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The founders and the fed. (Letters to the Editor).(Letter to the Editor)
In "Deflating the Deflation Myth" (June 30th issue) you left out the most important point: There is no authorization for a Federal Reserve Board in the Constitution. Article 1, Section 8 authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin...." There is no section of the Constitution that allows Congress to delegate this power to any board, especially a private group that works in secret. Remember the fit Greenspan threw several years ago when the proceedings of the Federal Reserve ...
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