The Truth About The Money!

[piasabird]

If the average taxpayer is to blame how come we are bailing out banks?

 

[LegendKiller]

Originally posted by: event8horizon
tell me exactly what u are talking about....


from what i understand: the federal reserve system is our "central bank".
http://en.wikipedia.org/wiki/Federal_Reserve

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system[1] composed of (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils. As of February 1, 2006, Ben Bernanke serves as the Chairman of the Board of Governors of the Federal Reserve System.


The Federal Reserve System as a whole:
The nation's central bank
A regional structure with 12 districts
Subject to general Congressional authority and oversight
Operates on its own earnings

the court case i referenced was a branch office of the Federal Reserve Bank of San Francisco that has branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. It also has a cash processing center in Phoenix

So, more or less, it's a series of banks, owned by all banks in the system, which only exist subject to Congress' approval.

So, what's the problem here?

 

[rchiu]

Originally posted by: event8horizon

Originally posted by: rchiu

Originally posted by: event8horizon

Originally posted by: Evan
rofl. You'd really have to be utterly brain dead to think the Federal Reserve is private. The first 2 minutes are chalk full of abject falsehoods.

tell that to the courts-

Question: Have the Courts had to decide whether the Federal Reserve Banks are privately owned or not?

Answer: Yes, in several cases. Here is one of them on point which went up to the 9th Circuit Court of Appeals: LEWIS v. UNITED STATES

John L. LEWIS, Plaintiff/Appellant v. UNITED STATES of America, Defendant/Appellee. No. 80-5905. United States Court of Appeals, Ninth Circuit. Submitted March 2, 1982; Decided April 19, 1982; As Amended June 24, 1982

"Plaintiff, who was injured by vehicle owned and operated by a federal reserve bank, brought action alleging jurisdiction under the Federal Tort Claims Act. The United States District Court for the Central District of California, David W. Williams, Jr., dismissed holding that federal reserve bank was not a federal agency within meaning of Act and that the court therefore lacked subject-matter jurisdiction. Appeal was taken. The Court of Appeals, Poole, Circuit Judge, held that federal reserve banks are not federal instrumentalities for purposes of the Act, but are independent, privately owned and locally controlled corporations.
Affirmed.

. . .Examining the organization and function of the Federal Reserve Banks and applying the relevant factors, we conclude that the Reserve Banks . . . are independent, privately owned and locally controlled corporations.

Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stockholding commercial banks elect two-thirds of each Bank's nine member board of directors. The remaining three directors are appointed by the Federal Reserve Board. The Federal Reserve Board regulates the Reserve Banks, but direct supervision and control of each Bank is exercised by its board of directors. 12 U.S.C. § 301. The directors enact by-laws regulating the manner of conducting general Bank business, 12 U.S.C. § 341, and appoint officers to implement and supervise daily Bank activities. These activities include collecting and clearing checks, making advances to private and commercial entities, holding reserves for members banks, discounting the notes of members banks, and buying and selling securities on the open market. See 12 U.S.C. §§ 341-361.

. . . The Banks are listed as neither "wholly owned" government corporations under 31 U.S.C. § 846 nor as "mixed ownership" corporations under 31 U.S.C. § 856, . . .

Additionally, Reserve Banks, as privately owned entities, receive no appropriated funds

maybe if you know the difference between the federal reserve system and the the federal reserve bank and how the federal reserve banks are designed to function, you would know you are talking about something completely different.

tell me exactly what u are talking about....


from what i understand: the federal reserve system is our "central bank".
http://en.wikipedia.org/wiki/Federal_Reserve

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system[1] composed of (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils. As of February 1, 2006, Ben Bernanke serves as the Chairman of the Board of Governors of the Federal Reserve System.


The Federal Reserve System as a whole:
The nation's central bank
A regional structure with 12 districts
Subject to general Congressional authority and oversight
Operates on its own earnings

the court case i referenced was a branch office of the Federal Reserve Bank of San Francisco that has branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. It also has a cash processing center in Phoenix

If you know how Fed work, you'd know that monetary policy is made by board of governors and FOMC members, comprised of mostly members of board of governors. Federal Reserve banks and its districts are the operation arms and they carry out monetary decisions made by the board.

So not only is the private ownership of fed reserve banks debatable, even if fed reserve banks are privately owned, they don't own the central bank system, it's the other way around, central bank system owns them.

and the reason regional bank private ownership is debatable is that the ownership structure take a form closer to membership then business ownership. The reason for that is the central bank system wants the involvement of local banking community in the monetary policy decision as well as information gathering and foster cooperation.

I know google and wiki is cool, but if you think they tell you everything there is to know about every subject, and you don't need real world experience anymore, you'd be hugely mistaken.

 

[manowar821]

Originally posted by: LegendKiller

Originally posted by: Evan
rofl. You'd really have to be utterly brain dead to think the Federal Reserve is private. The first 2 minutes are chalk full of abject falsehoods.

Heh, agreed. Another loony out from under a rock. I really wish they'd teach kids how to do proper research in school these days.

No.

 

[OokiiNeko]

In order to be right about possible changes to system in the interests of the society, you have to have thorough understanding of the system. I am sick and tired of youtube generation who think just because some nutjob has a clip on youtube he/she must be right. and criticize, try to change the system without any understanding, or worse, totally false understanding of the system.

The problem you and LK have, is that it has been the "experts" with all the "right education" that got into this mess and dragged everybody else with them.

The current fiasco is the S&L crisis all over again. Didn`t you and your fellow "experts" learn the first time.

And how do those youtube videos get traction. Well, let`s see, how much did the CEOs of Fannie and Freddie get for running their companies into the ground? Makes PERFECT economic sense, right out of the textbook.

 

[LegendKiller]

Originally posted by: OokiiNeko

In order to be right about possible changes to system in the interests of the society, you have to have thorough understanding of the system. I am sick and tired of youtube generation who think just because some nutjob has a clip on youtube he/she must be right. and criticize, try to change the system without any understanding, or worse, totally false understanding of the system.

The problem you and LK have, is that it has been the "experts" with all the "right education" that got into this mess and dragged everybody else with them.

The current fiasco is the S&L crisis all over again. Didn`t you and your fellow "experts" learn the first time.

And how do those youtube videos get traction. Well, let`s see, how much did the CEOs of Fannie and Freddie get for running their companies into the ground? Makes PERFECT economic sense, right out of the textbook.

Pathetic guilt by association. Are you McCain? Hello? Is that you Sarah Palin?

Please, stop with the retarded games of trying to minimize knowledge and experience by association

I've been railing against this latest problem since 2003.

 

[SleepWalkerX]

Originally posted by: LegendKiller
Ahhh yes, the "people like you fucked up, so we shouldn't believe you" argument. Please, the guilt by association argument is just fucking pathetic, what are you? A politician?

No, I think he's an "RPB." The thing you call anybody who happens to agree with Ron Paul on certain issues and in particular, the Federal Reserve.

Asshole..

Originally posted by: LegendKiller
Then you go on to many out of context youtube videos. Greenspan has said many times that people like him are somewhat nostalgic for the gold system, he said it in his own book. However, he realizes that it just isn't possible.

Bullshit. He's never disagreed to his essay on gold and economic prosperity. He actually based interest rates on the price of gold until 1997! Can you explain this please? citation

Originally posted by: LegendKiller
Creature From Jekyll Island has been thoroughly debunked many times, same with Zeitgeist. That you even dare post them highlights your own intellectual instability.

Edward Griffin is a very intelligent person who understands how money comes into existence in our system. He tackles the topic of banking motives in a conspiracy angle, but he knows his facts and history.

Check out one of his speeches, The Reality of Money. Its very informative, he goes way back into banking from the days of the American Revolution until today. He talks about the concept of money as well. I highly recommend you to put away your convictions about conspiracy theories and take a listen, its very interesting to say the least.