...There is word on the street that Secretary of the Treasury, Timothy Geithner, has approved plans for the International Monetary Fund (IMF) to absorb the Federal Reserve System with an eye to the IMF becoming a global central bank. A “basket of currencies” (which includes the Chinese renmenbi/yuan) is to be created to replace the dollar as the international currency of trade. Plans are for “the basket” to become America’s new currency.
Is it true? There’s no way to confirm the rumor. The same spark that lit the fire under the rumor also suggests it will not be long in coming. If true, I believe it is an act that borderlines Treason. I’m no lawyer, but it seems to this citizen of the United States that my Constitution (which defines government’s limitations) says the only authority for currency and coinage in this country is the United States Congress. I have a sovereign right to an American currency as determined by the United States Congress, and some jerk-o Treasury Secretary who can’t remember to pay his taxes doesn’t have the standing to rewrite the Constitution at will.
The Congress broke the constitutional bond regarding its responsibility for our currency and monetary policy when it created the Federal Reserve System and handed over to a private corporation what the Constitution says only the Congress has the right to do. I wonder if Congress set a precedent in 1913 when it approved the Federal Reserve Act. By rejecting its responsibility to manage currency, coinage and monetary policy, did Congress pave the road for individual states to reject their constitutional obligation to rely on the federal government for currency, coinage and monetary policy? Can states create their own currency? One could certainly make a good argument for – or, against – it. If one person to a contract violates the agreement, can the other party be bound by it? It’s a good question.