What is really interesting is that under the Constitution, each state is free to issue certificates 100% backed by gold (or silver), and some are planning to do so: their banks would not have to pay any interest to account holders- actually, they could, like the original goldsmiths did, charge a fee for holding bullion. The original sin of the goldsmiths was fractional reserve banking, a euphemism for printing certificates for gold that did not exist. Back in 1790, each bank that issued gold certificates had to have 2 bank officers personally sign each one, and the penalty for non-redemption was pretty simple, too: Death. Somehow, fractional reserve banking was again allowed to rear its ugly head, and when Britain abruptly went off the gold standard in 1931 (its 100-year gold bonds(consols) up to that time yielded a mere 1%), Americans, seeing the writing on the wall, scrambled to exchange their certificates for gold- but, thanks to that old devil, fractional reserve banking, as the banks only had $40 in billion for every $100 outstanding, they fell like dominoes, and the Great Depression was on. And today, they think they can fool everyone with cryptos (!!!)
Meh, I have my doubts about SCOTUS. They have avoided all Constitutional issues except 2A where they could clear things up going forward. Yet they carve a tiny slice of a case, leaving the overwhelming issue open for abuse.
Primary examples are COVID and 2020 election fraud... moot and lack of standing. Particularly TX and other conservative states lacked standing against CA and AZ and other cheating states despite the Constitution literally saying state disputes go immediately to SCOTUS. In that world, state disputes go directly to war.
I suspect the Diddy and other style blackmail control levers have much influence over SCOTUS decisions.
The Fed is not in the Constitution.
It is a construct. There at the stroke of a pen. And with sufficient votes, gone at the stroke of a pen.
BTW. You do not exchange U.S. Dollars, you exchange Federal Reserve Notes.
It is an utter betrayal of the Constitution which mandates that the Government coin and/or print its own bills based on gold or silver.
What is really interesting is that under the Constitution, each state is free to issue certificates 100% backed by gold (or silver), and some are planning to do so: their banks would not have to pay any interest to account holders- actually, they could, like the original goldsmiths did, charge a fee for holding bullion. The original sin of the goldsmiths was fractional reserve banking, a euphemism for printing certificates for gold that did not exist. Back in 1790, each bank that issued gold certificates had to have 2 bank officers personally sign each one, and the penalty for non-redemption was pretty simple, too: Death. Somehow, fractional reserve banking was again allowed to rear its ugly head, and when Britain abruptly went off the gold standard in 1931 (its 100-year gold bonds(consols) up to that time yielded a mere 1%), Americans, seeing the writing on the wall, scrambled to exchange their certificates for gold- but, thanks to that old devil, fractional reserve banking, as the banks only had $40 in billion for every $100 outstanding, they fell like dominoes, and the Great Depression was on. And today, they think they can fool everyone with cryptos (!!!)
Construct created by law passage in 1913.
None of this is trivial to eliminate unless Congress shares the same focus on the Constitution. And right now, they do not.
No they do not, but the Supreme Court does.
Meh, I have my doubts about SCOTUS. They have avoided all Constitutional issues except 2A where they could clear things up going forward. Yet they carve a tiny slice of a case, leaving the overwhelming issue open for abuse.
Primary examples are COVID and 2020 election fraud... moot and lack of standing. Particularly TX and other conservative states lacked standing against CA and AZ and other cheating states despite the Constitution literally saying state disputes go immediately to SCOTUS. In that world, state disputes go directly to war.
I suspect the Diddy and other style blackmail control levers have much influence over SCOTUS decisions.
Your last sentence should be ridiculous, a farce, or a joke, but I fear it is all too close to the truth.
Epstein Island is another example.
Who knows how many of the powerful are having that string pulled as needed.