In the United States, the laws are unclear as to who has the right to create money. Most people agree that the Constitution specifically and unequivocally gives the power to create money to the Congress of the United States. However, in 1913, Congress took certain legislative action that apparently transferred that power to a private banking system --“The Federal Reserve System” (FRS). That Power was transferred to the FRS by the Federal Reserve Act (Act)

This is an online link to the Act << http://www.fdic.gov/regulations/laws/rules/7500-100.html >>.

We can find nothing in the act that sets a time period for the transfer of the banking power from Congress to the FRS. That fact that the power is transferred for an undetermined time probably nullifies the Act.

We can find no adequate consideration given by the FRS to Congress for the power that was transferred to the FRS by Congress.

We can find nothing in the Constitution that allows Congress to transfer its powers to any person, company or corporation. If it turns out that Congress has the right to transfer its power, Congress will certainly not be able to transfer its powers without also transferring the checks and balances specified in the Constitution to the Executive and Legislative branches of the U.S. government. To do so would make a mockery of the Constitution and the death of the Separation of Powers inherent in the Constitution.

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