You said the government profits from the fed. You said that the profit from the fed was DEPOSITED in the U.S. treasury. That was your argument. You mentioned a 30 billion dollar profit, specifically.
This is wrong. First: "30 billion"? where'd you get that number from? The budget for treasury (our 2nd largets expenditure) is 350 billion dollars. It's mostly for interest payments. So you're point is that of the 350 of our money allocated to treasury, 30 of it is paid to the fed as interest and then they returned that amount back to our treasury? . Explain this transaction. We give them 30 and they give it back and that's their profit? I think you also said something about them taking out some expense first? Why don't they just do us a favor and return the bonds back to treasury? Now the FED does profit. But not in this fashion, and when they do... they don't "deposit" those profits in the U.S. TReasury. Now, what other facts do you have?
I do defend the concept of a National Bank but not all of its actions or policies
Wow. We have a CENTRAL BANK. Not a national bank. A central bank is owned by the banking system. A national bank is owned by the government. I'm the one asking for government ownership. I AM DEFENDING the concept of a national bank. You are defending the concept our central bank.
What are we even talking about here?
Stating the FACT that the profits from the Fed are turned over to the Treasury is not an argument. It is the statement of a fact. I said almost 30 billion in interest was turned over in 2001. That may not be all the profit, I don't know. It is no secret that the Fed profit goes to Treasury. One would think that anyone interested in the Fed would know this.
I found that number on the web yesterday but forget where. You can find it if you are interested as I did.
How can I explain that transaction? It is a fact that the FEd does indeed deposit those profits with the Treasury. I have lots of facts.
The National Bank performed the functions of the Central Bank just as the Bank of England (very similiar to the National Bank of the US) performs those functions for Great Britain. I see little difference but the names. Though the National Bank kept the profit for its shareholders.
I have no idea what you are talking about I am merely explaining certain relevent facts about the operations of the Fed or trying to.