Chief Ben Bernanke, the Federal Reserve Wednesday will break with tradition and quarterly press conferences are the first what to keep. Questions, search for camp to the currency reform that authority, the Congress and the Constitution is managed through the details such as the fed on the questions of the Central Bank.
The questions must cleverly placed, thus not Bernanke brush them with the kind of bland statement that he made, if, in 2006, he was sworn in as President with an oath, support and defend the Constitution. In the references to it, that the Federal 1913 was reserve of the Congress, and it claims the oath of the Congress was originally with the performance, by granted the US Constitution, coin money and regulate the value of responsible.
This was a reference to article 1 paragraph 8, where the powers of Congress are listed, and the fed and Congress call it constantly. But a legend of the monetary powers and disabilities writes of the Constitution, Edwin Vieira, Jr., in his two-volume history of the dollar, pieces of eight, that you reserve Act can search the Federal, to his eyes, fall out without finding a delegation the right to the money coin.
Occurs, must be what he calls the approach approved in section 16 of the original Act, the issue of fed notes, in gold on demand at the Treasury of the United States or in gold or lawful money at each Federal Reserve Bank redeemed. He notes that the change of the Federal beat Reserve Act of 1934 the demand for redemption in gold and only says that the notes in lawful money must be redeemed.
Vieira, Harvard trained lawyer, notes that the Supreme Court has never made or even implied to have Congress of its constitutional power to coin money, to the fed as a result of the Fed Board licensed to issue Federal Reserve notes to has transferred. He pointed out that not even the legal tender cited in granting the Government of the authority of greenbacks spend the heart cases, Knox v. LEE, which makes coinage, that Lincoln introduced to pay for the civil war.
The coinage makes his approval of a National Bank was not even cited as the Supreme Court, in one of the most famous of all cases, first was. The Federal Government had the second Bank of the United States set up. When Maryland tried tax it, the State was challenged Baltimore branch, James McCullough from the head of the Bank. The Supreme Court ruled unanimously for the Federal Government in McCullough v. Maryland to represent, but the constitutional authority, that it was not the coinage makes but the taxation and spending clause, it calculated, which is implied to set up a National Bank.
The gold was Bernanke question of Republic Paul Ryan, R-Wisc., at a hearing in June of last year. The Republican Chairman of the House Budget Committee suggested that most people would view the yellow metal rise as a vote of no confidence against fiat currencies. The value of the dollar had plunged the an ounce of gold at that time already to 1 / 1233 and Ryan Bernanke asked, what he thought it signaled.
It was a game try, but he was no glove on the Chairman. "I not the movements of the price of gold fully understand," Bernanke replied, "but I believe there is much uncertainty and fear in the financial markets now and some people believe that gold is holding a hedge against the fact that they predict many other investments as risky and difficult at this time."
Congressman Ron Paul had a time only heavy when he questioned before a few weeks Bernanke from a slightly different angle. Paul, who now is Chairman of the Subcommittee on monetary policy, which has direct oversight of the fed, his question asked in a questions gust 670 words in which he said he could not find a definition for the dollar in the U.S. code and asked the Chairman which, how he wanted to manage the dollar, was his definition of it.
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