Is the Fed Too Big To Fail?  Saturday, June 26, 2010 By Paul
Martin  by Gary North  The mark of political sovereignty is
legal immunity from failure. For example, the government of the
United States cannot be sued without its consent. It is above
the law. It must consent to expose itself to the possibility of
failure in a court.  In school, we are taught about an ancient
idea that is long out of favor: the divine right of kings. What
did it mean? I think most people would find it difficult to say.
It meant that there was no earthly court of appeal above the
king. The king’s judicial word was law, because no higher
authority could lawfully overturn his word.  The two revolutions
of the seventeenth century brought that doctrine to an end in
England and the colonies. First Cromwell (1649), then Parliament
(1688) removed kings from their thrones. Over the next century,
the West substituted a new doctrine: the divine right of
legislatures. This sovereignty was never called divine right,
because in the era of the E