Federal Reserve not private?

[hoarder]

There's a discussion on another forum about the fed and one of the posters, who seems to be well informed or TPTB, keeps asserting that Congress controls the fed and that the fed is not private.

http://www.assaultweb.net/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=42;t=014762;p=

I don't understand the fed enough to refute his position but someone who does might, if he has the time, register and refute this guy who calls himself "Silverbox". Here's the same general argument on another thread:


http://www.assaultweb.net/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=42;t=014761;p=

[Halophyte]

Well Hoarder, we both know the Fed ain't the government, just its owner.

If you or I ran out there trying to convince every jack jaw that the Fed is just a printing press for the banking cartel then we would be called fools, commies or idiots.

I say leave em' in their ignorance.


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[hoarder]

Well Hoarder, we both know the Fed ain't the government, just its owner.

If you or I ran out there trying to convince every jack jaw that the Fed is just a printing press for the banking cartel then we would be called fools, commies or idiots.

I say leave em' in their ignorance.


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If we have in one hand the consequences of being called fools, commies and idiots over the internet and in the other hand we have the consequences of remaining silent as TPTB would like us to be, Which would be the heaviest?

[Halophyte]

If we have in one hand the consequences of being called fools, commies and idiots over the internet and in the other hand we have the consequences of remaining silent as TPTB would like us to be, Which would be the heaviest?


You're right, sign up at that forumand give em hell. A quick search on this forum would provide the material needed to blast this 'shills' story line.

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[Apatriot]

You would be wasting your time.I am registered over there,and i have brought this up numerous times with links to this site for reference,to no avail.The same poster will not believe the truth and nobody else seems to care.

[Halophyte]

You would be wasting your time.I am registered over there,and i have brought this up numerous times with links to this site for reference,to no avail.The same poster will not believe the truth and nobody else seems to care.


Damned if we do and damned if we don't.

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[hoarder]

You would be wasting your time.I am registered over there,and i have brought this up numerous times with links to this site for reference,to no avail.The same poster will not believe the truth and nobody else seems to care.

The poster you are referring to must be "silverbox". (?) He may be TPTB. If so, the only way to deal with him is to keep fighting in this war of ideas. If he is TPTB it may be a waste of time trying to convince him, but it's not a waste of time enlightening the others.

[Apatriot]

Here is his latest backup to his argument:



Debunking the Federal Reserve Conspiracy Theories
BY: Edward Flaherty, Ph.D. Department of Economics College of Charleston, S.C.

Facts: Yes, the Federal Reserve banks are privately owned, but they are controlled by the publically-appointed Board of Governors. The Federal Reserve banks merely execute the monetary policy choices made by the Board. In addition, nearly all the interest the Federal Reserve collects on government bonds is rebated to the Treasury each year, so the government does not pay any net interest to the Fed.

Facts: No foreigners own any part of the Fed. Each Federal Reserve bank is owned exclusively by the participating commercial banks and S&Ls operating within the Federal Reserve bank's district. Individuals and non-bank firms, be they foreign or domestic, are not permitted by law to own any shares of a Federal Reserve bank. Moreover, monetary policy is controlled by the publically-appointed Board of Governors, not by the Federal Reserve banks.

Fact: Independent accounting firms conduct full financial audits of the Federal Reserve banks and the Board of Governors every year. The Fed is also subject to certain types of audits from the Government Accounting Office.

Facts: The Federal Reserve rebates its net earnings to the Treasury every year. Consequently, the interest the Treasury pays to the Fed is returned, so the money borrowed from the Fed has no net interest obligation for the Treasury. The government could print its own currency independent of the Fed, but there would be no effective safeguards against abuse of this power for political gain.

Facts: The Federal Reserve banks have only a small share of the total national debt (about 7%). Therefore, only a small share of the interest on the debt goes to the Fed. Regardless, the Fed rebates that interest to the Treasury every year, so the debt held by the Fed carries no net interest obligation for the government. In addition, it is Congress, not the Federal Reserve, who is responsible for the federal budget and the national debt.

Facts: Kennedy wrote E.O. 11,110 to phase out silver certificate currency, not to issue more of it. Records show Kennedy and the Federal Reserve were almost always in agreement on policy matters. He even signed legislation to give the Fed more authority to issue currency.

Facts: McFadden was incorrect regarding the Fed costing the government money. However, later economic analysis agrees with him that Federal Reserve policy blunders had a substantial role in causing the Depression. However, his implication that this was done deliberately has no basis in fact. Moreover, for a dozen years prior to his rant, McFadden had been the chairman of the House subcommittee that oversaw the Federal Reserve. Why didn't he do anything to reform or abolish the Fed while he had the chance?

Facts: 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.

Fact: The term 'lawful money' does not refer to gold or silver coin, but to types of money which the government would permit banks to use when tabulating their reserves. These types of money included, but were not limited to, gold and silver coin.

BY: Edward Flaherty, Ph.D. Department of Economics College of Charleston, S.C.


Myth #1: The Federal Reserve Act of 1913 was crafted by Wall Street bankers and a few senators in a secret meeting.


Myth #2: The Federal Reserve Act never actually passed Congress. The Senate voted on the bill without a quorum, so the Act is null and void.


Myth# 3: The Federal Reserve Act and paper money are unconstitutional


Myth# 4: The Federal Reserve is a privately owned bank


Myth #5: The Federal Reserve is owned and controlled by foreigners.


Myth #6: The Federal Reserve has never been audited.


Myth #7: The Federal Reserve charges interest on the currency we use.


Myth #8: If it were not for the Federal Reserve charging the government interest, the budget would be balanced and we would have no national debt.


Myth #9: President Kennedy was assassinated because he tried to usurp the Federal Reserve's power. Executive Order 11,110 proves it


The Legendary Tirade of Louis T. McFadden






-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
A Brief History of Central Banking in the United States



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United States Monetary Policy

What is monetary policy?
Monetary policy is a central bank's actions to influence the availability and cost of money and credit, as a means of helping to promote national economic goals.

[bigjon]

There's a discussion on another forum about the fed and one of the posters, who seems to be well informed or TPTB, keeps asserting that Congress controls the fed and that the fed is not private.

http://www.assaultweb.net/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=42;t=014762;p=

I don't understand the fed enough to refute his position but someone who does might, if he has the time, register and refute this guy who calls himself "Silverbox". Here's the same general argument on another thread:


http://www.assaultweb.net/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=42;t=014761;p=Hoard er: excuse my breath,had a few beers with the boys.

The flarghty crap has been around and is sort of true. The ONE BIG thing this irish shill doesn't mention is that the board is appointed for twelve year terms with NO congressional oversight into any of their meetings and NO means to remove any FED board member even IF congress had any balls to do such a thing.

IE the guys another idiot amongst many.

[MBAType]

Could it be that is the case so that they can actually do what they believe is right, instead of what will keep them their job? I would think such a potnetially powerful position would need as much insulation from the political winds that push cpongress around as possible. We do the same thing with positions such as the Supreme court for similar reasons.

[bigjon]

Could it be that is the case so that they can actually do what they believe is right, instead of what will keep them their job? I would think such a potnetially powerful position would need as much insulation from the political winds that push cpongress around as possible. We do the same thing with positions such as the Supreme court for similar reasons.That's the BS line they use to convince a gullible public.

If you were a member of the club and were in the know that in 90 days the Fed was going to inflate/deflate the currency, just how rich do you think you could be. After 100 years do you think that maybe you would just about own everything?


There is a MUCH better answer its called the gold standard. That is a dollar is a certain weight of gold.

If you look over at Gold Eagle, a fellow who goes by the handle of 'tlaga' has done an extensive explaination of how to implement a hard currency scheme.

http://www.gold-eagle.com/editorials_02/tlaga011902.html

He argues that in order to properly implement a hard currency scheme, a bimetalic system must be used.

[IrishGold]

That's the BS line they use to convince a gullible public.

If you were a member of the club and were in the know that in 90 days the Fed was going to inflate/deflate the currency, just how rich do you think you could be. After 100 years do you think that maybe you would just about own everything?


There is a MUCH better answer its called the gold standard. That is a dollar is a certain weight of gold.

If you look over at Gold Eagle, a fellow who goes by the handle of 'tlaga' has done an extensive explaination of how to implement a hard currency scheme.

http://www.gold-eagle.com/editorials_02/tlaga011902.html
He argues that in order to properly implement a hard currency scheme, a bimetalic system must be used.
Was tlaga the one who wrote the "letter to the President" explaining exactly how to convert over from the fiat system we now have to a bi-metal (gold/silver) standard? I believe I copied that and saved it somewhere, but can't locate it right now. BB HELP!!!

[bigjon]

Was tlaga the one who wrote the "letter to the President" explaining exactly how to convert over from the fiat system we now have to a bi-metal (gold/silver) standard? I believe I copied that and saved it somewhere, but can't locate it right now. BB HELP!!!
I don't think BB is listening, I do think that this is the link you are seeking.

http://www.gold-eagle.com/editorials_01/tlaga112801.html

[IrishGold]

I don't think BB is listening, I do think that this is the link you are seeking.

http://www.gold-eagle.com/editorials_01/tlaga112801.htmlThat's the one bigjon, thanks!

[OldWorldOrder]

There's a discussion on another forum about the fed and one of the posters, who seems to be well informed or TPTB, keeps asserting that Congress controls the fed and that the fed is not private.


One quick way to prove (without geting into long detailed discussions) that the Federal Reserve is a private corporation is to grab a yellow pages. The Federal Reserve is listed next to other private corporations like Federal Express. It is not found in the blue government pages.
:beer: