DaGip & Jay,
Listen both of you...you're mistrust of the federal government is starting to push both of you to paranoia. It is normal and sometimes healthy to be a little cynical of our government because it forces it to be accountable. I'm not a big fan of the IRS or a progressive tax code. But making the federal reserve out to be part of another conspiracy of rich bankers that disregarded the Constitution is just making you both look ignorant of history. Seriously guys, with all these conspiracies that you both believe in, hasn't it ever occurred to you that all these secret organizations/cabals are going to cancel each other out anyway?
3 things I caught right away after watching that video:
1. Congress has the Constitutional authority to regulate money, interstate commerce, and make any law that is necessary and proper for the execution of its enumerated powers. Congress had every right to pass the Federal Reserve Act (despite the claims of that video). Founding fathers such as Alexander Hamilton & Thomas Jefferson agreed that Article I, Section 8 of the Constitution gave Congress this power. A centralized bank is not new to either England or the U.S. If you want further legal precedent then look no further to the U.S. Supreme Court's 9-0 decision in
McCullough vs. Maryland that a federally chartered bank is within the law.
2. The Federal Reserve is
publicly controlled. The president appoints members of the board of governors and the Senate has to confirm them. There's nothing secret going on. It's all a matter of public record. It has been audited by the U.S. Treasury (1913-1921), the GAO (1921-1933), Federal Reserve Board audit teams (1933-1952),
private accounting firms authorized by Congress (1952-1978), a newly constructed GAO (1978 - present). Everything is out in the open...it's not a secret.
3. There was no "secret passage" of the Federal Reserve Act. The Constitution says specifically that there has to be at least 1/2 of the members of either house present in order to pass any law. There were only 48 states in 1913 so it's not like we had 100 senators and 435 members of the House back then. (Even so it still would have passed). Look at the numbers...House vote: 298-60 (grand total of 358 members voting); Senate vote: 43-25 (grand total of 68 senators voting). What of the missing Senators? Many of the missing Senators had their positions recorded in the Congressional Record. Of the 27 votes not cast, there were 11 'yeas' (in favor of the bill) and 12 'nays.' Even if the absentee Senators had been there, the Currency Bill would have passed easily.
President Wilson signed the bill into law on December 23 in a public ceremony
There was nothing hidden or secret about it.
*************************************************************
Look, I know both of you are well-intentioned but please consider other sources besides those who claim that there's almost always a hidden agenda behind a law or public policy. I'm not trying to belittle either of you but it seems you guys have a willingness to believe the far-fetched without researching any counter-points.
Posted: Sat Dec 29, 2007 3:17 am