If I am not mistaken, the right to print and regulate money is explicitly written in the constitution. I did some Googling, and it is in Article 1 Section 8.
>"The Constitution contains only two sections dealing with monetary issues. Section 8 permits Congress to coin money and to regulate its value.
www.let.rug.nl/usa/essays/general/a-brief-history-of-central-banking/money-and-the-constitution.php
Re:Australia's Housing Frenzy
by WalterBright on Saturday November 25, 2017 @07:29PM
(#15778781)
Coin money and regulate its value, yes. Print money, no. The distinction is crucial, and the choice of words deliberate. There's a reason why the Fed is a pseudo-private institution, not just another government agency.
I disagree. "Regulate it's value," is unambiguous in meaning.
Re:Australia's Housing Frenzy
by WalterBright on Saturday November 25, 2017 @10:28PM
(#15779288)
If you're right, why didn't the government print currency for 120 years, and why did they set up a pseudo-private organization to do it?
Actually, it isn't. The Fed was created as an end run around the Constitution. The Constitution does not grant this power because of the experience with the Continental Congress and their profligacy at printing money.
> Get rid of fractional reserve banking while you're at it.
Nothing wrong with that. Its excesses are held in check under a free banking system.