[PKop]

What does this have to do with the Federal Reserve subverting the will of elected representatives? If we're talking about the 14th amendment, we're not talking about the Fed sua sponte-ing some action.

[pdonis]

> the Federal Reserve subverting the will of elected representatives?

It isn't. The Federal Reserve Act, passed by Congress and signed by the President in 1913, allows the Fed to do all the things it does.

[vkou]

Both the 14th amendment, and this year's fiscal budget were voted on by elected representatives.

[PKop]

And so was the debt ceiling. I'm referring to the hypothetical proposed by the Federal reserve, not current-year policy.

[vkou]

That's just them failing to pay the bill for the dinner they ordered and ate.

[PKop]

You're arguing the merits of the policy; of course that's what the debt ceiling is.

But this has no bearing on the debate around who has sovereignty over deciding things.

"That's bad, and the Fed intervening is therefore good" does not dispute its anti-democratic nature.