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The US has had a nationally bank since before the constitution was adopted: https://en.wikipedia.org/wiki/First_Bank_of_the_United_States https://en.wikipedia.o
by rayiner 1y ago
The US has had a nationally bank since before the constitution was adopted: https://en.wikipedia.org/wiki/First_Bank_of_the_United_States https://en.wikipedia.org/wiki/First_Bank_of_the_United_State.... The U.S. has had a central bank that controls inflation by performing market operations since 1811: https://en.wikipedia.org/wiki/Second_Bank_of_the_United_States https://en.wikipedia.org/wiki/Second_Bank_of_the_United_Stat....
The core concept of a central bank that influences the economy through its transactions with other banks has a lengthy constitutional pedigree. It predates the 20th century precedent on “independent federal agencies” by 120 years or so.
- mpalmer 1y agoIf some institution predating and then coexisting with the Constitution is enough to grant it a constitutional pedigree, there's a whole lot of other nonsense that would qualify. More to the point, this doesn't address anything of substance from the discussion above. No one is arguing there shouldn't be a central bank, or that there's no textual/legal support for one.