This whole fed thing is a subject that really pisses me off. W/ the fed there will always be wars and world conflict. The national debt is close to if not greater then the total US money in circulation. The last 4 Presidents that tried to undermine the fed were killed or an attempt was made (jackson) The US Gov likely doesn't own any gold. The fed is holding it as collateral against the debt. IMO we're going thru a period now similar to the 1920's and soon the fed will start reeling in the money. We all need to act locally to make a change.
How about the one where they haven't deflated the dollar to about 2 cents since 1913? How about the one where they don't create money from a ledger entry regardless of whether or not real wealth was created to support it?
The regional Federal Reserve Banks are private owned, but they are controlled by the Board of Governors -- a federal agency whose members are appointed by the President and confirmed by the Senate. The Board sets monetary policy and the Federal Reserve Banks execute it. In other words, the Fed has never set any poilcy that would devalue the dollar. Our govt has.....
Former war crimes prosecutor links Bush family to Nazis Sarasota [FL] Herald-Tribune Nov. 12, 2000 The president of the Florida Holocaust Museum said Saturday that George W. Bush's grandfather derived a portion of his personal fortune through his affiliation with a Nazi-controlled bank. John Loftus, a former prosecutor in the Justice Department's Nazi War Crimes Unit, said his research found that Bush's grandfather, Prescott Bush, was a principal in the Union Banking Corp. in Manhattan in the late 1930s and the 1940s. Leading Nazi industrialists secretly owned the bank at that time, Loftus said, and were moving money into it through a second bank in Holland even after the United States declared war on Germany. The bank was liquidated in 1951, Loftus said, and Bush's grandfather and great-grandfather received $1.5 million from the bank as part of that dissolution. "That's where the Bush family fortune came from: It came from the Third Reich," Loftus said.Loftus made his remarks during a speech as part of the Sarasota Reading Festival. The co-author of Unholy Trinity: The Vatican, The Nazis and the Swiss Banks, Loftus documented the Swiss bank accounts that harbored funds confiscated from Holocaust victims and the participation of Italian priests in smuggling Nazi war criminals to safe haven in Canada, Central and South America and the United States after the war. Although he said he had a file of paperwork linking the bank and Prescott Bush to Nazi money, Loftus did not provide that documentation Saturday. Loftus pointed out that the Bush family would not be the only American political dynasty to have ties to the "wrong side of World War II." The Rockefellers had financial connections to Nazi Germany, he said. Loftus also reminded his audience that John F. Kennedy's father, an avowed isolationist and former ambassador to Great Britain, profited during the 1930s and '40s from Nazi stocks that he owned. "No one today blames the Democrats because Jack Kennedy's father bought Nazi stocks," Loftus said. Still, he said, it is important to understand these historical connections for what they tell us about politics today. The World War II experience points out how easy it was then -- and remains today -- to hide money in multinational funds. That money flows into American politics today, he said, from "a series of multinational corporations behaving like pirates. They don't care about ideology; they care about money." Loftus' speech left many in tears. "I am absolutely shocked," said Nancy Krauss of Punta Gorda. "I wish this would have come out before the election. My husband voted for Bush. I don't think he would have voted for him if he would have known."
This topic is the most unliked in books... 1) who controls the MKT 2) Pump and dump 3) stop Hunt 4)...etc etc The answer to that is that no one controls a thing.... When the feds reduce Increae rates.... not cause this is the right thing to do.... It's cause they have...otherwise will against the balance of economic theroy ====> disaster later.... The Feds is nothing but useless security Camera Out in Wild...Deep in the woods... Looking at Animals do what was meant to be in Nature.... and they think they can play doctor with it... Leaving it alone is the best Doctor... GL
So they're doing a bang up job, and deserve medals for their fiscally responsible behavior. Of course, they control the money supply of what is still perceived to be the wealthiest nation on earth but they would never contemplate actually using that incredible power for their own benefit. After all, their commission was forced upon them and as upstanding citizens, only perform it as their duty to the country. Wait until the already bankrupt US of A has to pay the piper. Then we'll see how vehemently you defend these good men and their wonderful policy making skills. If you don't think these bankers are about power, control and creating immense wealth for themselves off the sweat of the people and wars, you sir, are sadly naive. View the documentary America: Freedom to Fascism http://www.freedomtofascism.com/ and tell us what you think. I'd be fascinated to hear. BTW, from whom does the President get the list of candidates from which to choose the Federal Reserve Board members?
Here's some history about wht the Fed system was enacted: Prior to the Civil war there were thousands of banks in operation throughout the Union, all of them chartered, that is, licensed by the state governments. Banking regulations were virtually nonexistent. The federal government had no meaningful controls on banking practices, and state regulations were spotty and poorly enforced at best. Economic historians call the era leading up to the Civil War as the 'state banking era' or the 'free banking era.' The 1907 Banking Panic The 1907 crisis, also called the Wall Street Panic, was especially severe. The Panic caused what was at that time the worst economic depression in the countryâs history. It appears to have begun with a stock market crash brought about by a combination of a modest speculative bubble, the liquidity problem, and reserve pyramiding. Centered on New York City, the scale of the crisis reached a proportion so great that banks across the country nearly suspended all withdrawals -- a kind of self-imposed bank holiday. Several long-standing New York banks fell. The unemployment rate reached 20 percent at the peak of the crisis. Millions lost their deposits as thousands of banks collapsed. The crisis was terminated when J.P. Morgan, a man of sometimes suspicious business tactics and phenomenal wealth, personally made temporary loans to key New York banks and other financial institutions to help them weather the storm. The Federal Reserve Act of 1913 Following the near catastrophic financial disaster of 1907, the movement for banking reform picked up steam among Wall Street bankers, Republicans, and eastern Democrats.The legislation that eventually emerged was the Federal Reserve Act, also known at the time as the Currency Bill, or the Owen-Glass Act. The bill called for a system of eight to twelve mostly autonomous regional Reserve Banks that would be owned by the banks in their region and whose actions would be coordinated by a Federal Reserve Board appointed by the President. The Boardâs members originally included the Secretary of the Treasury, the Comptroller of the Currency, and other officials appointed by the President to represent public interests. The proposed Federal Reserve System would therefore be privately owned, but publicly controlled. Wilson signed the bill on December 23, 1913 and the Federal Reserve System was born.6 Conspiracy theorists have long viewed the Federal Reserve Act as a means of giving control of the banking system to the money trusts, when in reality the intent and effect was to wrestle control away from them. History clearly demonstrates that in the decades prior to the Federal Reserve Act the decisions of a few large New York banks had, at times, enormous repercussions for banks throughout the country and the economy in general. Following the return to central banking, at least some measure of control was removed from them and placed with the Federal Reserve. And a little on the organization of the Fed system : The Federal Reserve System is sometimes described as a quasi-government agency because it contains elements of both the private sector and of government control. The System has three organization levels: member banks, Federal Reserve Banks, and the Board of Governors. Let's examine each briefly. Member banks are at the bottom of the organization chart. These are commercial banks and S&Ls who have joined the Federal Reserve System (FRS).Why are member banks -- the owners -- at the bottom of the organization chart? They are at the bottom because unlike the shareholders of a typical corporation such as IBM, member banks have very little power over how their regional Federal Reserve Bank is run. And they have no control at all over monetary policy. At the middle level in the organization chart are the 12 regional Federal Reserve Banks. They have a variety of powers and duties, some of which are: Buy and sell government bonds in the secondary markets (open market operations) Lend reserves to member banks Offer check-clearing services to member and non-member banks Issue Federal Reserve Notes and collect worn-out ones for destruction Enforce reserve requirements and other regulations of the member banks Monitor banking and economic activity within their respective district Finally, at the top of the structure chart is the Board of Governors. The Board is a 7-member panel who is appointed by the President of the United States and confirmed by the Senate. Among its responsibilities: Determine open market policies Set the required reserve ratio for member banks Set the Discount Rate Deciding how much new currency to print Monitor the health of the U.S. economy Report to Congress periodically on the state of the U.S. economy It's single most important duty is deciding its open market policy, that is, whether it should order the Federal Reserve Banks to buy or sell government bonds, and if so, how much. This decision is made in conjunction with the Federal Open Market Committee. The FOMC is a 12-member panel can consists of all the Board members, the president of the New York Federal Reserve Bank, and 4 presidents from the other Federal Reserve Banks on a rotating basis. The presidents are appointed by each Bank's board of directors, pending approval from the Board of Governors. Thus, all the key monetary policy decisions -- the ones that affect interest rates -- are made by a government agency whose members are selected by the President of the United States. The Fed may be privately owned, but it is controlled by the government.
Saw the movie, thought it was a stupid attempt by Russo to defend his pending tax evasion trial...... The Federal Reserve banks have only a small share of the total national debt (about 7%). That's hardly what I would call control... Nearly all the Federal Reserve's net earnings are repaid to the Treasury. This is done per an agreement between the Board of Governors and the Treasury. The table below indicates this. 1999 Combined Statements of Income of the Federal Reserve Banks (in millions) Interest income Interest on U.S. government securities $28,216 Interest on foreign securities 225 Interest on loans to depository institutions 11 Other income 688 ------- Total operating income 29,140 Operating expenses Salaries and benefits 1,446 Occupancy expense 189 Assessments by Board of Governors 699 Equipment expense 242 Other 302 ------- Total operating expenses 2,878 Net Income Prior to Distribution $26,262 Distribution of Net Income Dividends paid to member banks 374 Transferred to surplus 479 Payments to U.S. Treasury 25,409 ------- Total distribution 26,262 Source: 86th Annual Report of the Board of Governors, p.335. We can see from the table that the Fed's chief source of income is interest on government bonds. However, we can also see that 97% of the Fed's net income goes back to the Treasury.
The banking system is indeed able to create money with a mere computer keystroke. However, a bank's ability to create money is tied directly to the amount of reserves customers have deposited there. A bank must pay a competitive interest rate on those deposits to keep them from leaving to other banks. This interest expense alone is a substantial portion of a bank's operating costs and is de facto proof a bank cannot costlessly create money. But how is this illegal?
^ You suggest the policy is controlled by the govt, yet why does Congress know so little of what takes place behind their doors? Why is there no transparency? Why did they stop publishing M3? Technically, if we agree that because the Federal Board members are selected by the President, they are a govt entity, in reality, they are not accountable to anyone as a true govt official should. For all intents and purposes, they are private. It's a clever trick. Labeled as govt, but no accountability. They have the best of both worlds. I wonder if they have to pay taxes on the interest they earn? Nobody said these guys were dumb. I believe the short list of potential board candidates is supplied by the federal reserve banks themselves. They make sure their own are at the helm. It's not like the President can pick a banker / economist / monetary policy expert from outside their clique. These bankers do not perform with the attitude of service to the people as the Constitution intends for those who are placed in positions of power by the people. For if they did, they would have protested any presidential action that allowed the decoupling of gold from the currency. I have never heard of any resignations by a fed member in protest. Reserve banking policy has led to a false sense of wealth based on borrowed money. This is grossly irresponsible. If they acted in the best interest of the people, they would not continue to devalue the dollar through inflation. The benefactors of inflation are those that get to use the new money first. I suppose those benefactors are bankers and Wall St. It steals from the rest of the country. These sir, are not the policies of government servants. They smack of private elite individuals getting rich beyond belief. The dollar is only as good as the faith people have in it. Remove that faith and financial calamity ensues. The Chinese are trying to move their dollars into hard assets. They'd probably love to dump it on the Forex, but they cut their own throats if they do. Last Monday's new 10 year notes auction went poorly. Only 10% sold, probably to our own govt. The fractures are beginning to appear. The budget and GDP deficits coupled with the exportation of our industrial base has led us to the cliff. For how is it that these debts will be repaid? From where is the wealth creation to come? Let's hope the corporate profits can cover it, because the people no longer have the opportunity at the necessary levels required. I contend the fed is a private institution, only enjoying a quasi-govt label, nothing more. The truly relevant point is they are responsible for our monetary policy and our economy appears to be on the brink of collapse. Drastic changes are in order.