jlf1961
Posts: 14840
Joined: 6/10/2008
From: Somewhere Texas
Status: offline
|
And where does that site say that the fed is privately owned?
Lets start with a few basic facts that are irrefutable.
The website for the federal reserve bank is http://www.federalreserve.gov/
The domain name .gov is a sponsored top-level domain (sTLD) in the Domain Name System of the Internet. The name is derived from government, indicating its restricted use by government entities in the United States.
From the FEDERAL RESERVE FAQs
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm
http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5
quote:
Who owns the Federal Reserve? The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.
As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
quote:
Why did Congress want the Federal Reserve to be relatively independent? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. The System is independent of other branches and agencies of government. It is self-financed and therefore is not subject to the congressional budgetary process.
I must point out one glaring fact that you do not seem to grasp. If you would actually look at the records of the internal audits that are online, or using the freedom of information act, request copies of the audits, you would see that the FED does not make a profit. It breaks even.
quote:
Federal Reserve Act of 1913 (P.L. 63-43, 38 STAT. 251, 12 USC 221) Summary: Established the Federal Reserve System as the central banking system of the United States to ease disruptions in the monetary system -- provide liquidity and encourage lending activity. The Act established he Federal Reserve Board in Washington, DC and 12 Federal Reserve Banks in districts around the country.
Key Points: - Membership in the Federal Reserve is required for national banks and is optional for state banks.
- The Federal Reserve has the power to rediscount eligible paper of commercial banks.
- Banks can borrow against eligible assets to obtain funds to meet temporary cash needs,to pay out depositors or to provide for an increase in loan demand.
- The Federal Reserve is the primary federal regulator for state banks that are members of the Federal Reserve System, and work with State Banking Departments in regulating State Member Banks.
Now to make a little point about the call to return to the gold standard, since that is also on that page:
The total amount of gold that has ever been mined has been estimated at around 142,000 metric tons. Assuming a gold price of US$1,000 per ounce, or $32,500 per kilogram, the total value of all the gold ever mined would be around $4.5 trillion. This is less than the value of circulating money in the U.S. alone, where more than $8.3 trillion is in circulation or in deposit.
Do the math hunky, there is not enough gold in the world to cover all the money presently in circulation, so returning to the gold standard cant be done. Any moron can see that.
Now, why dont you use your brain for something more than a spacer between your ears and actually do some thinking for yourself instead of swallowing the garbage you have been reading on the web.
_____________________________
Boy, it sure would be nice if we had some grenades, don't you think?
You cannot control who comes into your life, but you can control which airlock you throw them out of.
Paranoid Paramilitary Gun Loving Conspiracy Theorist AND EQUAL OPPORTUNI
|
RE: Is America Really Free, If A Privately-Owned Centra... - 
Profile
New Messages
No New Messages
Hot Topic w/ New Messages
Hot Topic w/o New Messages
Locked w/ New Messages
Locked w/o New Messages
Post New Thread