Comment

Michele Bachmann (R-Mars) Bails on Donald Trump

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(I Stand By What I Said Whatever It Was)12/09/2011 4:43:21 am PST

re: #206 freetoken

Because in the original US Constitution “money” meant coinage. The idea of what we call today Reserve Notes had not been invented. Only in the 19th century did state chartered banks begin flooding the economy with paper currencies. This was eventually outlawed the and Federal government assumed all rights to the issuance of paper currency.

Errr… the Federal Government is not issuing paper currency. The Federal Reserve is only “chartered” as well, and not a proper national bank. And the Treasury is not issuing money (the US Mint is producing the physical money, true, but it is doing that on behalf of the Fed which is emitting it).