Sun, 03/04/2012 - 10:08pm — lambert
"There is no such thing as federal money," Paul said, on CNN’s State of the Union. "Federal money is just what they steal from the states and steal from you and me."
First, the Constitution, Article I, Section 8:
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
Second, Paul assumes a zero sum game where money that is not Federal is State money, and vice versa. But the United States, being sovereign in its own currency, can create new money whenever it wants. It's not a zero sum game. Granted, the money isn't created for public purpose, but that is the issue, not the face that it's created by the State.
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