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Why the Fed Needed Congress to Authorise Bailouts?

Politics / Credit Crisis Bailouts Oct 13, 2009 - 12:32 AM GMT

By: Shelby_H_Moore

Politics

I have been wondering why the Fed needed the Congress to authorize bailouts, when they could already create money at will.


It is key to understand that under the Constitution, the three branches of the federal government were not given any power to pass legislation except in support of a very narrow set of powers given to Congress in Article 1, Section 8, giving jurisdiction over matters shared by but outside of the States. This was re-affirmed in Amendments 9 and 10. Thus, the Constitution did not need to distinguish between citizenship of the States and of the federal jurisdiction, because there was no negative consequences at the time these were all positive benefits of additional rights and "immunity". However, Congress was granted exclusive legislation over all territories acquired by the federal government in clause 17 of Section 8.

And with the 14th amendment, Congress was given the power to legislate to force the naturally born to be liable for the debt of the federal government. And with the 16th admendment (ratification disputed), the federal government was given the power to directly tax individual incomes. There was a 61 year gap from the 12th to these series of admendments that are inconsistent with the 9th amendment, given the 9th made it clear that the purpose of the Constitution was to enumerate existing rights and not to deny or disparage any rights the people already had.

Clearly per Article 1, Section 8, clause 17, the Constitutional power of the federal government to enact legislation that can not be challenged by the States, exists within any territory ceded by the States to the federal government, which have been purchased by the federal government, and approved by Congress. I think we should be searching now for hard evidence that the States (begging for bailouts) are being forced to cede jurisdiction over all mortgages now owned by (on the balance sheet of) the federal government or central bank.

Chris Mortenson recently calculated that the Fed has been buying the equivalent dollar value of all the mortgages that have been sold in 2009. It seems to me that once the federal government owns all the real estate surrounding you (or your community), you will not be able to trespass without acceding to any exclusive legislation the federal government may deem appropriate. Perhaps there is no intent to ever unload this real estate back to the private sector. The welfare state will politically support this, with federalization of housing.

The land of the States may be vast, but I suppose we are approaching much greater than 50% to be owned by the federal government, central bank, corporations, and by the wealthiest. Americans will likely soon wake up to see that they are trespassing and enslaved in the vast land they thought was impervious to foreign invasion.

By Shelby Henry Moore III

antithesis@coolpage.com

short bio, I have published articles on FinancialSense.com, Gold-Eagle.com, SilverStockReport.com, LewRockwell.com. I am the sole or
contributing programmer of numerous (some million+ user) commercial software applications, such as Corel Painter, Cool Page, WordUp,
Art-O-Matic, etc.. I have an education in engineering and math.

Disclaimer: My writings are my personal opinions, not to be construed as statements-of-fact. Do you own research. Licenses to think and communicate have never interested me too much, so I am not a licensed research, journalism, investment, legal, nor health professional. Please consult the proper authorities for all matters covered in my writings. I disclaim all liability for what you do after reading my writings. No one can predict the future, and if there is a physical world investment that never loses value, I haven't found it yet in my 44.1 years here on Niribu.

© 2009 Copyright Shelby Henry Moore III - All Rights Reserved


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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