From:
Is the Fed's Debt-Buying Unconstitutional?
(Fox Business) -- By Elizabeth MacDonald --
Is the Federal Reserve violating the U.S. Constitution’s separation of powers with its new purchases of $600 billion worth of U.S. Treasuries? Is the Fed engaging in an unconstitutional monetization of the U.S. Congress' out of control spending spree that is really a bridge loan to fiscal insanity?...
...Germany, China, Russia and Brazil are attacking the Fed’s move. President Barack Obama is now defending the Fed in his overseas trip to India. Former Republican vice presidential candidate Sarah Palin demanded that the Fed "cease and desist" on its bond purchases. Wall Street experts are now starting to call the Fed's moves an end run around the legislature.
And even Fed chairman Bernanke has criticized such extracurricular activity on the part of central banks in the past.
Watching closely in the wings are the Congressmen who want a full-fledged audit of the Fed, including Rep. Ron Paul (R-Texas), who said he will push to examine the Federal Reserve’s monetary policy decisions if he takes control of the Congressional subcommittee that oversees the central bank, as expected, in January.
Last week, the Federal Reserve announced it plans to buy more U.S. Treasury notes and bonds at a massive clip, $600 billion, between now and the end of June in a bid to spur economic demand, lower the jobless rate and resuscitate a still fragile U.S. economy.
Already, from December 2008 through this past March, the Federal Reserve bought about $1.6 trillion of government debt and mortgage-backed securities to stem the economy’s free fall.
Federal Reserve Act Sanctions Such Purchases
Although Article I of the Constitution specifically gives Congress the power to "borrow," "coin" and "regulate" money, a little understood section of the Federal Reserve Act, section 14(b)(1), does let the Fed buy Treasuries in the open market — and under the Act the central bank can buy foreign debt, too. But that act, put in place in the early part of the 20th century, was meant for smaller bore purchases to help the government build bridges and roads--not the massive intervention planned now...MORE...LINK
FOR LIBERTARIAN NATIONALISM: ANTI-CORPORATIST, ANTI-COMMUNIST, ANTI-GLOBALIST...PRO-SOVEREIGNTY, PRO-POPULIST, PRO-FREE ENTERPRISE
My Other Blog & Comments
News and Information Feed
-
This Is a Golden Age of Censorship17 minutes ago
-
-
-
Monday April 291 hour ago
-
-
-
-
-
-
What Made America Great2 hours ago
-
-
-
-
-
-
-
-
-
-
-
Gates of Vienna News Feed 4/28/20242 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Eugen Dühring6 hours ago
-
Follow the Money7 hours ago
-
-
The complicated truth about being stalked7 hours ago
-
-
-
-
-
What An Incredible Hike!8 hours ago
-
-
-
-
-
-
-
-
A lesson in privilege8 hours ago
-
-
-
-
-
-
-
-
-
-
-
Sunday, April 28, 202412 hours ago
-
-
-
-
Arthur Topham RIP - ZOG Opponent13 hours ago
-
-
-
The Scramble For Antarctica14 hours ago
-
-
-
The Collapse of The Enlightenment16 hours ago
-
-
-
-
-
-
News Briefs – 04/28/202419 hours ago
-
-
All About Ed21 hours ago
-
-
Washington Moves On to Plan B22 hours ago
-
-
-
-
-
-
-
-
-
Colleges revolts against Israel1 day ago
-
-
-
Month of the Leader, part 31 day ago
-
-
-
-
-
-
-
The Kim Iversen Show2 days ago
-
-
-
-
-
-
-
I Called It Five Years Ago!2 days ago
-
A Derb Tribute Show2 days ago
-
-
The dumbest decision.3 days ago
-
-
-
-
-
-
Democracy For Dummies5 days ago
-
-
-
-
-
-
-
-
Now Argentina Wants To Join NATO1 week ago
-
-
-
-
Tulsi Gabbard Left The Woke War Party2 weeks ago
-
-
-
-
Help Whatfinger Grow…4 weeks ago
-
-
-
Navigating Taxation Policy5 weeks ago
-
-
-
-
-
-
-
So sorry about tomorrow3 months ago
-
-
-
TFeed Index 20233 months ago
-
-
-
-
Headline 3: Of Christmas And Paganism5 months ago
-
Imagine Being This Desperate5 months ago
-
-
Hardcore7 months ago
-
Media Say ... Gloom And Doom In China7 months ago
-
-
U.S. Openly Militarizes Space8 months ago
-
-
-
-
-
-
Conversations With Cabbies10 months ago
-
-
-
-
Hegemon USA’s War on Truth-Telling11 months ago
-
-
-
-
-
-
-
-
-
Tips1 year ago
-
-
-
-
-
-
Man, Bear, Pig Event Coming1 year ago
-
-
-
-
-
-
-
-
-
What a Wonderful Stocking Stuffer!2 years ago
-
test2 years ago
-
-
-
-
-
#273 – Marc Randolph2 years ago
-
My Farewell Announcement2 years ago
-
My Farewell Announcement2 years ago
-
-
-
-
-
-
-
-
-
-
Farewell, for now3 years ago
-
-
Audio Book Lost Colony of Hatteras3 years ago
-
-
Cancel Yourself3 years ago
-
-
Hello world!3 years ago
-
-
-
-
-
-
The Non-Jewish Origins of Krav Maga3 years ago
-
-
-
Why the Marines are dumping their tanks4 years ago
-
-
-
-
-
-
-
Voxiversity Live Stream6 years ago
-
-
Home: A Recap6 years ago
-
Big Brother’s War on Cash6 years ago
-
-
-
-
By: Osamas Pajamas9 years ago
-
Join Our Mailing List12 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Wednesday, November 10, 2010
Fed's inflation-driving, debt-buying scheme is illegal and unconstitutional
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment