Of course all the responsibility for US currency belongs Constitutionally to the Congress - the same people who think that American astronauts landed on Mars and that adding troops to Guam will cause the island to tip over. So we are stuck with the Fed.
I guess y'all wanted to sunset this discussion... sorry to be venting. 🛴
>>sorry to be venting
Venting keeps the teapot lid from flipping. This is certainly the right place to vent - among family.
Word is more than the “discussion” on the Fed may be “sunsetted”. The Fed itself may get the boot... all things hanging together.
(per Anon)
“Of course all the responsibility for US currency belongs Constitutionally to the Congress”
Sounds like someone is confused. The Constitution is notably silent on currency. It does grant Congress the authority to mint coins.
Private banks printed their own currency all through the 19th century. Sometimes they were required to hold gov’t bonds to back their currency, sometimes they weren’t.
Banks in fact still have the legal right to issue their own currency. It costs them to do it, whereas creating money via ledger entries on checking accounts doesn’t, so no one does.
a good short description of Money & the Constitution is found here:
https://billofrightsinstitute.org/money-and-the-constitution/