1. For the 87th Session of the Philosophical Foundations of Law and Finance, we will continue reading Aristotle's Nicomachean Ethics and discuss the question:
2. Is the US Fed constitutional?
3. See John P. Hussman's brilliant little law and finance analysis at:http://www.hussmanfunds.com/wm
"Ever since the Bear Stearns bailout, I've been insistent that the Federal Reserve is increasingly operating outside of its statutory boundaries. As I noted in the March 31, 2008 weekly comment (What Congress and Investors Should Understand about the Bear Stearns Deal):
"The clear historical role of the Federal Reserve has been to manage the composition of Federal liabilities (by varying the mix of Treasury securities and monetary base - currency and bank reserves - held by the public). The recent transaction is a dangerous break from that role, in which unelected bureaucrats are committing public funds to facilitate private business transactions and selectively defend the holders of corporate securities. Only Congress has the Constitutional right, by the representative will of the people, to commit public funds. The Bear Stearns deal is a dangerous precedent and a dilution of Congressional prerogative.""
4. Venue: room 516, University of Westminster, 309 Regent Street, London.
5. Date and time: Friday, Oct 14th 2011, 18:00 - 20:00
6. Dinner at The Galleria from 20:30 at 17 New Cavendish St.
7. RSVP jnjtanega@gmail.com or text 07748186880.
2. Is the US Fed constitutional?
3. See John P. Hussman's brilliant little law and finance analysis at:http://www.hussmanfunds.com/wm
"Ever since the Bear Stearns bailout, I've been insistent that the Federal Reserve is increasingly operating outside of its statutory boundaries. As I noted in the March 31, 2008 weekly comment (What Congress and Investors Should Understand about the Bear Stearns Deal):
"The clear historical role of the Federal Reserve has been to manage the composition of Federal liabilities (by varying the mix of Treasury securities and monetary base - currency and bank reserves - held by the public). The recent transaction is a dangerous break from that role, in which unelected bureaucrats are committing public funds to facilitate private business transactions and selectively defend the holders of corporate securities. Only Congress has the Constitutional right, by the representative will of the people, to commit public funds. The Bear Stearns deal is a dangerous precedent and a dilution of Congressional prerogative.""
4. Venue: room 516, University of Westminster, 309 Regent Street, London.
5. Date and time: Friday, Oct 14th 2011, 18:00 - 20:00
6. Dinner at The Galleria from 20:30 at 17 New Cavendish St.
7. RSVP jnjtanega@gmail.com or text 07748186880.
Joe
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