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Shortly, the Federal Reserve is going to start printing $75 billion per month, for eight months--$600 billion total.
This will cause inflation, higher consumer costs, a 20% devaluation of the U.S. dollar and much more. But, it could also be unconstitutional.
"Is the Federal Reserve violating the U.S. Constitution’s separation of powers in 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?
At minimum, should the Fed be avoiding these purchases until the fiscally debauched U.S. Congress, packed to the ceiling with fiscal dipsomaniacs, follows Great Britain’s lead in its fiscal abstinence that may "out Thatcher" even Margaret Thatcher?
Isn’t the problem fiscal incontinence and regulatory misfeasance, and business uncertainty about all of that, which is creating joblessness? Not a lack of liquidity and not deflation, which is not a clear and present danger, as instead inflation is still with us?"
Plus those that own our debt, bought our bonds, like China, are upset--they will lose 20% of the value of their principal.
Do we have two governments? "FOX Business' top legal analyst, Judge Andrew Napolitano, notes that “the Supreme Court has never ruled on the constitutionality of the Federal Reserve, believe it or not. But the lower federal courts that have addressed the issue have found it to be constitutional by employing the argument that Congress can enter into a contract with private entities to perform governmental services; and that is what it has done with the private bankers who own and operate and profit greatly from the Fed.”
Fox Business news director Ray Hennessey notes that in 1952, Rep. John Wright Patman of Texas, who was head of what was then called the House Committee on Banking and Currency, crystallized the argument, saying, “In the United States we have, in effect, two governments. We have the duly constituted Government. Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution."
Obama and his friends are doing all they can to tank our economy; this is just another way to do it. Time for regime change in 2012--November 2 was just the start. Pass this on.
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This will cause inflation, higher consumer costs, a 20% devaluation of the U.S. dollar and much more. But, it could also be unconstitutional.
"Is the Federal Reserve violating the U.S. Constitution’s separation of powers in 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?
At minimum, should the Fed be avoiding these purchases until the fiscally debauched U.S. Congress, packed to the ceiling with fiscal dipsomaniacs, follows Great Britain’s lead in its fiscal abstinence that may "out Thatcher" even Margaret Thatcher?
Isn’t the problem fiscal incontinence and regulatory misfeasance, and business uncertainty about all of that, which is creating joblessness? Not a lack of liquidity and not deflation, which is not a clear and present danger, as instead inflation is still with us?"
Plus those that own our debt, bought our bonds, like China, are upset--they will lose 20% of the value of their principal.
Do we have two governments? "FOX Business' top legal analyst, Judge Andrew Napolitano, notes that “the Supreme Court has never ruled on the constitutionality of the Federal Reserve, believe it or not. But the lower federal courts that have addressed the issue have found it to be constitutional by employing the argument that Congress can enter into a contract with private entities to perform governmental services; and that is what it has done with the private bankers who own and operate and profit greatly from the Fed.”
Fox Business news director Ray Hennessey notes that in 1952, Rep. John Wright Patman of Texas, who was head of what was then called the House Committee on Banking and Currency, crystallized the argument, saying, “In the United States we have, in effect, two governments. We have the duly constituted Government. Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution."
Obama and his friends are doing all they can to tank our economy; this is just another way to do it. Time for regime change in 2012--November 2 was just the start. Pass this on.
More...