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and fix the Standard of Weights and Measures." According to the NRA 

deci-

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sion, Congress cannot delegate this power to the Federal Reserve 

System, nor can it delegate its legislative authority to the Federal 

Reserve System to allow the System to fix the rate of bank reserves, the 

rediscount rate, or the volume of money. All of these are "legislated" by 

the Federal Reserve Board, meeting in legislative sessions to determine 

these matters and to issue "laws" or regulations fixing them.

The Second World War gave the big bankers who owned the Federal 

Reserve System a chance to unload on the country billions of dollars 

printed early in 1930, in the biggest counterfeiting operation in history, 

all legalized by Roosevelt’s government, of course. Henry Hazlitt writes 

in the January 4, 1943 issue of Newsweek Magazine:

"The money that began to appear in circulation a week ago, 

December 21, 1942, was really printing press money in the fullest sense 

of the term, that is, money which has no collateral of any kind behind 

it. The Federal Reserve statement that ‘The Board of Governors, after 

consultation with the Treasury Department, has authorized Federal 

Reserve Banks to utilize at this time the existing stocks of currency 

printed in the early thirties, known as ‘Federal Reserve Banknotes’. We 

repeat, these notes have absolutely no collateral of any kind behind 

them."

Governor Eccles also testified to some other interesting matters of the 

Federal Reserve and war finance at the Senate Hearings on the Office 

of Price Administration in 1944: