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Thomas Jefferson Versus The Federal Reserve

The Federal Reserve is the engine that drives one of the biggest, most powerful governments in the history of the world.
Without the Fed, it would be difficult, if not impossible, for the government to fund its foreign wars, its massive, unsustainable social programs, the ever-growing police state, and the tangled web of corporate welfare programs. It’s almost certain none of this would exist as we know it today – not even close. The federal government would truly be limited.
Although the Federal Reserve is relatively new within the scope of American history, its roots go back to the early days of the republic and the First Bank of the United States, chartered by Congress on Feb. 25, 1791. ....

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The worst is yet to come

Atty. Joey Lina
The trend is disturbing and our scientific researchers see it as a portent of horrific times ahead.
For three days since last Friday, the three highest single-day tallies so far this year of COVID cases nationwide were reported – 4,578 new cases on Friday, 5,000 on Saturday, and 4,899 on Sunday.
The 5,000 new infections last March 13 is the largest single-day number recorded in around seven months, or since August 26, 2020, when the daily recorded number of new cases hit 5,277. And the numbers are projected to keep rising, even way beyond the highest daily tally so far of 6,958 cases reported on August 10, 2020.
OCTA Research fellow Professor Guido David was my guest last Sunday in my Teleradyo program Sagot Ko ‘Yan, and he said that the daily COVID infections could reach 5,000 to 6,000 in Metro Manila alone by the end of this month, based on a 1.95 reproduction rate. ....

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Today in History: James Madison Vetoes Infrastructure Spending Bill

Today in 1817, President James Madison vetoed the Bonus Bill of 1817 – a plan that called for the federal construction of various roads, bridges, and canals throughout the country. In a letter to Congress, the president explained his rationale. Out of all historical writings on constitutional interpretation, I believe it stands today as one of the most important.
Madison’s reasoning was simple – although he personally favored the idea of infrastructure construction, writing that he was “not unaware of the great importance” of such things, he denied the policy’s constitutionality on a federal level. Instead of upholding his own personal proclivities and allowing the Constitution to be undermined, he maintained that the Constitution was one of specific enumerated powers, and the document contained no expressed power for the federal government to do such a thing. ....

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What We Still Get Wrong About Alexander Hamilton

Far from a partisan for free markets, the Founding Father insisted on the need for economic planning. We need more of that vision today.
The Founding Fathers are a perennial source of both wisdom and controversy. Alexander Hamilton, the first U.S. Secretary of the Treasury, has taken pride of place in these public debates in recent years, thanks in part to Lin-Manuel Miranda’s musical and Ron Chernow’s 2004 biography. In this interview, Michael Busch speaks with journalist and economist Christian Parenti about his new book
Radical Hamilton: Economic Lessons from a Misunderstood Founder. They discuss how we still get Hamilton wrong and what we can learn from him about state building, economic planning, and the necessity of government action. ....

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