Joined: 01-25-2010 Posts: 12,202 |
rfenst wrote:[quote=Brewha]The idea of the OP is quaint. But even then it was more metaphor than fact. Today, the citizens can't even control their own currency - the private owners of the Fed control it, and I fear their control and ownership of us is much deeper than most would believe.
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I don't disagree:
"Who owns the Federal Reserve?
The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.
As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the 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 the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to 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."
http://www.federalreserve.gov/faqs/about_14986.htm In the past I have made statements and references to the “owners of this country”. And I would suppose they sound like I am a career dope smoker. But when you look into how the Fed was created and how it works, it has to make one wonder. There own web site states: “The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.”Which is accurate information that is subterfuge. They go on to explain that it is made up of Reserve Banks which issue stock to “member banks” (banking companies). While the Reserve Banks (us the taxpayers) are not operated for profit, the stock owners get 6% dividends by law. Here is the text: “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.”So if your company owned this stock you would be getting 6% return no matter what. But you cannot buy stock. And good luck finding out who does own it.
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