Why I Said the Federal Reserve Is Unconstitutional

Dominic believes that I am being too stingy in my view that the Federal Reserve — which, on balance, I consider to be a useful institution — is unconstitutional under an originalist reading of the Constitution. Attempting simultaneously to reassure and to persuade me, he writes:

As ever, his case is fair, well meaning, and intellectually defensible. But, in its eagerness to reach a more salutary conclusion than my own, it skips over a good deal of important American history, ignores some substantial logical problems, and nonchalantly overstates the strength of the precedents that it invokes.