lol, your funny.
so states can issue and except bills of credit? the federal government can emit bills of credit?
I'm pretty well useless in this thread, which seems to be more about the law than about economics. CarmelHP is your guy, and he seems to be doing a great job.Where's Fletch when you need him?
You have the ever morphing argument, whenever one goofy assertion is shot down, you have another pop up to take its place and act like that was the point you were arguing all along. Tell you what, go ahead and believe whatever you want regardless of the actual text of the Constitution or the historical precedents of the guys who wrote it.
But if any further proof is needed that the Federal has no constitutional power to “emit bills of credit,” or print and circulate paper as money, it may be found in the debates of the Constitutional Convention. A proposal was made therein to give the Congress this very power and it was rejected by a vote of nine to two.
I was really looking forward to a discussion of the meaning of "coin money". It seems to be the part that is much more important. A strict reading of it would make the FRNs unconstitutional which would make the other discussion unneeded.
If the federal government can only create currency backed by specie then it doesn't really matter if the states can accept fiat currency.
You have the ever morphing argument, whenever one goofy assertion is shot down, you have another pop up to take its place and act like that was the point you were arguing all along. Tell you what, go ahead and believe whatever you want regardless of the actual text of the Constitution or the historical precedents of the guys who wrote it.
ah, so no comment on my last posts, its good to ignore the truth eh guys?
then make sure you invest them in hard assets, your illegal frn's are falling in value every year.
ah, so no comment on my last posts, its good to ignore the truth eh guys?