Giant holes in new banking rules

Ferguson: Admin. asked for too little in the banking bill, nothing is preventing another banking crisis

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• Tom Ferguson

[btigtime2]

The same thing is Happing in the Food industry. It is happening in the War Industry and in the Entrgy industry. The Labor industry with frozen wages, Outsourcing and Foreign slave workforce.The so called Leaders who swore an oath to Protect the People and constitution are simple plants to protect their industries.Meanwhile we have no jobs, poision in our food, toys, air, houses and water. Wars killing people for nothing. and Fat Super industries get rich while we lose our houses and petitions.

[ZedAlfa273]

At time index 8:16

Paul Jay: "So in terms of solutions ... "

Thomas Ferguson: "You have'nt got any."

Change we can believe in lol.

[bloodystump3]

Time to put the FED to BED

[bbburton]

And are you familiar with the Dread Scott v. Sandford case? You have a Congress that makes illegal laws, and a Supreme Court that rubber stamps it. How disingenuous. Germany passed laws and Hitler exterminated over 6 million Jews, all done legally. Knox was a 5 to 4 decision reversing a prior decision that held legal tender laws unconstitutional. So what's your point? What was once illegal is now legal? Give me a break.

[greyflcn]

@bbburton

So are you familiar with the supreme court case, Knox v. Lee?

[bbburton]

And your definition of "make" to mean "manufacture" is nonsense. Had Congress intended the printing of currency as the basis of the monetary system, it would have. The purpose of limiting anything but gold and silver as the sole source of currency is stability of the monetary system. The Founders knew well the fallacy of fiat currency as the foundation for money. You continue to state as fact that which was never intended. Nothing was ever intended to be coin, i.e. money, but gold and silver.

[greyflcn]

@bbburton

As I said before

You are making up your own interpretation of the word "make" and interpreting it as "allow"

Rather than it's proper context of "manufacture".

The only thing states can manufacture, for the purpose of paying debt, is gold and silver coins

Congress on the other hand, is not limited by such a restriction

And infact, why would the value of the currency be tied to the value of a commodity, if they were specifically given the ability to change the value of the currency?

[bbburton]

How ignorant would it be for the Founders to make no thing but gold and silver coin, deny the states the ability to make anything but gold and silver the only way to pay debt, and then allow the fed gov't to print money? Get real. Banks printed currency backed by the gold and silver on hand, not states. The fed gov was the sole source for minted gold and silver coin. Until the creation of the Fed Reserve, all currency was backed by gold and silver. That's the way it was meant to be, always.

[sircesare]

look at what happened to mexico in the 90's with the salinas and to argentina in the 2000's same thing is happening here we the people need to take action at the same time limiting our outrage to push for a reform to the way our government is being run.

[greyflcn]

@bbburton

Well if that's your argument, then that's easy.

The first few words of the sentence:

"No state shall..."

What you're describing is a restriction on States.

States cannot create currency, or anything like currency, besides gold and silver coins.

The federal congress on the other hand, does not have such a restriction.

Infact, they are specifically given the ability to regulate the value of the currency in Section 8.

Such that the value of the currency is detached from it's material.

[bbburton]

And you're focus is obviously placed on the wrong words; the only 'thing' that can be coined is gold and liver, not lead, tin, brass, bronze, or paper, etc.

[bbburton]

Try reading any of the Federalist papers, and other historical documents that discussed the intent of the drafters regarding money. At the time the revolution was fought, the Continental Congress issued paper currency to cover the cost of the war. The term 'not worth a Continental's was used at the time to describe the value paper money had attained. That is precisely why the Const. limited the coining of money to gold and silver. State's didn't issue paper, banks did. Wrong again.