The federal reserve bank is not a private company, it is a intermediate entity that is considered a government entity for some purposes and not a government entity for others. Furthermore, the Federal Reserve board of governors IS a federal agency. The Federal Reserve board of governors has a controlling interest in the Federal Reserve Bank.
http://www.federalreserve.gov/aboutt...ction%2010.htm (the easiest accessible copy of the Federal Reserve Act). The Federal Reserve Board has a number of powers that it can exert of the quasi-private Federal Reserve Banks including suspending and liquidating them for violating the Federal Reserve Act.
http://www.federalreserve.gov/aboutthefed/section11.htm
This part shows a complete lack of understanding of what the Constitution does and does not say. It is true that Article 1 Section 8 of the constitution gives the power to Congress to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures" but to believe that Congress cannot delegate this authority to a government agency(which in this case is the federal reserve board of governors) is to believe that only Congress itself can print money, hell, if you believe the article's reading of the Constitution, literally Congressmen have to be the ones printing federal currency, there could be no Department of the Treasury responsible for even printing the money, afterall that authority only rests with Congress.
Other clauses of Article 1 would be rendered equally ridiculous, "to promote the progress of science and the useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries." So only the US Congress can issue patents? Is that really what you believe? The framers wanted the US Congress itself to run the patent office? That's the kind of result the article's analysis would lead to.
The Fed began with a bunch of people that were owners of the regional banks, this is true, but who do you think is the overall owner of the group that they all report to? That would be the Federal Reserve board of governors, a federal agency made up of presidential appointees in the same way that the Department of the Treasury or the Department of Energy is headed a federal appointee. See references above.
So your argument is that the US Congress illegally gave the Fed the ability to print money. So again, your argument is that the Congress cannot delegate the functions of Article 1, Section 8, must personally print all money, must personally issue all patents, etc., etc. Got it.
Yes, the Federal Reserve distributes dividends to shareholders. The amount of these distributions are a fraction of the amount of money that is leant, the majority goes toward operating expenses and lending the money out again to keep the currency circulating. The amount of dividend payments is not secret and is published each year in the annual report of the Fed(see below also).
http://www.federalreserve.gov/aboutthefed/section7.htm shows the statutory percentage, 6 percent, its not a secret.
Please provide a source on this ownership of the federal reserve regional banks. Also interesting that #4 is Lehman Brothers of New York, for all the power and influence the Federal Reserve has, it couldn't keep one of the 10 conspiracy theory owners from going belly up it seems.
So wait, JP Morgan Chase is owned secretly by a London Banking House? That's your argument?
Furthermore, the New York Fed district does not control the 11 Fed districts, the 12 Fed districts answer to the Federal Reserve board of governors, which is again, a federal agency.
http://www.federalreserve.gov/aboutthefed/section4.htm
The Aldrich plan was rejected in whole. The Aldrich plan would have actually been like the system you think exists, but we don't have that instead we have the Federal Reserve System which is headed by a government agency, the Federal Reserve Board of Governors.
http://llsdc.org/attachments/files/1...Doc-62-243.pdf and
http://www.llsdc.org/attachments/fil...69-pp-1-74.pdf
Also, Aldrich a maternal grandfather to the Rockefellers? So? His daughter married a Rockefeller, and their son was Nelson Rockefeller, Gerald Ford’s running mate.
http://en.wikipedia.org/wiki/Nelson_W._Aldrich (I don't think I need a source any greater than Wikipedia to show this one).
I fail to see what that has to do with anything, especially since Aldrich’s plan was rejected for the most part.
Source on this quotation, along with context please.
Source on this.
Source. And also what does this mean? Where is the interesting being charged on the money being printed by the US treasury. Or do you mean because downstream the banks charge interest on money that is lent to people?
There are two ways in which debt financing works in the first way the government issues bonds which are paid out in US currency; they don’t just print money to pay for the deficit in this scenario. In the other scenerio you are right, that is what is called quantitative easing, but its in no way an exclusive thing done by the US Federal Reserve(every country that runs debts does it). Besides that fact, the people charged with deciding whether to do it is a group of people appointed by Congress, its not decided by the quasi-private Federal Reserve Banks.
And where do you think that interest payment goes? You seem to think the majority of it goes into the pockets of the bankers, when in fact the vast majority of it goes back to lending money to others banks, who in turn lend the money to consumers. How do we know this? Because the actual amount is listed in the annual report and this amount was set by the Federal Reserve Banking Act of 1913(for an example of one see here
http://www.federalreserve.gov/public...0-contents.htm )As for the amount of this dividend payment, it was 3% of the amount of interest paid by the Federal Reserve to the US Treasury in interest payments in the report I cite.
What do you mean Congress has yet to audit it? The GAO(an arm of the US Congress) audits the Federal Reserve banks all the time since 1978's Federal Banking Agency Audit Act, 31 USC 714. Or are you specifically referring to Congress itself? So who do you suppose would conduct this audit if not the Government Accountability Office, do individual members of Congress have to do it themselves to satisfy you? It is true that up until last year, the Congress had not audited fully the Federal Reserve Banks, and that is/was a problem, but that's not a problem with the banks themselves. Congress could have demanded a full audit at any time.
Oh, so now it is admitted that the Federal Reserve board is a government board. This paragraph seems to insinuate that this government entity is the one really in charge of the monetary policy, so then what is the point of the first paragraph which states the federal reserve bank is a private company, who cares if the bank is a private company(which it is actually is not fully) if the controlling party is the government.
Source on this(the propaganda thing).
There’s not actually a single fact in this paragraph to respond to.
I’m not sure what this is supposed to mean? Is this referring to the national debt being financed by foreigners through the purchase of US treasury notes? Is so what does the Fed have to do with this, would the US not print treasury notes if the Fed didn’t exist? Would they not try to sell them to foreigners?
Ummm, what? The Federal Reserve sells treasury notes, yes. Who do you suppose they should sell them to? Only Americans? What if there are not enough American buyers, then what? Should the US just go bankrupt? I fail to see how the US deficit spending and needing to finance its debts is the Fed’s fault. Its not as if they just sell treasuries to sell treasuries. They do it to raise money.
Where do you get that it only takes a 5% ownership interest to significantly influence the media? How exactly is someone with 5% of a company going to influence anything directly. Yes they have a significant voting share to potentially elect members of the Board of Directors, maybe. But please show me proof of story suppression by the Board of Directors of a media corporation with regard to Federal Banking, if something like that happened, you can be sure other media outlets would run with it, they aren’t all run by banking interests(if any of them are at all really).
Call in their loans to whom? They call in the loans that media companies have made? What evidence do you have of this being done or even threatened? How would they even call in a paid as agreed loan?
Conjecture without proof is just that, conjecture. What proof do you have that the media is being manipulated by the Fed? Either individuals or entire newsrooms.
Americans are not savers, okay? So what? How is that the banker’s fault? No one forces Americans to buy things on credit. No one forces Americans to live outside of them means. You seem to think this is some great conspiracy of the bankers of the world to make Americans spend money, you have personal choice, if you can’t afford something, don’t buy it.
There, are you happy now?
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Originally Posted by PAULYPOKER
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