This, these monstrous actions by the Fed, are EXACTLY what happens when a grotesquely-unconstitutional – and therefore lawless – federal agency is illegally created by politicians, inevitably abusing the power of their offices to harm the citizens, destroy our property rights and, accordingly, all our power and liberties – all while lying and pretending (as they always do) to be helping us – as was done when they created the Fed in 1913.
And, of course, EVERYTHING about The Fed has been a disaster – just like EVERYTHING the federal government has been doing since the Progressive/American Marxist Theodore Roosevelt took over the federal government beginning in 1906, virtually everything which Washington politicians in all three branches of government have been doing since then, breaching their oaths of office, and writing purported (but actually unconstitutional) “laws,” and getting them rubber-stamped in the courts, “laws” creating all those unconstitutional agencies, purporting to permit the federal government to do endless things policing every aspect of American life, all of which policing violates what the Constitution permits, creating and empowering all those federal administrative agencies which each exercise all three powers of government – executive, legislative and judicial – all in grotesque violation of the Constitution – as Madison, its principal author, promised us, in The Federalist #47, would NEVER BE PERMITTED under the Constitution – the very reason for the explicit separation of each of those powers among the only three, authorized government bodies, as spelled out in the first three Articles of the Constitution.
The pretexts for creating it were (1) to prevent booms and busts, and (2) to prevent inflation, to maintain the value of the dollar. Its results? Since then, it (together with all of the other, unconstitutional financial-regulatory agencies) has presided over – and, as Milton Friedman and Anna Schwartz proved, in the case of the Great Depression of the 1930s, largely CREATED – EVERY SINGLE ONE of the most-catastrophic financial calamities, every recession, and every depression, of the 20th, and then the 21st, century; and, as to preventing inflation: the Dollar, which had NEVER HAD ANY INFLATION whatsoever prior to the creation of the Fed, since the Republic had been formed, has lost 97% of its value since then, now WORTH 3%! of what it was worth when the Fed was formed – and dropping like a stone – although not against other fiat currencies, which are in even worse shape).
So, any claim that the Fed has even had any UTILITARIAN value to the Republic and its citizens, that is, us, is NONSENSE ON ITS FACE – apart from the complete-illegality of its VERY EXISTENCE, its unconstitutionality (the Founders were brilliant: if we just listen to them, and follow their words, the words of the Constitution, we would have practically no problems compared to what we have – and be vastly wealthier and more powerful, and therefore safer, vis-à-vis all our enemies in the world).
EVERYTHING about the Fed is unconstitutional. For openers, the federal government is only authorized in The Constitution’s Article 1 § 8 to “COIN” money, NOT PRINT IT, explicitly PRECLUDING the federal government from issuing ANY paper money, with only private banks permitted to do so (but ONLY if backed by gold or silver).
It is no accident that that specific language, like all its language, is in the Constitution.
The Founders knew exactly what they were doing: unlike Americans today, who apparently have forgotten all actual history, they were well aware of John Law and the Bank Generale (of France) and the Mississippi Bubble scandal which had occurred earlier in the 18th century, the disaster which had happened PRECISELY because of the French Bank’s issuance of paper money (backed – unlike the dollars issued by the Fed now, which are, unconstitutionally, backed by absolutely nothing at all! – by what is now almost 1/3 of the United States, obviously worth vastly more than the gold value of the money the Bank Generale (of France) had printed) by that country’s central bank, France’s central bank created by its absolute monarch Louis XV’s Regent.
The Founders were absolutely determined to PRECLUDE anything of that kind from ever occurring (as is, predictably, occurring now) in America under the aegis of the federal government. It is for that reason that the federal government is only allowed to “coin” money – if it engages in the creation of any money at all.
Nor, under Article I § 10 of the Constitution, are the states ever allowed to create ANY MONEY OF ANY KIND, nor to permit the printing of any paper money – with that explicit language PRECLUDING the states, like the federal government itself, from allowing anything but gold and silver to be used to pay all debts (with private banks ALONE permitted to issue banknotes, themselves backed by gold and silver – precisely as was the case throughout the Republic, almost exclusively, with very few violations of those prohibitions, until 1913).
And, creating fake money not backed by gold or silver, is indeed one of the VERY FEW CRIMES, out of a total of TWO (including also piracy, but only on the high seas, together with treason, as explicitly limited from its Common Law definition in the Constitution’s Article III) authorized for the federal government to prosecute at all in Article 1§ 8 the Constitution, explicitly criminalized in the constitution – unlike VIRTUALLY ANY OTHER ACTIVITY by American citizens: it was the STATES ALONE who were supposed to be policing the American citizens, not the federal government, with the federal government only delegated the extremely-limited citizen-policing powers specified and delegated in it.
Yes, the politicians lied (as they always do in their unquenchable quest for federal power, power always taken on a one-to-one, zero-sum, basis from the people) to us and grotesquely jumped the Constitutional shark in the VERY CREATION OF The Fed, that absolutely-unconstitutional Frankenstein abomination.
The Marxists who created it set it up PROUDLY AND DELIBERATELY to be a completely-unsupervised (by the citizens), supposedly-“independent,” supposedly non-political! – as if anything the government does could ever be non-political, the biggest lie of all – agency with NO ELECTED OFFICIAL supervising it – something ABSOLUTELY FORBIDDEN (as Wilson, who presided over his creation, himself ADMITTED IN HIS OWN WRITINGS, before he became governor of New Jersey – in the Constitution, something which does not constitute any legitimate part of any of the three, ACTUAL, authorized branches of the federal government).
Since the very creation of the Fed was undeniably unconstitutional (it violates the constitution in multiple ways, too numerous to describe in a single paragraph, let alone sentence), it was guaranteed that it would eventually become this kind of a totalitarian Frankenstein Monster, doing what even the EPA has already, recently, in West Virginia v. EPA, been PRECLUDED by the Supreme Court from doing in the absence of statutes authorizing it.
In fact, EVEN STATUTES duly-created under the procedures required in Article I of the Constitution, as these Fed-created rules obviously are NOT (and no, the attempted procedural figleaf purportedly provided by the Administrative Procedure Act does not and cannot provide any actual substitute for the procedures mandated in Article I of the Constitution itself for a law to actually become a law), could not authorize this nor, in actuality would they authorize what the Supreme Court has already precluded, in West Virginia v. EPA ,the EPA from doing (it didn’t have to reach the questions of the constitutionality of the federal government “regulating” the entire environment at all, let alone the EPA’s existence itself – which someone needs to raise – in order to arrive at its ruling in that case to invalidate the EPA’s actions).
Specifically, ABSOLUTELY NOTHING in the Constitution authorizes the federal government to police anything as universally prevalent, and inherently-ungovernable by any government, as CO2 in the atmosphere, indeed, anything as amorphous as “the environment,” using the pretext of eradicating all supposed poisons from it to eviscerate, by presuming to police endlessly, private citizens’ property rights in the name of some CONSTITUTIONALLY-UNMENTIONED, supposedly-overwhelming MORAL IMPERATIVE – supposedly saving the planet! – (ignoring the fact that states ALONE police ACTUAL public and private nuisances under the Common Law – but only when citizens who are ACTUALLY HARMED by actual nuisances bring actual violators to court), declaring perfectly normal substances – like Co2, which PLANTS BREATHE AND WE EXHALE! – to be poisons citizens supposedly have to eradicate at their own cost, without regard to any cost of doing so! without regard to the massive destruction of our liberty, property rights and the economy itself of doing so! destroying property rights on a scale almost beyond comprehension, all without any compensation to the property owners, nor any due process whatsoever.