Brad DeLong's Grasping Reality • 176 implied HN points • 25 Nov 24
- The Federal Reserve's role and its constitutionality are often misunderstood, especially by some Republicans. They argue that it shouldn't have the power to manage money since only Congress can do that.
- The creation of money has evolved, and while paper money existed, it was not the same as coins issued by the government. Now, Federal Reserve Notes are more like promises from banks rather than actual money made by Congress.
- There are concerns that the current Supreme Court may not interpret the Constitution properly regarding these financial matters, as it is seen as being influenced by political agendas rather than legal principles.