It isn't prohibited by the constitution and was created as an independent body. You are correct that it wasn't specifically outlined by the constitution but that's an empty statement - the constitution included the allowance of the creation of agencies and laws outside of itself... that's the main power and strength of the constitution.

Your statement was equivalent to saying that Hacker News has no constitutional right to exist - it is equally vapid.

This is a non-sequitor.

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.

That's true, but the US dollar also doesn't have a constitutional right to be the international reserve currency.

It does exist, and it has been independent, and consequently global markets have priced that in. If that changes, markets will respond accordingly.

What the other said about it being a non sequitur, adding on top of that "constitutional right" is no longer as strong a statement as you think it is considering the kangaroo court that is the SCOTUS nowadays.

That’s correct, Congress could pass a law removing its independence or eliminating it entirely whenever it so chooses. Until then, it’s independent because that’s how Congress created it using its powers under Article 1 of the Constitution.

It has about 38 trillion reasons exist. if you want to see what national debt looks like for countries without an independent central bank, there are plenty of examples around the world and throughout history. I’m sure the Wikipedia page on failed states would be a good starting point.

It does have a strong economic reason to exist and be independent.

While maybe true, the history of direct democratic control of monetary policy is not a pretty one.

Something tells me you aren't exactly steelmanning your opponents here.

Holders of US debt have no obligation to give a shit about the statutory background of the Fed, and to just make decisions about who is the best fiduciary of their currency.

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.

Ok? Trump doesn't have a constitutional right to do a bunch of crap but he's doing them anyway. This is the world we live in.

My local town doesn't have a Constitutional right to exist or be independent either.

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.

> The federal reserve has no constitutional right to exist or be independent.

Do we suddenly care about the constitution again?

Ah yes, the "sovereign citizen" argument applied to the Fed. You've been wrong for 110 years -- I predict you will remain wrong.

Their stability has worked to benefit a lot of rich and powerful people, so I would question the motives of this sect of billionaires who are trying to destabilize it. They must believe they can extract something from the ashes.

>The federal reserve has no constitutional right to exist or be independent.

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.

And I sure Trump would be a great steward of our fiscal policy and wouldn't wildly throw the levers back and forth every Friday as his whims change

I don't know how you can say that about an institution that was formed by people using false identities on Jekyll Island and ramming it through congress as fast as possible because in their own words "if the people found out they would stop them" (paraphrased).