How the U.S. Federal Reserve Went Broke

Re:How the U.S. Federal Reserve Went Broke by lazide on Thursday February 16, 2023 @09:02PM (#34829731)

We could also get rid of the Air Force, Space Force, etc.

The only constitutional federal military is the Army and Navy! (Article 1, Section 8)

Or just recognize that it was created because of a long history of severe painful crises, and considered the 'least bad' option compared to JP Morgan having to bail out the US Economy (and hence wielding incredible power). [https://www.crf-usa.org/images/pdf/jpmorgan.pdf]

The devil you know, or the devil you don't.

[ Parent | on HN ]

Re:How the U.S. Federal Reserve Went Broke by askin4it on Thursday February 16, 2023 @09:27PM (#34829904)

Nothing like a "long history of severe painful crises" to excuse throwing out the rules...

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Re:How the U.S. Federal Reserve Went Broke by landemva on Thursday February 16, 2023 @10:30PM (#34830374)

Distrust of king's standing armies led Constitution to allow army for two years.

https://constitution.congress.gov/browse/essay/artI-S8-C12-1...

"To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years"

Maybe we could amend the Constitution if we want the standing army.

[ Parent | on HN ]

Re:How the U.S. Federal Reserve Went Broke by lazide on Friday February 17, 2023 @02:39PM (#34839336)

Good luck with that!

[ Parent | on HN ]