CLASS ASSIGNMENT: Ideas for getting rid of the fed and KEEPING it away

[PaulConventionWV]

Ok, so I am doing a senior thesis paper, and the theme of the paper is, if we held a Constitutional Convention today like in 1787, what would we try to incorporate in order to improve our political system. So, I determined that my theme was the central bank. If there's anything we want to rid this nation of, it's the Federal Reserve. They are truly the bane of liberty. Jefferson thought they were worse than standing armies.

So, this isn't due for quite a while, but since I am here, I was thinking I would throw the question out to you guys. How would you guys ensure that we never have a central bank? Remember, the original Constitution already forbade counterfeiting money, which should have been enough to prevent the Federal Reserve.

However, at this new Constitutional Convention, I am a delegate and I need to find a way to change the system somehow so that it ensures we never have a central bank. How would you incorporate that into the Constitution. This has two sides to it:

1. How would you write it into the Constitution to ban the IDEA of a central bank?
2. How would you change the system overall in a PRACTICAL manner in order to make sure the central bank never comes about? There must be a way to make it more likely that it doesn't arise, such as a clause in the Constitution forbidding the communications between banks of the USA and another nation.

In general, how would you make sure that a central bank never arose under a new system with a new Constitution if we were to have a Constitutional Convention today? Let me know if you are having a hard time with the question.

I am going to spend a lot of time explaining how the Fed operates and explaining inflation, the business cycle, etc. so I will have plenty of opportunities to tell my professor how it works, but I'm looking for a practical way of keeping it out of the system altogether. Any clever ideas?

[PaulConventionWV]

Bump.

[Zippyjuan]

Difficult to ban something forever. Would you declare that the government could not decide what would be money and could not regulate it in any way or form? Not be able to set any standards? If they cannot determine what is to be money and standards concerning that money- how does one deal with counterfits since basically anything would be legal to use as money?

How have countries without a central bank performed economically?

[Nate-ForLiberty]

Ok, so I am doing a senior thesis paper, and the theme of the paper is, if we held a Constitutional Convention today like in 1787, what would we try to incorporate in order to improve our political system. So, I determined that my theme was the central bank. If there's anything we want to rid this nation of, it's the Federal Reserve. They are truly the bane of liberty. Jefferson thought they were worse than standing armies.

So, this isn't due for quite a while, but since I am here, I was thinking I would throw the question out to you guys. How would you guys ensure that we never have a central bank? Remember, the original Constitution already forbade counterfeiting money, which should have been enough to prevent the Federal Reserve.

However, at this new Constitutional Convention, I am a delegate and I need to find a way to change the system somehow so that it ensures we never have a central bank. How would you incorporate that into the Constitution. This has two sides to it:

1. How would you write it into the Constitution to ban the IDEA of a central bank?
2. How would you change the system overall in a PRACTICAL manner in order to make sure the central bank never comes about? There must be a way to make it more likely that it doesn't arise, such as a clause in the Constitution forbidding the communications between banks of the USA and another nation.

In general, how would you make sure that a central bank never arose under a new system with a new Constitution if we were to have a Constitutional Convention today? Let me know if you are having a hard time with the question.

I am going to spend a lot of time explaining how the Fed operates and explaining inflation, the business cycle, etc. so I will have plenty of opportunities to tell my professor how it works, but I'm looking for a practical way of keeping it out of the system altogether. Any clever ideas?

Basically, do it like our FF tried to do ours, just better.

Lay out SPECIFICALLY what the Federal Gov can do. Keep it short. Say any powers beyond this are given to the states. Period.

The only reason we have any issues today is not wholly because of wording in the Constitution, but because we have immoral people willing to do whatever it takes to control the masses, and good people not willing to sacrifice to protect liberty. Make your new Constitution, then make it nearly impossible to amend. Fed's powers are extremely limited. Most powers lay with the states.

[Austrian Econ Disciple]

Crack open the Articles of Confederation and tweak that, since that was far superior to the Constitution.

As far as the Central Bank is concerned just write in a clause which forbids writs of monopoly and privilege from legislation or decree by the Government (and add in one which forbids the Government from interferring in the economy). You will need an enforcement mechanism -- I urge citizen arrest and trial for politicians who violate their contract and penalty of conviction would be exile or the stockades.

[Travlyr]

Honest Money Constitutional Amendment

Fiat monetary system and paper money inflation being some of the greatest enemies of liberty and prosperity of the people, legal tender laws are strictly forbidden.

Since no individual can rightfully force his neighbor to transact or not to transact in certain medium of exchange, he cannot delegate such authority to his government. Also, free competition in currencies, by the force of Free Market, prevents the government from plundering the people through legalized counterfeiting and debasing of the currency.

Therefore: the government shall make no law establishing an exclusive form of currency that the people are forced to use in private transactions, neither shall it prevent operation of private currencies, mints, or free competition in currencies among private citizens, nor charge capital gain, sales, or any other taxes, duties or fees on the medium of exchange. The right of the people to transact among themselves in any currency they choose shall not be abridged.

[emazur]

Crack open the Articles of Confederation and tweak that, since that was far superior to the Constitution.

As far as the Central Bank is concerned just write in a clause which forbids writs of monopoly and privilege from legislation or decree by the Government (and add in one which forbids the Government from interferring in the economy). You will need an enforcement mechanism -- I urge citizen arrest and trial for politicians who violate their contract and penalty of conviction would be exile or the stockades.

Seems to me like the Articles of Confederation expressly authorized, not prohibited, paper money:

XII All bills of credit emitted, monies borrowed, and debts contracted by, or under the authority of Congress, before the assembling of the United States, in pursuance of the present confederation, shall be deemed and considered as a charge against the United States, for payment and satisfaction whereof the said United States, and the public faith are hereby solemnly pledged.

[PaulConventionWV]

Good questions and comments, all. What, exactly, do the Articles of Confederation say? I haven't studied those like I have the Constitution.

[Uncle Emanuel Watkins]

Ok, so I am doing a senior thesis paper, and the theme of the paper is, if we held a Constitutional Convention today like in 1787, what would we try to incorporate in order to improve our political system. So, I determined that my theme was the central bank. If there's anything we want to rid this nation of, it's the Federal Reserve. They are truly the bane of liberty. Jefferson thought they were worse than standing armies.

So, this isn't due for quite a while, but since I am here, I was thinking I would throw the question out to you guys. How would you guys ensure that we never have a central bank? Remember, the original Constitution already forbade counterfeiting money, which should have been enough to prevent the Federal Reserve.

However, at this new Constitutional Convention, I am a delegate and I need to find a way to change the system somehow so that it ensures we never have a central bank. How would you incorporate that into the Constitution. This has two sides to it:

1. How would you write it into the Constitution to ban the IDEA of a central bank?
2. How would you change the system overall in a PRACTICAL manner in order to make sure the central bank never comes about? There must be a way to make it more likely that it doesn't arise, such as a clause in the Constitution forbidding the communications between banks of the USA and another nation.

In general, how would you make sure that a central bank never arose under a new system with a new Constitution if we were to have a Constitutional Convention today? Let me know if you are having a hard time with the question.

I am going to spend a lot of time explaining how the Fed operates and explaining inflation, the business cycle, etc. so I will have plenty of opportunities to tell my professor how it works, but I'm looking for a practical way of keeping it out of the system altogether. Any clever ideas?

We need to institute a Watkinsian Communist system. Could you at least mention my theory? It accepts communism on a limited bases only instituting the social political theory in the banking industry.
Why?
Well, when president Obama destroys the dollar, he will have managed to destroy the economic system of the old Republic. In instituting a new currency, a new tyranny will be established.
To save the Union, the Republic, and the People for that matter, we need to sell off all the land owned by the Federal government to buy up all the banks. The banking industry should then be socialized to the extent the top executive makes exactly the same wage as the lowest paid employee. No bonuses, perks, benefits!
Success!

[PaulConventionWV]

We need to institute a Watkinsian Communist system. Could you at least mention my theory? It accepts communism on a limited bases only instituting the social political theory in the banking industry.
Why?
Well, when president Obama destroys the dollar, he will have managed to destroy the economic system of the old Republic. In instituting a new currency, a new tyranny will be established.
To save the Union, the Republic, and the People for that matter, we need to sell off all the land owned by the Federal government to buy up all the banks. The banking industry should then be socialized to the extent the top executive makes exactly the same wage as the lowest paid employee. No bonuses, perks, benefits!
Success!

What you smokin? I want some.

[Uncle Emanuel Watkins]

What you smokin? I want some.

Stop and think for a second.
It is the banking industry that we should blame for the demise of the Republic, for a history of back stabbing the American people, and the major cause of economic calamity ushering this latest threat of the social communism we are faced with today.
Watkinsian communism, despite being a humorous consideration, is the right path for our nation to take.

[PaulConventionWV]

Stop and think for a second.
It is the banking industry that we should blame for the demise of the Republic, for a history of back stabbing the American people, and the major cause of economic calamity ushering this latest threat of the social communism we are faced with today.
Watkinsian communism, despite being a humorous consideration, is the right path for our nation to take.

Could you provide examples of how this would work in practice? What makes you think it would work?