Speaking of the unelected “Board of Governors of the Federal Reserve System,” since Massie took an oath to protect and defend the Constitution, why doesn't he point out the following MAJOR constitutional problems (imo) with the Federal Reserve?
The delegates to the Constitutional Convention expressly constitutionally gave the power to regulate the value of money uniquely to Congress, not to any non-elected third party, regardless whether the very corrupt, post-17th Amendment ratification Congress wants that responsibility or not.
"Article I, Section 8, Clause 5: To coin Money, regulate the Value thereof [emphasis added], and of foreign Coin, and fix the Standard of Weights and Measures;"
"Article I, Section 10, Clause 1: 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 [emphases added]; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."
In fact, consider that since ordinary citizen voters have the express constitutional power to elect federal lawmakers, voters also have the power to indirectly regulate the value of money.
In other words, when misguided President Woodrow Wilson wrongly signed the bill that unconstitutionally (imo) established the constitutionally undefined Federal Reserve, he also wrongly weakened the voting power of ordinary citizen voters by doing so.
Note that if Wilson had first led Congress to successfully petition the states for a constitutional amendment authorizing the feds to establish the Federal Reserve, then I wouldn't be making this post.
Corrections, insights welcome.
Hamilton rolled the federal and state debts into a bondable money supply. A properly managed federal debt, Hamilton believed, would lead to a basic conservatism in matters of federal finance. But that required a central bank to manage the debt. Hamilton was actually copying what Robert Walpole did with the Bank of England in 1694. Hamilton’s clerk would go down to the New York Stock Exchange to buy or sell federal securities to control interest rates and by extension the money supply. This led to our first major financial scandal when Hamilton’s clerk, William Duer, decided to take personal advantage of his position using his inside information to buy options on the rise or fall of interest rates. Today we call those options “derivatives.”
There was a major fight in Congress over the establishment of the Bank of the United States, but Hamilton convinced Washington to sign the bill into law.
The Federal Reserve isn’t new but was preceded by two other central banks. What drove the financial community over the edge to support the Fed was the Panic of 1907, which was caused by a black hole opening up in the insurance industry thanks to the San Francisco earthquake the year before.