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Straight from the horse's mouth:
( http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5 )
------------------------------------------------------------
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.
------------------------------------------------------------
Let's see:
"...having both public purposes and private aspects."
A major utility company, say one that supplies energy to a whole region
(Enron Corporation comes to mind), also has "both public purposes and
private aspects" - it provides a public service, and is privately owned
and controlled, and the two purposes may not necessarily be mutually
agreeable.
"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"
The following 12 entities are also organized much like private
corporations:
American Express Co.
Boeing Co.
Citigroup Inc.
Coca-Cola Co.
Exxon Mobil Corp.
General Electric Co.
General Motors Corp.
IBM Corp.
McDonald's Corp.
Merck & Co. Inc.
Microsoft Corp.
Walt Disney Co.
Now, imagine these 12 corporations running the Federal Reserve Bank
appearing on Fox News tonight to state that, although they act completely
independent of the US government and are controlled by privately-owned
entities, the Fed Res is neither publicly nor privately owned.
Hogwash.
"War Is Peace; Freedom is Slavery; Ignorance is Strength."
We live in an age where the word has become an instrument of liars, where
though constant repetition, lies are eventually perceived as truth by the
general public.
The powers that be may play around with words as much as they like, but
the fact remains that the Fed Reserve is neither owned nor controlled by
the publicly-elected US government.
jose '-)
http://www.metastocktools.com/#USindex
--- In equismetastock@xxxxxxxxxxxxxxx, "Lionel Issen" <lissen@xxx> wrote:
>
> Pastor:
>
> Thanks for confirming my suspicions that the USD printing press is not
> privately owned. It doesn't really matter much since so much of our
> "money" is electronically generated by the more irrational elements of
> the private sector.
>
> About 10 +/- years ago there were a spate of postings on the internet
> claiming that the IRS was a private company incorporated outside of the
> US, and thus we didn't have to pay any income taxes. These stopped after
> the IRS publicized several Supreme court rulings enabling the IRS to
> forcibly collect income taxes, and I think the Feds went after these
> fanatics and discouraged them from further spreading these misleading
> falsehoods (aka lies).
>
> Lionel
>
>
>
>
> From: equismetastock@xxxxxxxxxxxxxxx
> On Behalf Of pastor_barr
> Sent: Wednesday, May 02, 2007 1:01 PM
> To: equismetastock@xxxxxxxxxxxxxxx
> Subject: [EquisMetaStock Group] Re: Day of Week Function? performance for
> the specified day of the week.
>
>
> "The USD printing press is privately owned."
>
>> It's amazing the number of sites that try and point the above fact, and
>> disappear in the process...
>
> Hmmm.
>
> To use an - in this case unrepresentative - corporate analogy the
> executive branch appoints the Fed board that takes all strategic
> decisions.
>
> The US treasury owns the net profits of the Fed system and can at its
> sole discretion transfer said profits to the treasury or leave them in
> reserves.
>
> The "dividend" mentioned in the Fed's accounts are at a 5% fixed rate
> on capital committed in cash to the reserve system (like a preferred
> dividend), that for the vast majority of history has not come close to
> covering member bank's cost of capital. In accounting this equates to
> interest expense, not an economic share of profits generated as
> accrues to shareholders in the ordinary sense; this is a distinction
> not lost on the Fed's auditors in their statement of departures from
> accounting convention, last time I checked.
>
> Further, member banks can not sell any shares if they wish to retain a
> banking license. On the contrary, member banks are obliged to
> unconditionally subscribe for new issues as determined at the sole
> discretion of the politically appointed board of governors from time
> to time.
>
> So, while the Fed member banks are for archaic reasons known as
> "shareholders" they are not private owners of the Fed in any
> meaningful sense.
>
> Maybe that is why the sites you refer to disappeared; perhaps people
> realized they were peddling misrepresentations so egregious that they
> can only be accurately described as a pack of lies.
>
> Nice indicator though ;-)
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