Ahhhh. I spent a good 30+ minutes this morning trying to craft an eloquent reply to Eugene’s post but got rejected from the Drupal Gatekeepers. Apparently I hit the Preview button one too many times and tripped off the spam blockers. I think my problem was I didn’t enter the CAPTCHA phrase. Lol-go figure. Anyways, here is my response FWIW:
Article 1, Section 8 says that the Congress shall have power (not supreme power) to; (5) COIN (not issue) money, regulate the value thereof, etc…
Coining money involves the use of metal. (http://www.thefreedictionary.com/coin) Article 1, Section 10 says that no State shall…make anything but gold and silver coin a tender in payment of debts. However, a Federal Reserve Note says that this note is legal tender for all debts public and private.
Amendment X says that powers not given to the United States (Congress, federal government, Federal Reserve, etc.) by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people.
Nowhere in the Constitution does it say that Congress (or any of its agents such as the Fed) has the power to “issue” or “print” money.
