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Who owns the Federal Reserve Bank? From what I understand, it is as "Federal" as Federal Express.?

Answers:1   |   LastAnswerAt:2009.12  

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David G 
Asked at 2009.12.19 02:33:31
Gray Shadow's inevitable cut-and-paste answer is expected on any question about the Federal Reserve. It's just a very long-winded way of cherrypicking bits and pieces of truth, while selectively leaving out important information, in order to deceive. While some of his facts are (technically) correct, the information he presents is incomplete and deliberately misleading, and I won't waste any time picking it apart here as myself and others have done countless times before. [Get a real job, Shadow.]

Yes, it's privately owned by its shareholders, which are other private banks, some US and most European.

The Federal Reserve chairman is chosen by the President from a list of candidates prepared by a private committee appointed by the Fed's private shareholders.

While the GAO (Gov't Accountibility Office) is responsible for "auditing" the Fed, it is the Fed's private shareholders who determine the rules of the audit (i.e. what can be audited and what can't).

The Fed does issue reports and publishes data (such as M1, M2 and M3) the Fed decides what it wants to publish. This is illustrated presciently by the fact that the Fed decided to stop publishing M3 back in 2006... which the most important statistic for measuring total currency in circulation. I can imagine why they would rather keep this under their hats -- the last M3 data shows that the Fed was beginning to dump currency into the system at an exponential rate.

So there really is no gov't oversight, at least not where it really matters.

But don't just believe what people on Y!A say. Do your own research. (@ Rachelle: You'll have to look a little further than the Fed's own website!)


I will leave you with some quotations:

"The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War."
- Benjamin Franklin's autobiography

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property, until their children will wake up homeless on the continent their fathers conquered."
-Thomas Jefferson

"Whoever controls the volume of money in any country is absolute master of all industry and commerce."
-James A. Garfield, President of the United States

"A great industrial Nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation and all our activities, are in the hands of a few men. We have become to be one of the worst ruled, one of the most completely controlled and dominated Governments in the world - no longer a Government of free opinion, no longer a Government by conviction and vote of the majority, but a Government by the opinion and duress of small groups of dominate men . . . I have unwittingly ruined my country."
-President Woodrow Wilson (signed the Federal Reserve Act in 1913) (from National Economy and the Banking System, Senate Documents, Col. 3 No. 23)
answer Forty 7  Answered at 2009.12.19 02:33:31
Gray Shadow's inevitable cut-and-paste answer is expected on any question about the Federal Reserve. It's just a very long-winded way of cherrypicking bits and pieces of truth, while selectively leaving out important information, in order to deceive. While some of his facts are (technically) correct, the information he presents is incomplete and deliberately misleading, and I won't waste any time picking it apart here as myself and others have done countless times before. [Get a real job, Shadow.]

Yes, it's privately owned by its shareholders, which are other private banks, some US and most European.

The Federal Reserve chairman is chosen by the President from a list of candidates prepared by a private committee appointed by the Fed's private shareholders.

While the GAO (Gov't Accountibility Office) is responsible for "auditing" the Fed, it is the Fed's private shareholders who determine the rules of the audit (i.e. what can be audited and what can't).

The Fed does issue reports and publishes data (such as M1, M2 and M3) the Fed decides what it wants to publish. This is illustrated presciently by the fact that the Fed decided to stop publishing M3 back in 2006... which the most important statistic for measuring total currency in circulation. I can imagine why they would rather keep this under their hats -- the last M3 data shows that the Fed was beginning to dump currency into the system at an exponential rate.

So there really is no gov't oversight, at least not where it really matters.

But don't just believe what people on Y!A say. Do your own research. (@ Rachelle: You'll have to look a little further than the Fed's own website!)


I will leave you with some quotations:

"The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War."
- Benjamin Franklin's autobiography

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property, until their children will wake up homeless on the continent their fathers conquered."
-Thomas Jefferson

"Whoever controls the volume of money in any country is absolute master of all industry and commerce."
-James A. Garfield, President of the United States

"A great industrial Nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation and all our activities, are in the hands of a few men. We have become to be one of the worst ruled, one of the most completely controlled and dominated Governments in the world - no longer a Government of free opinion, no longer a Government by conviction and vote of the majority, but a Government by the opinion and duress of small groups of dominate men . . . I have unwittingly ruined my country."
-President Woodrow Wilson (signed the Federal Reserve Act in 1913) (from National Economy and the Banking System, Senate Documents, Col. 3 No. 23)
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