Is the Debt Limit Unconstitutional?

Originally posted by Soothfast
It doesn't matter if freakin' Kinkos prints the money, they'd be doing it at the behest of Uncle Sam. So who cares?

I care because the Fed loans the money at interest to the Treasury who then prints it. Why the need for a middleman?

Originally posted by Soothfast
It doesn't matter if freakin' Kinkos prints the money, they'd be doing it at the behest of Uncle Sam. So who cares?

when you factor in the interest, it does matter. it means that the debt is always greater than the sum of currency in circulation. this is made worse by the fake[er] money invented out of the thin air through the fractional reserve system... recipe for disaster.

Originally posted by normbenign
I care because the Fed loans the money at interest to the Treasury who then prints it. Why the need for a middleman?

This is again wrong. In fact, it is quite the opposite; the Fed pays the Treasury the cost of printing the note and has to pledge collateral against the value of new notes.

Banks are always middlemen; how would you get currency into the hands of private citizens without using a bank?

Originally posted by VoidSpirit
when you factor in the interest, it does matter. it means that the debt is always greater than the sum of currency in circulation. this is made worse by the fake[er] money invented out of the thin air through the fractional reserve system... recipe for disaster.

🙄🙄

A modern economy without fractional reserve banking seems an impossibility.

Originally posted by no1marauder
🙄🙄

A modern economy without fractional reserve banking seems an impossibility.

An excellent point. Maybe we should be working to get rid of the modern economy.

Originally posted by no1marauder
🙄🙄

A modern economy without fractional reserve banking seems an impossibility.

well, the modern economy does have a method of correcting this problem: periodic economic collapse. the best part is, when you know when it's going to happen because you're the one who causes it to happen, there is a lot of profit to be made. too bad for the millions of poor suckers who will lose their homes, jobs, everything they've worked for, possibly their families and their health.

Originally posted by no1marauder
US Constitution, 14 Amendment, Section 4:

[b]The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any de rization of borrowing a violation of the Constitution? If not, what does the language mean?[/b]

I'm surprised that progressives have not ruled the Constitution unconstitutional as of yet. Then when they actually pretend they give a danm about what it says....well....I think that is just hilarious!!

How are those undeclared wars and federally mandated health care insurance work'in for ya America!!!

Originally posted by whodey
I'm surprised that progressives have not ruled the Constitution unconstitutional as of yet. Then when they actually pretend they give a danm about what it says....well....I think that is just hilarious!!

How are those undeclared wars and federally mandated health care insurance work'in for ya America!!!

it's not like the conservatives are the champions of the constitution. the constitution is the enemy of the government. the government's (liberal or conservative) sole task is to marginalize or eliminate it. it's up to the people to fight for what the constitution represents... but americans would rather eat chips and watch television.

Originally posted by whodey
I'm surprised that progressives have not ruled the Constitution unconstitutional as of yet. Then when they actually pretend they give a danm about what it says....well....I think that is just hilarious!!

How are those undeclared wars and federally mandated health care insurance work'in for ya America!!!

The "conservatives" are the ones proposing all kinds of nutty amendments to the Constitution these days. Just off the top of my head, amendments to...

1) ...ban burning the flag
2) ...ban abortion
3) ...ban gay marriage
4) ...ban direct popular votes of U.S. Senators
5) ...ban the federal income tax
6) ...ban babies born in the U.S. to non-citizens from becoming citizens

Oh yes, and somewhat relevant to this thead: a "balanced budget amendment" has been bandied about largely by the right.

Originally posted by Soothfast
The "conservatives" are the ones proposing all kinds of nutty amendments to the Constitution these days. Just off the top of my head, amendments to...

1) ...ban burning the flag
2) ...ban abortion
3) ...ban gay marriage
4) ...ban direct popular votes of U.S. Senators
5) ...ban the federal income tax
6) ...ban babies born in the U.S. to non-citizen ...[text shortened]... nt to this thead: a "balanced budget amendment" has been bandied about largely by the right.

some really nutty stuff (except for #5), but remember, they have to pander to the tastes of their nutty base.

Originally posted by VoidSpirit
it's not like the conservatives are the champions of the constitution. the constitution is the enemy of the government. the government's (liberal or conservative) sole task is to marginalize or eliminate it. it's up to the people to fight for what the constitution represents... but americans would rather eat chips and watch television.

Rec'd