Senator Rand Paul has a new strategy to finally pass ‘Audit the Fed’ and reign in an out-of-control Federal Reserve. Here’s the details…
While we would like to see the words ‘Abolish the Fed’, at least Senator Rand Paul is out with a new push for Audit the Fed.
But first, why Abolish the Fed?
Two reasons, and it has to do with the Constitution.
First, Congress is in charge of our money and monetary policy.
This is clear in Article 1 Section 8 of our Constitution:
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;
Additionally, Article 1 Section 10 requires a bi-metallic gold & silver standard:
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;
Fixing the standard of weights and measures was done in The Coinage Act of 1792:
SEC. 9. And be it further enacted, That there shall be from time to time struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values and descriptions, viz. Eagles—each to be of the value of ten dollars or units, and to contain two hundred fort-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold. Half eagles—each to be of the value of five dollars, and to contain one hundred and twenty three grains and six eights of a grain of pure, or one hundred and thirty five grains of standard gold. Quarter Eagles—each to be of the value of two dollars and a half dollar, and to contain sixty one grains and seven eights of a grain of pure, or sixty seven grains and four eights of a grain of standard gold. Dollars or the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver, Half Dollars—each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and ten sixteenth parts of a grain of pure, or two hundred and eights of a grain of standard silver. Quarter Dollars—each to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver. Dismes—each to be of the value of one tenth of a dollar or unit, and to contain thirty seven grains and two sixteenth parts of a grain of pure, or forty one grains and three fifth parts of a grain of standard silver. Half Dismes—each to be of the value of one twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts of a grain of pure, or twenty grains and four fifth parts of a grain of standard silver. Cents—each to be of the value of the one hundredth part of a dollar, and to contain eleven penny-weights of copper. Half Cents—each to be of the value of half a cent, and to contain five penny-weights and half a penny-weight of copper.
You see, we have all we need to know and do in just those two places in the Constitution and with the Coinage Act.
In fact, I would take it one step further, because the language is clear: It’s not what we should do, but what we must do, but in an effort to not to turn this into a rant on the legitimacy of the Fed and a return to the Constitutionally required Bi-metallic Gold & Silver Standard, I’ll get back on track.
Senator Rand Paul is out with a short video brief:
Congress is constitutionally in charge of monetary policy, but much like in other areas, they’ve abdicated their responsibilities. I’ll offer Audit the Fed as an amendment this week to reclaim our authority and rein in an out-of-control federal reserve. pic.twitter.com/C6tXZN91BV
— Senator Rand Paul (@RandPaul) March 5, 2018
It’s a start.
– Half Dollar