Re: (OPE-L) RE: Fed printing $ instead of U.S. Treasury

From: Paul Zarembka (zarembka@BUFFALO.EDU)
Date: Fri Dec 05 2003 - 08:58:56 EST

--On Friday, December 05, 2003 3:43 AM -0500 gerald_a_levy
<gerald_a_levy@MSN.COM> wrote:

> For some
>| 30 years, the President himself held the power to issue silver
>| certificates. But some 5 months before his assassination, Kennedy
>| delegated this power to Dillon, and Dillon could do as he pleased with
>| this power. To assert that Kennedy was by Executive Order No. 11110
>| getting ready to issue silver certificates is contrary to the plain
>| facts. Instead, Kennedy was surrendering this power and delegating it to
>| the Treasury Secretary, who then (and as always) has been someone from
>| the banking industry. There is no substance to this theory on the Net.

Thanks, Jerry, for this.  Assuming the whole report is accurate, I don't
think the conclusion that Kennedy "surrendered" a President power is a
correct interpretation.  The appt. of Treasury Sec. is a Presidential appt.
More accurate would be to say he "delegated" a power, a delegation itself a
President could withdraw.

Still, I have to ask what is going on here.  What is it with the Treasurer
issuing $ in 'competition' with the Fed?  This doesn't seem at all trivial.
And I cannot remember the last time I saw a Treasury $ bill.  Thus, during
what period did we see the issuation of new Treasury $ bills?


RESEARCH IN POLITICAL ECONOMY,  Paul Zarembka, editor, Elsevier Science

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