National Economy and The Banking System of the United States: An Exposition of the Principles of Modern Monetary Science in their Relation to the National Economy and the Banking System of the United States
Presented on the floor of Congress in January of 1939, this document directly speaks to the causal circumstances that brought about the depressions of 1921, 1929-32, and 1937.
In the forward of this study Senator Robert L. Owen states in very clear language, that the artificial contraction of the money supply, following the printing of $40 billion dollars to finance World War I, caused what has since been coined “The Great Depression”.
The Congress shall have Power…To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Article I, section 8 of the Constitution of the United States
Remember, Constitutionally speaking, only Congress has the mandate to create money. There was no Constitutional amendment that abdicated that power to the Federal Reserve.