John5103 Wrote:
Dec 03, 2012 7:33 PM
Besides the nonexistent constitutional power to create a central bank, there's another problem with the Fed. For practically every one of Congress' enumerated powers, Congress has passed legislation delegating its powers to federal agencies under the Executive branch, such as EPA, CIA, HUD, FDA, etc. I think that process is unconstitutional, but it has passed Supreme Court muster. What makes the Fed uniquely unconstitutional is not that it is exercising Congress' power to regulate the value of money (Congress has unfortunately delegated this power to the Fed), but that the Fed is not under any branch of the government. It is not a governmental department, it is its own entity, a rogue, accountable to no one, utterly unconstitutional.