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Anonymous
Anonymous asked in Politics & GovernmentPolitics · 10 years ago

If Ron Paul is such a constitutionalist then how come he wants to end the fed instead of control it?

Ron Paul wants to abolish the fed. However, the constitution gives congress the ability to create a federal reserve and regulate it. Help?

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  • 10 years ago
    Favorite Answer

    Because Ron Paul does not know or understand the Constitution as well as he believes he does.

    Contrary to some people's opinion, the Federal Reserve is indeed constitutional. Congress was given the power regulate the value of currency. Under the necessary and proper clause, Congress enacted the Federal Reserve Act in order to carry out that power. It is long settled law that Congress has the power to charter a bank and to give that bank the power to issue circulating notes. See McCulloch v. Maryland, 17 U.S. (4 Wheat.) 316 (1819).

    Also, contrary to some people's mistaken beliefs, the Federal Reserve is audited every year as required by law. See Federal Reserve Annual Reports to Congress and 12 USC 248b.

    Contrary to conspiracy theory nonsense, the Federal Reserve Act wasn't passed while Congress was on vacation. First, no law can be passed without a quorum, which the Constitution specifies as at least half of each house of Congress. In 1913, Congress stayed late that year in order to pass important legislation. There were 358 members of the House of Representatives present to vote on the Federal Reserve Act. There were 67 senators who voted on the Federal Reserve Act. IOW, more than enough Congress people present to vote on the legislation.

    The Federal Reserve isn't private either. Again, that is conspiracy theory nonsense parroted by those who don't know WTF they are talking about. http://answers.yahoo.com/question/index;_ylt=AiJq8...

    EDIT: User John Wilkes Booth (at least that is his moniker at the time of this writing) is a delusional conspiracy theorist with reading comprehension problems. I have never tried to persuade people that it is a good idea to have organizations that are "too big to fail". All I have done is pointed out the LAW on the Federal Reserve and how it is structured. JWB just cannot accept reality.

    LetsTalkPolitix used to be user nickname John Wilkes Booth.

    EDIT: Yes, LTP, you are a delusional conspiracy theorist. You take things out of context. You have a reading comprehension problem. You do not understand the law and you do not realize that the country, economics and society are significantly different from Jefferson's time. I can explain everything about the Federal Reserve, economics and the Constitution in great detail. The problem is, you are too delusional to understand it.

  • 10 years ago

    There's no explicit Federal Reserve power mentioned in the Constitution. At best, you could argue elastic clause or see the Fed as an extension of the enumerated power to print money.

  • 10 years ago

    The Constitution does not say the Government can create the Fed. The Fed does not create "lawful money," it creates, "legal tender," which literally represents debt. In those definitions lies Your Constitutionality issue. Mr. Ron Paul is correct.

    Source(s): Check out a 1934 bill of any kind. It is legal tender, but can be redeemed at any bank for lawful money. This kept the money supply limited and could not be created from thin air. Check it out online anywhere.
  • 4 years ago

    in the event that they try it would be their worse mistake. the completed finished international will understand approximately it. Its unlike until now the media has been gazing Paul and them for a on a similar time as now. If something happens to Paul they could be in deep hassle. despite in the event that they had not something to do with it.

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  • Anonymous
    10 years ago

    Ron Paul will seek the advice of Congress before doing it UNLIKE Woodrow Wilson who created the Federal Reserve during a congressional vacation !

  • Anonymous
    10 years ago

    The power to control monetary policy would go back to the Department of the Treasury which is a branch of the Federal Government instead of a private owned corporation.

  • Lynn
    Lv 5
    10 years ago

    The Federal Reserve is actually unconstitutional. So wanting to end it would make him a constitutionalist.

  • Anonymous
    10 years ago

    The constitution also gives the federal government the authority to implement an income tax... what's your point?

  • 10 years ago

    The Fed is NOT a governmental agency. It is a private corporation. The owners of the corporation are paid by giving them a percentage of the currency the Fed prints (or equivalent value). They make lots of money regardless of how their actions affect the economy.

  • Anonymous
    10 years ago

    Ron Paul would turn responsibility for the money supply over to Congress. This would quickly end the United States.

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