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Your statement was equivalent to saying that Hacker News has no constitutional right to exist - it is equally vapid.
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
To borrow Money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
...
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
...
To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.
Congress's authority in this area was upheld by the foundational case McCulloch v. Maryland in 1819. The Federal Reserve System was created in 1913 by Congress via the Federal Reserve Act.
There's no serious argument that the Federal Reserve is unconstitutional. People who espouse this are ignorant of the facts and law, or are either quacks or have paid heed to the arguments are quacks.
is not the same as
There's no serious argument that the Federal Reserve is unconstitutional as applied.
The latter is certainly debatable, especially insofar as the fed (in their own words) claims to operate independently when in fact the constitution delegates the powers you cited to congress and the execution of powers of congress to the executive.
The president appoints the board. The board has a clear charter mandated by congress. It’s a common, functional and well accepted governance methodology.
The point of having a long tenured Federal Reserve board is similar to why Senators have long terms. You don’t want a failing presidency to compel politically expedient actions that damage the nation.
We formed the federal reserve because of the long history of disastrous political interventions and responses in the 19th century, most notable the Andrew Jackson’s (a DJT favorite) panic of 1837 (and Van Buren’s bungled responses, Grant’s Panic of 1873 and Grover Cleveland’s panic of 1893.
The madmen calling the shots here are well aware of this and are purposefully trying to drive the US and world economy off a cliff, which will enrich themselves and their patrons.
federal reserve is not government... that's kinda the entire point)
its why current US admin is being so butthurt about it, it's not under its control.
There’s indirect control: the elected administration selects people to nominate as governors, who then go on to make the decisions. But they have to choose people who the (elected) Senate will confirm, and there’s not too much the executive can do if they don’t like the decisions their appointed governors go on to make during their 14-year terms.
The question at hand at the moment is whether the executive can unilaterally usurp the agency’s Congressionally-mandated structure and use its power directly.
It’s kind of like how the various Civil Service acts sheltered career civil servants from the constant changes in political winds, so that we can have career professionals in government instead of using public paychecks purely as a prize for the buddies of whoever won the last election. The present administration resents that independence too.
Whereas the Fed’s jobs involve setting monetary policy and regulating the financial sector. The “product” is the set of policies the board vote to implement, and the staff exist to gather information and pass it upward to support those decisions (maybe using powers delegated downward to them). Like any other government agency.
What does it mean that the Federal Reserve is "independent within the government"?
The Federal Reserve, like many other central banks, is an independent government agency
Hmm what transaction it induces?
You'll need to check the law that created the Fed. Maybe it makes sure that doing whatever the fed needs to do the job is not a crime
So either you are lying, or the fed is lying, and if the latter your position is that they need to lie to do their job (per your dismissive quip) -- much of which involves transactions of banks drawing on master accounts which are held in part in full faith that they are doing business with a government agency.
Part of the reason for this is that 2-year presidents are more common, they make promises within the first two years and even if they meet them, it can take years for effects to be seen in the general population, so the party loses majority in the midterms and then nothing happens politically for the remaining two years. Congress is often slow and burdensome (for good reason) but it always makes out for a disenfranchised voter base
Google has no constitutional right to exist or have accurate search results either. However, it's value depends on the quality of their search results.
People outside the US don't care about the particulars of the US constitution like it's a holy document, but rather the US governance as a whole and whether it's well-ordered, lawful, and predictable.
If holders of US debt goes away, we have immediate inflation to the point where our currency hits trade equilibriums such that we can service our debt. All of your savings are worthless.
This has very little to do with the price of tea in China.
Parties outside of the US who don't give a fuck all about the Constitution are involved in keeping us as a reserve currency, and they care that the fed is independent. We have kept it so to keep the economy stable and to reap the benefits of that stability.
Do we suddenly care about the constitution again?
Irrelevant.
Actions have consequences, and the natural consequence of the actions of the US administration is that corporations and states that value stability are looking elsewhere than the US Dollar.
Whether or not the Fed has a constitutional right to independence is irrelevant to this situation. If Americans want to cheer while Trump flushes nearly a century of soft power down the toilet that's their prerogative, but the trend of de-dollarization has already begun and it's unlikely to be reversed.