Stock market

[mkd]

Can you explain in detail why you think this is going to be better?

The US being Londons little bitch might be coming to a close. Stopping the funny money fiat currency printing (elastic money) might still be a pipe dream.

The US Federal Reserve System, established by the Federal Reserve Act of 1913, represents the culmination of efforts to create a stable central banking framework in America, drawing heavily from European precedents—particularly the Dutch Bank of Amsterdam and the English Bank of England—that influenced early US banking institutions. These European models provided the conceptual foundation for centralized monetary management, which evolved through America's First and Second Banks of the United States before manifesting in the Fed.
The Bank of Amsterdam, founded in 1609 as one of the earliest public banks, served as a prototype for deposit banking and currency stabilization by managing merchant deposits, facilitating exchanges, and issuing notes backed by specie to prevent fluctuations in value. Alexander Hamilton, in his 1790 Report on a National Bank, explicitly studied the Bank of Amsterdam (alongside other institutions) to argue for a quasi-public national bank that would be insulated from direct political control while promoting economic development through reliable credit and currency issuance. � This Dutch influence emphasized the importance of a bank acting as a fiscal agent for the government, holding reserves, and ensuring monetary stability—elements that Hamilton incorporated into his vision for American banking.
More directly, the Bank of England, established in 1694 as a joint-stock company to finance government debt during wartime, became the primary model for modern central banking by issuing notes, managing public debt, and serving as a lender of last resort to stabilize the financial system. Hamilton drew from this English system in designing the First Bank of the United States (1791–1811), which was chartered to handle federal debt from the Revolutionary War, issue uniform currency, and operate branches nationwide for broader economic reach—mirroring the Bank of England's structure as a privately directed but publicly chartered entity that blended commercial banking with government finance. � � � The Second Bank of the United States (1816–1836) replicated this model, continuing the English-inspired approach to centralizing control over the money supply and acting as the government's banker, though both institutions faced opposition and expired due to political debates over concentrated power.
By the late 19th and early 20th centuries, recurring financial panics—such as those in 1893 and 1907—highlighted the "inelasticity" of the US banking system under the National Banking Act era, prompting reformers to revisit European central banking ideas. Economists like Joseph French Johnson advocated for a US central bank akin to the Bank of England to enable coordinated inflation and crisis response, while the National Monetary Commission (led by Senator Nelson Aldrich) toured Europe in 1908–1911, studying British and other systems to inform the Aldrich Plan. � � This plan, though modified, shaped the Federal Reserve Act, creating a decentralized network of 12 regional banks overseen by a federal board—blending the stability-focused roles of the Bank of England (e.g., lender of last resort and monetary policy) with American federalism to avoid the fate of earlier centralized banks.
The "extra-constitutional" characterization stems from ongoing debates, echoing Thomas Jefferson's 1791 arguments against the First Bank as exceeding Congress's enumerated powers under Article I, Section 8 of the Constitution (which authorizes coining money and regulating its value but not explicitly chartering a bank). Hamilton countered using the Necessary and Proper Clause, a view upheld by the Supreme Court in McCulloch v. Maryland (1819) for the Second Bank and implicitly extended to the Fed as a congressional creation. Critics, including some in the Mises Institute tradition, view the Fed as an unconstitutional expansion of federal power, rooted in these European offshoots that prioritize elite financial control over strict constitutional limits. � � Nonetheless, the Fed's structure as a hybrid public-private entity directly descends from the Dutch emphasis on deposit stability and the English model of debt management and crisis intervention, adapted to US needs for elastic currency and economic oversight.

[CNCAppsJames]

"2 points make a line, 3 points determine a plane, but not if 2 points are the same."
Russell Mead

[Newbeeee™]

The US being Londons little bitch might be coming to a close. Stopping the funny money fiat currency printing (elastic money) might still be a pipe dream.

Big Bitch puuuulease!