On Mon, 11 Nov 1996, Michael Froomkin - U.Miami School of Law wrote:
Instead of reading the rabid nonsense referred to in the previous post in this thread, try
[snip] Michael you make some outstanding points in your article! One that struck me was: "Today more federal corporations exist than ever before in peacetime, and the number keeps growing. While toiling in obscurity, they manage communication satellites, museums, railroads, and power generation. They provide specialized credit and insurance for housing and agriculture. They exist as accounting devices to hide the true size of the budget deficit, as nonprofit organizations, and as highly profitable and highly leveraged economic colossi. The most profitable corporations, which provided a total of about $5 trillion in credit and insurance in 1995, also have approximately $1.5 trillion in securities and other debt outstanding. These organizations are capable of squirreling away $2 billion for a rainy day, while pleading poverty to Congress.{10} " Michael, clearly your article is much more professionally written and well organized, and it addresses some primary issues raised in the previous article nearly head-on. However is it true that what you are saying is that two fundamental premises in the article you refer to as "rabid" are incorrect? Namely: "ARTICLE 1, SECTION 8 OF THE CONSTITUTION STATES THAT CONGRESS SHALL HAVE THE POWER TO COIN (CREATE) MONEY AND REGULATE THE VALUE THEREOF. "IN 1935 THE SUPREME COURT RULED THAT CONGRESS CANNOT CONSTITUTIONALLY DELEGATE ITS POWER TO ANOTHER GROUP. (Reference 22, P. 168) Are these not correct? Anyway, there were issues other than mere legality discussed, including history & practicality. Specifically, the quotes from Benjamin Franklin, Thomas Jefferson, Rothschild, references to Congressional Record, etc. were what had impressed me in the link below.
On Mon, 11 Nov 1996, Doug Renner wrote:
http://feustel.mixi.net/GOV/DEPTS/fedres.html Is it an accurate statement that we are effectively paying the Fed interest on the currency we carry?
A. Michael Froomkin | +1 (305) 284-4285; +1 (305) 284-6506 (fax) Associate Professor of Law | U. Miami School of Law | froomkin@law.miami.edu P.O. Box 248087 | http://www.law.miami.edu/~froomkin Coral Gables, FL 33124 USA | It's warm here.
Or am I just making that common but incorrect assumption that unconstitutionality entails illegality? Thanks for responding to this thread, Michael. Your input is very much valued. Regards, IAJAT (just a taxpayer) Doug