At the dawn of the Republic our first Secretary of the Treasury Alexander Hamilton issued several reports which in many ways set the tone and pointed the way for the development of America in the economic sphere.
The Federal Reserve is the Central Bank of the United States. It is in charge of printing money issuing bonds and setting interest rates for those bonds. Article 1, Section 8 of the Constitution says, “The Congress shall have Power … to coin Money, regulate the Value thereof.” The Federal Reserve is never mentioned. Has it always been this way? Does any other country do this? How did the Federal Reserve get its power over our currency and our economy? And the issue that so many are interested in today: is the Federal Reserve constitutional?
