To be centralized is to be government controlled. Government control is the essence of socialism and communism. How then can a representative democracy have a central bank, which controls interstate rates, by which it exercises enormous control over our economy?

Are you aware of the fact that President Andrew Jackson believed that a central bank was unconstitutional, which explains why he refused, upon his election to the presidency, in 1828, to renew the charter of America’s central bank at that time. According to Jackson, the Second Bank of the United States was not only “monstrous,” “corrupt,” and unconstitutionally created by Congress, which had no constitutional authority to create it, but it also wielded the power to ruin the nation’s economy at any moment. Therefore, Jackson rid our nation of a central bank, until a new one was created by Congress in 1913. In response to the financial panic of 1907, the United States Congress passed the Federal Reserve Act, which established the Federal Reserve and was signed into law by President Woodrow Wilson on December 23, 1913.

Yesterday, in what has undoubtedly become a political football, interest rates were cut by the Federal Reserve for the first time in 2025. Jerome Powell, thanks to a poor jobs report, lost his excuse for inexcusably refusing to lower interest rates. With his cover gone, Powell was forced to enact a minimum 25-basis-point cut, lest he be exposed for playing political football with our economy and the financial well-being of the American people. 

Although President Trump has dubbed our federal Reserve Chairman, “Too Late Powell,” the real problem with Jerome Powell is that he is too powerful, not too late. For instance, consider the following.

1. Nowhere does the Constitution grant Congress the power to establish a central bank, with centralized control over our interest rates.

2. Congress is restricted by the Constitution to “coining” money, which used to be limited by our nation’s gold standard—the requirement that ever coin coined had to be backed by gold. However, today’s Congress allows paper money, backed by nothing, to be printed at will under the management the Federal Reserve. The dire consequences of which is daily displayed by our government’s out of control spending and our nation’s ever-increasing national debt.

3. The Federal Reserve is comprised of unelected officials, like Jerome Powell, who, despite having enormous control over our national economy and individual finances, have no accountability to the American people.

It’s truly a sad day in America when the average American is so dumbed-down that he or she thinks that our problems result from the actions of an unconstitutional entity rather than from the very existence of the unconstitutional entity itself. If our economy, at least something as important as interest rates, can be controlled by a central bank, without a peep of protest from the American people, then, how close are we, the American people, from surrendering ourselves totally to our federal government’s central control? After all, as Friedrich Hayek wrote in his classic book, The Road to Serfdom, "Economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends.”