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If The $1 Trillion Coin Is Illegal, The Fed Could Be Illegal Too


One of the most common reactions to my claim that the $1 trillion dollar platinum coin solution to debt ceiling is an unconstitutional delegation of legislative power to the Treasury Department is to argue out that if I were right then the entire Federal Reserve would be illegal too.

 

It certainly would demonstrate that my interpretation is far out of line with anything likely to be adopted by the federal courts if my position entailed ruling the Fed unconstitutional. Fortunately for me, it’s easy to distinguish between the way the law delegates monetary powers to the Federal Reserve and the way it delegates the platinum coin authority to the Treasury.

 

Read more: http://www.cnbc.com/id/100355561#ixzz2H2ydWY60

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