Authored by MN Gordon via EconomicPrism.com,
One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes. There, on public display, is an overt record of a critical defect. A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money.
If you recall, Article I, Section 8, of the U. S. Constitution empowers Congress – not the Federal Reserve – to coin money and regulate its value. What’s more, Article I, Section 10, specifies that money be coined of gold and silver and cannot be bills of credit – such as paper legal tender notes.
As far as we can tell, paper dollars are illegal money on two counts. First, they’re issued by the Federal Reserve. Second, they’re bills of credit with no ties to gold or silver. What gives? Isn’t the U. S. Constitution supposed to be the supreme law of the land?
Don’t be silly. Anyone with half their wits about them knows the U. S. Constitution has been reduced to a mere artifact of history. Does this bother you?
It bothers us. To be clear, we don’t take the recline and flail of the U. S. Constitution lightly. But we also can’t ignore the pervasive truth of its sad state.
Of course, the dollar has other problems besides the major technicality of being illegal. For example, its payment qualities are suspect.
This post was published at Zero Hedge on Jul 21, 2017.
Follow on Twitter
Recent Comments