(07-16-2009 03:29 PM)georgia_tech_swagger Wrote: (07-16-2009 02:33 PM)GGniner Wrote: So for the sake of argument, How wise is this???? The bill calls for Congress to reject what the Founders advocated, namely taking monetary policy out of the hands of Politicians and Political debate and placing those powers right back into the Hands of Politicians.
WINNER: Ballsiest and most blatent lie, Spin Room, 2009.
Go read the Constitution. Who has the authority to manage monetary policy? Is there a Constitutional Ammendment changing that? It would require one to do something else...
Implied Powers doctrine
Developed by Founder Alexander Hamilton and adopted by President George Washington. Hamilton was of course the very first, Treasury Secretary....this whole issue was never, ever, set in stone by the Founders. They didn't agree on alot of things, thinks in large part to regional interest and ideals that conflicted with each other. Anyone who understands the difference between Constitutional Originalism vs. 21st century Literalism knows this. There was a big dispute on this issue(and others) between them. The Federalist won out on this, National Bank was formed(a later version was adopted by President Madison) and eventually it lead to the Federal Reserve system.
So unless you want to claim that it was understood by over half the founders who ratified the Constitution and then followed along with Hamilton and Washington, were then knowingly doing something "unconstitutional" when they ratified the First National Bank...or the Second for that matter rattified under Madison(opponent of this first time around).
Why?
Because of what Hamilton stated at the start:
“To attach full confidence to an institution of this nature, it appears to be an essential ingredient in its structure that it shall be under a private not a public direction, under the guidance of individual interest, not of public policy.”5
http://www.minneapolisfed.org/publicatio...fm?id=1141
that has echoed ever since, from the First National Bank, to the formation of the Second National Bank created under Madison to eventually the Federal Reserve System.
Hamilton also worried about such a system giving too much power in the hands of few. Which is why its setup the way it is, admittedly not perfect.
Quote:At least Congress is ELECTED. If they do an ass job you can vote to throw them out. When was the last time you voted on anything related to the Fed? Oh yea, NEVER. GENIUS! You filthy fascist.
actually every time I vote for President, since the President appoints the Board of Governors and Fed Chair. Its not perfect, I agree with Milton Friedman on this and a Computer should probably run it instead of humans. To avoid mistakes like Greenspan made.
The idea of placing full monetary control in the hands of congress and by extension political campaigns and populist rage is a dangerous thing. Milton Friedman was much more on the side of Hamilton on this issue.
You are basically advocating for replacing Bernanke and the Fed Board Governors with Nancy Pelosi, Barney Frank, Harry Reid and Barack Obama and by extension their political campaigns and special interest groups. I'll take my chances with the Fed, this system and its ancestors has just produced the most amount of wealth and prosperity that history has ever seen.
http://www.geocities.com/CapitolHill/Sen...erty3.html