law, and while reading about the history of U.S. law, I came across an issue that raised some questions.

One of them concerns Article I, Section 10 of the U.S. Constitution, which prohibits states from issuing paper money. This made me wonder: who issues the U.S. dollar today, and why is this considered constitutional?

And what role does the Federal Reserve play in this context?

Thank you very much.

I’m going to be straight up with you, this is the LAST place you want to get advice for school from. Half the people here have their own interpretation of the constitution, and they want to make it mean whatever they want it to mean.

I’m afraid you’ll get a myriad of answers here that are going to contradict.

 

[ThisIsMe]

But Article I, Section 10 of the U.S. Constitution forbids states from printing paper money, and the only legal tender is coins made of silver or gold.

Articel 1, Section 10:
„No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.“

The Federal Reserve is not a private bank, so its actions are considered actions of the state. This is why I can’t make sense of it.

That’s the difference between money and currency. What we have is currency, reserve notes that are supposed to represent physical gold…but we left the gold standard in 1977. Now our money is based on the full faith and credit of the United States. In other words, our money is based off of “we Americans are just a bunch of good ole people, and you can trust us! You really can! You know you can trust us…right?……RIGHT??!!”

 

[Admiral Rockwell Tory]

Dear Members,


I am new here and hope to meet knowledgeable people who can answer my questions and help me deepen my understanding.

I am studying law, and while reading about the history of U.S. law, I came across an issue that raised some questions.

One of them concerns Article I, Section 10 of the U.S. Constitution, which prohibits states from issuing paper money. This made me wonder: who issues the U.S. dollar today, and why is this considered constitutional?

And what role does the Federal Reserve play in this context?

Thank you very much.

You need to read the Constitution about the powers designated to Congress regarding money.

Article I, Section 8, Clause 5
The U.S. Constitution grants Congress the exclusive power to coin money and regulate its value.

 

[Admiral Rockwell Tory]

Interesting.

But it still seems like monetary policy is in the hands of the Fed, rather than in the hands of Congress.

By the way, I just found out that it was created by Congress in Washington, D.C., which isn’t part of any state.

This is confusing. Did they manage to make this compatible with the U.S. Constitution?

Or am I overthinking this?

Definitely.

 

[22lcidw]

That’s an other perspective, but I mean the Fed isn’t really a private bank.


Also, why use “suckers”? That comes across as disrespectful.

None of us have to be geniuses. However, some education in schools should be mandated to give us some primitive understanding of the currency and its mechanisms. Massive interest payments make us suckers. Perhaps the government itself should take care of the printing press while using outsiders to monitor it. I would expect that some of that interest could be expunged. The people who run the federal reserve are the elites. And they knew once they finally got the politicians to vote their system in 1913, that they hit the jackpot. Promises of no recessions and depressions. Going to war a few years later (WW 1). Greasing the economic system that would be called the Roaring 20's and then tightening the market prime rate like hitting a wall in a nervous stock market causing the Great Depression. And somehow things did not improve until they got us into WW 2. Consolidating more and more power over a thirty-year period or so from its beginnings using the next empire, the United States. We are slowly being hollowed out though and it has given the nation of China an opening. And opening we caused. Nikita Khrushchev stated. "We will bury you". If not the Soviet Union, it will be China.

 

[rightwinger]

That is exactly what it means. The Federal Reserve isn't federal or a reserve. They are a corporation of European bankers that we gave the power to. They haven't gotten anything right so far, and need to be removed from our government.

The Federal Reserve was conceptualized during a secret meeting on Jekyll Island in 1910, led by Senator Nelson Aldrich and attended by top bankers and financiers, including Paul Warburg, Frank Vanderlip, and Henry Davison, who drafted the Aldrich Plan, a blueprint for a central banking system that laid the foundation for the Fed.

Federal Reseve stabilized our economy and turned us into an economic powerhouse

 

[The Irish Ram]

Federal Reseve stabilized our economy and turned us into an economic powerhouse

They certainly did not stabilize our economy. Just the opposite:
AI
The Federal Reserve is widely considered to have played a significant, albeit controversial, role in worsening the Great Depression, not by causing the initial downturn but by failing to act as a lender of last resort, allowing massive bank failures and a severe contraction of the money supply, turning a recession into a catastrophic depression, according to many economists like Milton Friedman and Ben Bernanke.

 

[Toddsterpatriot]

The Federal Reserve is a private bank and orders the treasury to coin money. It pays for the printing of the currency. Teh currency is negative money and depends on velocity of loans. Each dollar can be loaned ten times losing 10% of value each time. It then disappears. The owners of the Federal Reserve and other central banks in other nations are trillionaires. Even more than zillionaires. Look at the interest you pay in loans. Suckers.

Each dollar can be loaned ten times losing 10% of value each time.

Why can each dollar only be loaned ten times. Why would it lose value?

It then disappears.

Why? Where does it go?

The owners of the Federal Reserve and other central banks in other nations are trillionaires.

The federal government owns the federal reserve.

Look at the interest you pay in loans.

I didn't borrow any money from the Federal Reserve. Why should I look at the interest?

 

[M14 Shooter]

One of them concerns Article I, Section 10 of the U.S. Constitution, which prohibits states from issuing paper money. This made me wonder: who issues the U.S. dollar today, and why is this considered constitutional?

Read Article I section 8.

 

[LordBrownTrout]

No, this isn’t part of my lesson; I’m just interested in U.S. history, and maybe it will be important later.

I mean, if no one can explain this, how can people in the U.S. tolerate it?

I might be young and inexperienced, which is why I’m asking—nobody in my circle seems to have an answer for this.

Thanks.

Out govt/elected leaders don't really follow the Constitution. Sometimes they confiscate your gold and silver and just issue currency tied to nothing.

 

[Dekster]

Dear Members,


I am new here and hope to meet knowledgeable people who can answer my questions and help me deepen my understanding.

I am studying law, and while reading about the history of U.S. law, I came across an issue that raised some questions.

One of them concerns Article I, Section 10 of the U.S. Constitution, which prohibits states from issuing paper money. This made me wonder: who issues the U.S. dollar today, and why is this considered constitutional?

And what role does the Federal Reserve play in this context?

Thank you very much.

States don't issue paper money, so problem solved.

 

[Captain Creeper]

Dear Members,


I am new here and hope to meet knowledgeable people who can answer my questions and help me deepen my understanding.

I am studying law, and while reading about the history of U.S. law, I came across an issue that raised some questions.

One of them concerns Article I, Section 10 of the U.S. Constitution, which prohibits states from issuing paper money. This made me wonder: who issues the U.S. dollar today, and why is this considered constitutional?

And what role does the Federal Reserve play in this context?

Thank you very much.

It sounds like you are from Nigeria or Ghana.

 

[Oddball]

Dear Members,


I am new here and hope to meet knowledgeable people who can answer my questions and help me deepen my understanding.

I am studying law, and while reading about the history of U.S. law, I came across an issue that raised some questions.

One of them concerns Article I, Section 10 of the U.S. Constitution, which prohibits states from issuing paper money. This made me wonder: who issues the U.S. dollar today, and why is this considered constitutional?

And what role does the Federal Reserve play in this context?

Thank you very much.

 

[Toddsterpatriot]

I tried to read that error filled piece of crap.

It was too stupid.

 

[Oddball]

I tried to read that error filled piece of crap.

It was too stupid.

Yeah, yeah, yeah....Your entire life depends on Fed worship...We get it.

 

[Toddsterpatriot]

Yeah, yeah, yeah....Your entire life depends on Fed worship...We get it.

One of my favs.....

Page 27, “When a borrower cannot repay and there are no assets which can be taken to compensate, the bank must write off that loan as a loss. However, since most of the money originally was created out of nothing and cost the bank nothing except bookkeeping overhead, there is little of tangible value that is actually lost. It is primarily a bookkeeping entry”

 

[rightwinger]

They certainly did not stabilize our economy. Just the opposite:
AI
The Federal Reserve is widely considered to have played a significant, albeit controversial, role in worsening the Great Depression, not by causing the initial downturn but by failing to act as a lender of last resort, allowing massive bank failures and a severe contraction of the money supply, turning a recession into a catastrophic depression, according to many economists like Milton Friedman and Ben Bernanke.

You miss the part about how unstable the gold standard was with rapid uncontrollable fluctuations in the value of the dollar

 

[The Irish Ram]

The federal government owns the federal reserve

Just the opposite. The Federal Reserve is a Corporation of Europe's elite bankers, and several American stakeholders.
And we were stupid enough to hand over our treasury to them. It is time to take it back and remove the Federal Reserve from our lives.

 

[Toddsterpatriot]

Just the opposite. The Federal Reserve is a Corporation of Europe's elite bankers, and several American stakeholders.
And we were stupid enough to hand over our treasury to them. It is time to take it back and remove the Federal Reserve from our lives.

Post your evidence.