Mitt Romney said in last night’s debate that he thinks the Federal Reserve should be “reformed,” not abolished, because “the alternative to the Fed is giving Congress the power to print money.”
And this is the candidate who’s supposed to be a business expert.
He needs to read the US Constitution, particularly Article I Sec. 8: “The Congress shall have Power…To coin Money, regulate the Value thereof, and of foreign Coin…”
The operative word is “coin.” Printing paper “money” is not authorized. James Madison wrote:
“A rage for paper money…for an equal division of property, or for any other improper or wicked project,…” (Madison, Federalist #10).
So a Constitutional alternative to the Fed is for Congress to issue coins, specifically gold.
And/or, states could do this as well, per Article I, Sec. 10 of the Constitution, whichrecognizes the state’s right to do so: “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts”.
More: http://www.realityzone.com/creature.html
