Posted on 06/18/2007 12:02:56 AM PDT by keyd
If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is the bond lets money brokers collect twice the amount of the bond and an additional 20%, where as the currency pays nobody but those who contribute directly in some useful way. Is it absurd to say that our country can issue $30 million in bonds and not $30 million in currency? Both are promises to pay, but one promise fattens the usurers and the other helps the people.” - Thomas Edison
“Banking was conceived in iniquity and born in sin. Bankers own the earth; take it away from them but leave them with the power to create credit, and, with a flick of the pen, they will create enough money to buy it all back again. Take this power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this world would be a happier and better world to live in. But if you want to be slaves of bankers and pay the cost of your own slavery, then let the bankers control money and control credit.” - Lord Stamp, Director of the Bank of England, 1940
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit.
We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.” - Woodrow Wilson, 1919 (Referring to the Federal Reserve and the transition to a debt-based economy)
“The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-21, 1929-33 and 1937-38. No other period in American history contains as many as three such severe contractions. This evidence persuades me that at least a third of the price rise during and just after World War 1 is attributable to the establishment of the Federal Reserve System… and that the severity of each of the major contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve Authorities… Any system which gives so much power and so much discretion to a few men, (so) that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank… To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.” - Milton Friedman, Nobel Prize winning economist.
Presidential candidate and Congressman Ron Paul (R-TX) introduced H.R. 2755 “To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.” This legislation would help to restore the U.S. Constitution, which mandates that only Congress can coin money (Article I, Section 8, Clause 5), and that US debts be settled in silver and gold Article I, Section 10, Clause 1).
This is the second time he has introduced legislation.
Given that one out of six Americans works for government (local, state and federal) or an organization/corporation that receives the majority of its revenues from government, it is easy to see why this news isn’t considered newsworthy for the mainstream press. Government workers are dependent upon the printing presses. Politicians certainly don’t want the dissolution of the Fed. They borrow money from the bankers and make your great grandchildren pay interest on the debt so they can “bring home the pork”. You did not participate in these loans, you receive no financial benefit from these loans, nor did you sign any contracts making you responsible for the debt, but you and future generations will be forced to pay until Congress dissolves the Fed or there is revolution. There is no other choice.
The Treasury is still the institution that coins money. And like the Federal Reserve, the Treasury was created by an act of Congress. Why kooks like Ron Paul call for the abolishment of the Federal Reserve, but not the Treasury is beyond me. But trying to understand crazy people isn’t an easy thing to do.
from: http://www.sourcewatch.org/index.php?title=Federal_Reserve_Corporation
footnote link: http://www.maxexchange.com/ybj/chapter_1.htm
From: Lewis v. United States, 680 F.2d 1239 (1982):
“Federal reserve banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors, federal reserve banks, though heavily regulated, are locally controlled by their member banks, banks are listed neither as “wholly owned” government corporations nor as “mixed ownership” corporations; federal reserve banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names. . . .”
Futher: the Appeals Court “held that federal reserve banks are not federal instrumentalities for purposes of the Act, but are independent, privately owned and locally controlled corporations.”
see also:
http://www.monetary.org/federalreserveprivate.htm
This article notes that the Federal Reserve operates outside of the Constitution from the standpoint that just like GM or Microsoft, it is not organized under any of the three branches of government enumerated in the Constitution.
I can find no record that Federal Reserve has ever had an independent audit. That would be an excellent place to start. I would raise the issue of how Sarbanes-Oxley touches on how publicly listed shareholders of the Federal Reserve like Citibank can “mark to market” the value of their shares in the Federal Reserve corporation.
But where is the Fed incorporated? All private companies are incorporated somewhere.
That's bull. Dollars are backed by everything they can buy, which is quite a lot.
So does this mean that the Federal Reserve bank in Atlanta is incorporated in the state of Georgia?
somewhat wrong...the fed prints (”coins”)there own currency....aka federal reserve note....when the treasury did this, it was known an united states note.....there is a difference.....the only coinage that happens through the treasury are the actuall coins produced at mints.
here is some reading that kinda clarifies the issue....
http://www.earthnews.net/articles/thefederalreserve.htm
(Organizations like the Red Cross are called “Congressionally Chartered Organizations” or “Title 36 Corporations”. See:
http://www.llsdc.org/sourcebook/docs/CRS-RL30340.pdf)
A key to the status of all these organizations is simple: in whose name do they file lawsuits and who represents them in court? The Federal Reserve files suit in its own name and defends itself with its own attorneys, not ones in the employ of the federal government.
The court case I cited was decided over the issue of whether the Federal Reserve was an “agency” of the federal government for purposes of someone filing suit against it. The judge ruled it was not an agency of the federal government.
The article also notes that the Fed was created by Congress, and can be dismantled by Congress. Since the Constitution gives Congress broad powers over commerce and the monetary system, I'd say that makes it constitutional. The Treasury was also created by Congress, but I never see anyone complaining about that.
The article also whines that much money creation is done by the loan process of private banks. So what? That's the way it happened before the Fed was created. Some banks even used their own currency. If anything, the creation of the Fed put money creation more under the direction of the federal government.
OK, I accept that, but I wouldn't say that puts the Fed in the same category as private corporations. Or even in the same category as the Red Cross. The government still appoints and approves the majority of the Fed governors, and still maintains strict oversight with frequent congressional testimony.
how come the president cant attend any meeting that he wants too? Also, check out how the fed actually was passed by congress....christmas break...small group of congressman....in all honesty, to truly understand the situation you need to read a book titled “The Creature from Jekyll Island” really fascinating and full of information and what could be called prophecy....read the chapter about saddam and what would happen if we tried to get rid of him....it was dead on
read for later
bookmark
“was kennedy a loon?....know what you speak of, before you speak of it.”
Which Kennedy and campared to what?
Yes, and since these governors are then employees of the Fed and are almost impossible to remove once appointed, what does this mean with respect to *ownership*? The Fed is normally responsive to the political atmosphere, but it is disconnected from it by structure. This is called an “independent” central bank, as compared to a central bank full of political hacks which is what happened to various previous US government central banks.
Even so, the only real leverage that the President has on the Fed is to get Congress to change the law. To even touch on that threat touches political forces that go to the heart and core of power-oriented politicians, which is to say, almost every one of them.
The US Government does not hold any shares in the corporation, and never has. Indeed, when Roosevelt under Presidential Executive Order number 6102, confiscated all privately held Gold in the United States on April 5, 1933, he directed citizens to “exchange” their all their gold for Federal Reserve Notes. To whom did the financial benefit accrue? Only to the shareholders of the Federal Reserve corporation (the national banks) because the Federal Reserve was able to print money to pay for it.
This was not an inconsequential amount of gold. The Fort Knox Bullion Depository was constructed to provide the necessary storage for the flood of gold that was smelted into bar form.
Some followers of the history of fiat money/central banking in the United States call this forced liquidation a de-facto bankruptcy. With the addition of the outlawing of the “gold clause” in contracts, this forced citizens to only use Federal Reserve money as tender in their business transactions. Today with electronic money, in truth, all forms of dollars reside in sub-accounts of the Federal Reserve, meaning that the Federal Reserve owns all money in the US.
If you think that you own, in the full legal meaning of the word, the Federal Reserve Notes that are in your wallet, just change one of them, say by putting Alfred E. Newman’s drawing over Lincoln’s face, and then take it down to your local bank to deposit.
If you own your car, you can paint it any color you want. It is a felony to do the same with US currency, even if you don’t change the face value or attempt to defraud anyone.
See: “Feds Call Silver Surfer Quarters Illegal” at: http://www.comicbookmovie.com/news/articles/3647.asp
I want to own FRN's to buy things, not to use as coloring books, or any other purpose. They do what they are supposed to do.
JFK, the only kennedy capable of issuing an E.O.
What are the supposed to do exactly....transfer wealth to those who already have it???
Oh I forgot, they are also an object of fascination for conspiracy kooks.
Tie the issuance of FRN to real physical reserves of gold/silver. The only difference between me and the fed is that I would go to jail for printing all the money I wanted.
Keyd, thank you for your post. Ron Paul is one courageous and honest man. God bless and keep him! There is no law saying a citizen must pay a federal income tax because the law was never properly ratified. the Income Tax is just a big scam and its lackeys have ruined many lives.
Right now in fact federal marshalls and other agents of the IRS have Ed and Elaine Brown under siege in New Hampshire. Check it out at youtube.com
Anyone wanting to know the truth about the legality of the IRS, the privately owned Federal Reserve Bank, or the invasive RFID chips, must see Aaron Russo’s DVD, “America: Freedom to Fascism. (God bless and keep Aaron too. He’s another courageous, intelligent man who also loves freedom.)
As for you, Dugwayduke, I can only assume that you haven’t taken the time to learn the facts, or you are incapable of understanding truth. I hope you wake up and stop being a sheeple.
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