The founders and the fed. (Letters to the Editor).In "Deflating the Deflation Deflation A general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation, deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Myth" (June 30th issue) you left out the most important point: There is no authorization for a Federal Reserve Board Federal Reserve Board (FRB) The seven-member governing body of the Federal Reserve System, which is responsible for setting reserve requirements, and the discount rate, and making other key economic decisions. in the Constitution. Article 1, Section 8 authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin...." There is no section of the Constitution that allows Congress to delegate this power to any board, especially a private group that works in secret. Remember the fit Greenspan threw several years ago when the proceedings of the Federal Reserve were leaked to the press? Our Founding Fathers did not want monetary policy decided in secret by an unelected board not answerable to the people. This is the definition of the Federal Reserve Board. To take this one step further, if one is accused of copying Federal Reserve Notes, is he guilty of the crime of counterfeiting? It is probably copyright infringement or fraud at most. This would make for an interesting case if a jury took this tack. HOWARD LAST Great Neck, New York |
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