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After WW 2, I was astounded to earn that most central banks were privately
owned. ( I was young and naïve at the time.) There were several news items
that the Labor party in Britain announced that they were going to do away
with the archaic practice of the Bank of England being a private company
responsible to no one. Shortly after this the French government made a
similar announcement. I think that several other countries followed suit,
except of course the US. I?m not sure about Canada except that the major
banks seem to approve the nominee for the Governor of the Bank of Canada,
but at least some of the directors do not have to be approved by the banks.
This has been an interesting thread.
My personal thanks to all the contributors.
Lionel
From: equismetastock@xxxxxxxxxxxxxxx [mailto:equismetastock@xxxxxxxxxxxxxxx]
On Behalf Of Jose Silva
Sent: Friday, May 04, 2007 6:37 AM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: [EquisMetaStock Group] the Federal Reserve Bank is not owned or
controlled by the US government
Lionel, the Federal Reserve Bank is NOT a US federal agency, anymore that
FedEx (Federal Express) or the Red Cross may be.
There is no question that the Federal Reserve is a privately owned and
controlled corporation, even if the greater majority of its paper-printing
profits (after expenses and dividends) end up in the US treasury. The
question is whether it may be owned, either directly or indirectly, by
foreigners.
If you have any doubt about the ownership and control of the federal
Reserve, search for "US+Government+ownership" within the The Federal
Reserve Act itself:
http://www.federalreserve.gov/generalinfo/fract
>From a seemingly reputable source, the American Monetary Institute (which
is not a US federal agency either):
http://www.monetary.org/federalreserveprivate.htm
----------------------------------------------------
The Federal Reserve Act
Reading the Act with the question of control in mind, what one finds are
primarily an enumeration and description of vast powers over our monetary
system being ceded to the non - governmental Federal Reserve. Primary
among these are the powers necessary to administer a fractional reserve
banking system in which the creation of money - what we use for purchasing
media ? is in private hands.
One is struck by the general absence of governmental controls over Fed
activity, and lack of requirements toward our elected representatives.
One is struck by the lack of accountability of the Fed to our
governmental officials or bodies.
One is struck by the lack of any specified penalties should the system be
found to not be promoting governmental public policy at all.
One is struck by the lack of formal oversight procedures to determine
whether that is happening or not.
----------------------------------------------------
Further reading:
http://www.save-a-patriot.org/files/view/whofed.html
http://land.netonecom.net/tlp/ref/federal_reserve.shtml
jose '-)
http://www.metastocktools.com/#USindex
--- In equismetastock@xxxxxxxxxxxxxxx
<mailto:equismetastock%40yahoogroups.com> , "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
<mailto:equismetastock%40yahoogroups.com>
> On Behalf Of pastor_barr
> Sent: Wednesday, May 02, 2007 1:01 PM
> To: equismetastock@xxxxxxxxxxxxxxx
<mailto:equismetastock%40yahoogroups.com>
> 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 ;-)
[Non-text portions of this message have been removed]
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