My take is that what we're talking there is foreign exchange rates --something lots of folks talk about..
...no need for a lender of last choice...
That's where I disagreed w/ the article. imho before 1913 congress did a poor job complying w/ its mandate to "coin Money, regulate the Value thereof" considering we what we ended up w/ was massive price swings of double digit inflation for a year followed by double digit deflation. It's because most money is created not by government printing presses but by banks loaning money --and that means government regulation of banking becomes the only way congress can comply w/ the constitution.
Ok - I agree we have exchange rates but they are one of the pretty much free floating and not regulated at least not the value, which is set by the market.
Ok - I can understand the need to regulate the banks - but not to create a central bank or a lender of last resort. The two things are not the same. And the later ends up putting too much power in the hands of a few instead of leaving it for the market or with Congress where it belongs.
To me it’s no different than congress handing law making off to an unelected bureaucratic regulatory agency which is a plan and utter relagation of their powers to the executive branch because they don’t want to be seen voting on things that they secretly want.
