Why The Federal Reserve System Is Unconstitutional

9:51 YouTube video

Why The Federal Reserve System Is Unconstitutional
http://www.youtube.com/watch?v=KnN07tu_pyg&feature=player_embedded



THE FED IS UNCONSTITUTIONAL

The bottom line of my presentation is very simple. The Federal Reserve System is unconstitutional. You start there and you know everything else that there is to know about it.

The Constitution established commodity monies, specifically, silver and gold coinage as the money of the United States.

REVOLUTIONARY INFLATION AND DEPRESSION LED TO REJECTION OF PAPER MONEY IN 1787

If you go back historically, in 1787 the founding fathers were considering structure of government at the Constitutional level. Who were these people? Well, as a practical matter, they were eyewitnesses to one of the worst economic situations that the country had ever faced — a raging inflation, a massive depression that had followed the emission of bills of credit and other forms of paper currency by both the Continental Congress in which they served, and many of the state legislatures in which they served, during the War of Independence.

So these were not people who were unacquainted with the economic problems of money. They were also not people who could foist off those problems, at least in terms of cause and effect, on somebody else. They had been responsible for putting these paper monies into circulation. What did they do? Well, they drafted the monetary powers of the Constitution to prevent repetition of that calamity by outlawing what James Madison in the Federalist papers denounced as "the fallacious medium and improper and wicked project of paper money".
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