''After Franklin D. Roosevelt took office in 1933, the Fed became subordinated to the Executive Branch, where it remained until 1951, when the Fed and the Treasury department signed an accord granting the Fed full independence over monetary matters while leaving fiscal matters to the Treasury.'' 1913 â Present: Recent Changes http://en.wikipedia.org/wiki/Histor...ited_States#1863.E2.80.931913:_National_Banks --------------------------------------------------------------------------- Centralized banking was met with much opposition from politicians, who were suspicious of a central bank and who charged that Aldrich was biased due to his close ties to wealthy bankers such as J.P. Morgan and his daughter's marriage to John D. Rockefeller, Jr. -The Federal Reserve Act- http://en.wikipedia.org/wiki/Federal_Reserve_System#Central_banking_in_the_United_States
No. My point is that the profit made on federal securities pales into comparison compared to the profits the owners of the central banks make utilising them. Thus, the profits of the Federal Reserve stem a lot deeper than just the interest paid on these securities and those accounted for.
You must be an idiot not to read the Rothbard book but here is a link to audio files by professor Hoppe.Listen to the second and third in the list first http://mises.org/media.aspx?action=author&ID=164 For the opening poster's questionaper money was first printed in the West by Massachusetts in 1690 to pay the returning soldiers after their for once unsuccessful raid on the French.They printed £7000 swearing it would be once and for only and that it would be redeemable for specie 'in a few years'.Soon enough they printed £40000 to pay off Massachusetts' debts. The Bank of England was established in 1694.I wonder if Massachusetts gave some people ideas?The real story behind Central Banks is that of the men who establish them,their motivations and the inevitable result,inflation.
From what I know, Swiss National Bank is privately held and its shares can be purchased on stock exchange, I believe almost the same is valid for Reserve Bank of South Africa, with only exeption of shere beeing delisted osme years ago from local stock exchange. But in-house share dealing facility still exists.
Hello PTF, thank you for Australia. I do not mind a little rant as long as you keep on-track from time to time
Wally, you mean they make money out of the market prediction of what is the value of these securities? Then right now, they would probably make zero money since interest rate are at 0%. So at the most important times, where they would need that money, they don't get any.
So is the Bank for International Settlements, which is the Central Bank's Central Bank. Anyone can buy shares in the BIS as it's traded in Zurich.
At best of my knowledge, you can add almost all central banks of European Union. This means ECB seems to be private, too (because its shareholders are national central banks, each one with its own shareholders). Funny part seems that one of BCE shareholder is Bank of England (with 12.5%), which is not part of Euro-zone. It should means BoE is making profits on euro-zone countries!!! However, I can post evidence only for my country. Italian Central Bank (Banca d'Italia) show its shareholder in an official document you can find on its site, precisely here: http://www.bancaditalia.it/bancaditalia/funzgov/gov/partecipanti/Partecipanti.pdf As you can see, the majority of them (and majority of quotes, too) are privately held by other banks and Insuring companies, privately held (often quoted at Milan Stock exchange). By the way, in Italy many major banks (which are shareholders of BdI) are heavily managed by political power (by means of "Fondazioni" who often control relative majority of shares and thus control operations). Who really control political power is a vexed question I cannot help answering to. Hope this can be useful for your girlfriend. Maybe post her work on this issue here when it is done, I will be very pleased to read it.