After all, the fed prints money, federal banks loan that money into the economy relying on a practice called 'fractional reserve banking', which makes it possible for them to loan 5 times the money they have on hand.
The Constitution (the supreme law of the land) puts the creation of money into the hands of Congress, but establishes that every 'dollar' be worth one ounce of silver.
Should we impeach every Congressman who votes for deficit spending?
Should we impeach every President who signs a budget requiring deficit spending?
2007-09-07 07:55:56 · 13 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
its easier to just vote for ron paul - he states the same thing
2007-09-07 08:07:29 · answer #1 · answered by rooster 5 · 2⤊ 3⤋
The money isn't counterfeit as it is legal tender printed by the U.S. Treasury. Counterfeit means tender/money that is printed by an outside source other than the government. What you are asking is does the U.S. Treasury print money without the funds to back it up? We were told on a report night before last that this is happening. If something were to happen it would cause the country to go into a huge recession, and the U.S. economy would collapse if it continues. We are trillions of dollars in the red because of the war in Iraq. You also cannot completely blame the president, because congress is the one who draws up the bills for him to sign. They should all be held accountable.
2007-09-07 08:03:13 · answer #2 · answered by Sparkles 7 · 0⤊ 1⤋
but establishes that every 'dollar' be worth one ounce of silver.
puts the creation of money into the hands of Congress,
Since when?
The Federal reserve Bank prints money, when requested by our gov. and to replace all shredded paper money.
We are not on a silver or gold standard any longer.
2007-09-07 08:03:52 · answer #3 · answered by ed 7 · 0⤊ 0⤋
I am against deficit spending, and think that a balanced budget amendment to the Constitution is a good idea.
Article I, section 8 of the Constitution reads (in part):
"To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures."
I see nowhere that the value of the dollar is fixed to the price of silver. Can you quote a more specific source?
2007-09-07 08:04:59 · answer #4 · answered by Citicop 7 · 0⤊ 0⤋
adam smith wrote a great story on redeaming a silver certificate
now its just green paper or electronic blips, only worth something because most people agree that is
he redeemed the $5 bill for silver, payable to the bearer, etc, they gave him some silver dust in a baggie, I too was shoocked, The US government redeams its currency in a baggie
2007-09-07 08:01:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
why not we have counterfit law maker an give the key to the to take bribes.
the constituntion for the working people an not the law
we should throw them all out an start over again.we the people are the ones they should ask first
george bush doed not know where he is 99% of the time
2007-09-07 08:22:28 · answer #6 · answered by Louis E 1 · 0⤊ 1⤋
the best part of the whole game is the fed as of 2006 won't even tell anyone how much money they are printing. go fed.
2007-09-07 08:04:12 · answer #7 · answered by Anonymous · 2⤊ 0⤋
They handed over their power to federal reserve. That's why not only is our economy based on nothing but neither is our so called government who caters to them before the people they are supposed to serve.
2007-09-07 08:02:12 · answer #8 · answered by Anonymous · 0⤊ 2⤋
I don't understand completely how it works. But it just keeps going. Man, I hope it stays that way.
2007-09-07 08:01:34 · answer #9 · answered by Nikolas M 5 · 0⤊ 1⤋
yes, but don't tell anyone or it will unravel.
2007-09-07 07:59:12 · answer #10 · answered by Random Precision 4 · 0⤊ 1⤋