Abolish the Fed

[floridarocks]

Can someone please explain why we should not abolish the Federal Reserve or explain why lawyers won't discuss the bankruptcy of the corporate US in 1933 the keeps us perpetually indebted to the international bankers. How rich are those Rothschilds anyway? Is there such a thing as kazillion?

[brat]

"We do not abolish the Fed because it is in our best interest.".....and THAT is precisely the carrot that was dangled before Congress so that OUR money could be controlled by foreigners. We've been had. Now, via GATT, NAFTA and WTO, they've taken control of production or the means to produce the money and sent it to other lands. And they call me "tin foil hat"! I call them stupid.

[Dat]

That's only in natural resources. That doesn't include assets such as human capital, equipment, buildings or even land, which amounts to over $1 quadrillion for the U.S.

[SAJ]

What bilge. Discount that silly table against hard forex rates, or better yet against gold, platinum, or oats ftm and you'll get a real table.

No, I'm not a gold bug. H*ll's bells, I'm short a bunch of calls, but it would difficult to produce a sillier comparison.

[Southack]

"With a population of only 18 million in a country the size of the United States of America the World bank have come up with some pretty amazing statistics based on the wealth of Australia's national resources. You see, it appears that we are, on a per capita basis the world's richest nation with every Australian man, woman and child being a (Australian dollar) millionaire."

You do understand that to arrive at the top ten list of "wealthiest" per capita nations that you were suckered into quoting above in this thread, that the World Bank gave an arbitrary price to each square mile of land, multiplied that price by the geographic size of the country, and then divided that number by the population of that nation.

In other words, those figures are useless guesses at what people in those nations would be worth if they were all given an equal share of all of the land in their own country, and if the land was actually worth the arbitrary price as guessed at by the World Bank.

NOTE: none of that has ANYTHING to do with real per capita income.

The U.S. is the richest overall, and richest per capita nation (your World Bank musings to the contrary).

[c-b 1]

I seem to be a bit confused here, I have been told that the Fed is owned by member banks, International banks. Since you seem to know all about the Fed, who actually does own it? I don't understand why we need the Fed. Didn't the country function without it from it's inception until 1913?

[america76]

Not all the profit is rebated to the FED Go down the page to "Division of Earnings"

[Lower55]

I you want to make the USA twice as rich overnight, have them print another batch of money to match the batch we're using right now.

[c-b 1]

I you want to make the USA twice as rich overnight, have them print another batch of money to match the batch we're using right now.

Isn't that what Alan the Great is doing.

[Nick Danger]

can you tell me the last time the Fed was audited by the Govt?

I know the Kookburger web sites say that the Fed has never been audited, but I warn ya... those sites say a lot of things that have no basis in fact.

[c-b 1]

Thanks.

[Nick Danger]

Not all the profit is rebated to the FED Go down the page to "Division of Earnings"

The 6% dividends on the paid-in capital are a nit. The "reserve against paid-in capital" was mostly a start-up thing; they did that at the beginning to give the bank some heft. These days the additions to paid-in capital are fairly small amounts, as are the corresponding additions to surplus. Should the Fed ever be closed, the accumulated surplus would be paid to the Treasury, so it's not really accurate to say it's going anywhere else; it's basically going to sit there until it goes to the Treasury. Using profits to pay down Treasury debt is the same thing as rebating the money to the Treasury.

None of that is really the point, though. The usual claim as it comes hot off the Kookburger site is that the Fed is making trillions in interest by holding the national debt, and paying that interest to shadowy foreign bankers. Here's what really happened last year:

(000's)
Current Income          $33,963,992
Expenses                $ 1,971,688
Gross Margin            $31,992,304

Assessments             $   188,067
Cost of Currency        $   435,838
Net Income              $29,868,372

Dividends               $   409,614
Additions to surplus    $ 4,114,865
Rebated to Treasury     $25,343,892

Pretty slick, huh?

[gcruse]

"The U.S. is the richest overall, and richest per capita nation (your World Bank musings to the contrary)."

I found a cite. I await yours. :)

[Lower55]

All our moneys are belong to him.

[wayright]

The member banks that comprise the Fed include institutions that have been controlling the banking system in Europe for centuries. The truth is that we do NOT need the Fed. The only thing they have done is put us on the fractional reserve banking system, which has made our "money" worthless. The Rothschilds and others of their ilk began trying to take control of our monetary system as soon as the Revolutionary War was over. Meyer Rothschild was quoted as saying,"Let me control a nation's currency, and I care not who makes its laws." Oh, a comment for "aynrandfreak", your liberal slip is showing. Conservatives don't speak in code. We have the balls to say what we mean.