3 ms·
sounds like an eminently responsible response to potential political sabotage of the economy
by kaonashi 3y ago
sounds like an eminently responsible response to potential political sabotage of the economy
- PKop 3y agoBut it certainly doesn't sound like democracy
- kaonashi 3y agoIf the legislature gives the treasury conflicting instructions, what is the most democratic way to resolve the contradiction?
- JumpCrisscross 3y ago> it certainly doesn't sound like democracy The Constitution is a democratically-formed device, and the Constitution contains the 14th Amendment.
- PKop 3y agoWhat does this have to do with the Federal Reserve subverting the will of elected representatives? If we're talking about the 14th amendment, we're not talking about the Fed sua sponte-ing some action.
- deleted 3y ago[deleted]
- pdonis 3y ago> the Federal Reserve subverting the will of elected representatives? It isn't. The Federal Reserve Act, passed by Congress and signed by the President in 1913, allows the Fed to do all the things it does.
- vkou 3y agoBoth the 14th amendment, and this year's fiscal budget were voted on by elected representatives.
- PKop 3y agoAnd so was the debt ceiling. I'm referring to the hypothetical proposed by the Federal reserve, not current-year policy.
- vkou 3y agoThat's just them failing to pay the bill for the dinner they ordered and ate.
- PKop 3y agoYou're arguing the merits of the policy; of course that's what the debt ceiling is. But this has no bearing on the debate around who has sovereignty over deciding things. "That's bad, and the Fed intervening is therefore good" does not dispute its anti-democratic nature.
- eli 3y agoNeither does the debt ceiling, especially when it can be obstructed by a small minority.