The Constitutional basis for money creation

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RScown's picture
RScown
Status: Member (Offline)
Joined: Feb 25 2011
Posts: 1
The Constitutional basis for money creation

The root cause of our monetary problems is the constitutional power of Congress: "to borrow money on the credit of te United States".  I wish that Thomas Jefferson would have been there when the Constitution was being drafted. He may have been able to get this clause struck out of the final document.  But it is there, and has been much abused ever since. Considering the current state of our economy with its debt based monetary system, we should seriously consider abolishing this power by an amendment. Without this power, Congress would automatically be forced into a balanced budget mode for all programs and initiatives.

Thomas Hedin's picture
Thomas Hedin
Status: Platinum Member (Offline)
Joined: Jan 28 2009
Posts: 815
How about congress just

How about congress just follow the law and coin (create) money and spend it into circulation for the very basic things that our society needs to function?  This was the people can have an honest medium of exchange without having to go into debt to private commercial banks.

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