FED itself says it is privately owned

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avjlPu.bRVmk


Keep seeing it argued here that our monetary policy isn't being created by privately owned banks.

Well here is the FED itself argueing on the record that they are a privately owned operation!

 

Oh no!!! The travesty! Better get the tin foil ready!

 

Aren't you one of these people who have spent pages and pages argueing the FED is a government agency?

BTW, you aren't doing it right. When anyone refers to a Rothschild, you are supposed to link it to the Illuminati. That is the red herring, remember?

 

No. I rarely get in that argument because I really don't care. The fact of the matter is it is a privately owned institution within the federal government. It's board is selected by the Govt, and Congress can destroy it whenever they want. It's rules are also set by the Govt. So not sure why the "privately owned" part is such a big deal to you.

 

the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.

 

Big red letters don't make your point any less wrong...

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

 

When the big red letters are the FED's own words they do.

They also serve the purpose of making anyone disputing them look foolish!

 

These are the Fed's own official words...

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.


------------------------
There I made it bold and red so it seems more important and you can understand it.

 

Yeah, sorry if I keep focusing on the part where they claim legally they don't fall under the same regulations as a government organization

Wouldn't this be like me calling myself poor while flying around in a private jet?

 

Their policy is determined by the board which in turn serves at the whim of the congress and the President of the United States all of which, acting in concert, could at any time bring an end to the whole shebang. Their independence as such is therefore at best limited.

And for about the 95th time they aren't the problem and neither is fiat currency. Even under a gold standard governments and individuals can borrow as much as others are willing to loan.

 

No, the swaps market and capital requirements are the problem. Incentivised risk is the problem that is leading to the money printing.

What mechanism is used to ensure the government employed governors, are acting on behalf of congress, and not the privately owned member banks they serve?

 

They are set up not to act on behalf of Congress but on behalf of the country. It's only your conspiracy theory and misunderstanding of the Fed that leads you to believe they do not act on behalf of the country.

 

Holy Ad Hominem Batman!

 

I agree with every thing you said except this line... governments and individuals can borrow as much as others are willing to loan.


Governments that represent countries that have their own made up currency (aka fiat money) are not limited by how much of that made up money others are willing to give them. We have an entire banking system (aka Primary Dealers) and the Fed that will finance whatever the Govt spends regardless of how much they choose to spend. Govts in fiat currency issuing nations are not dependent on anyone to give them their own made up money.

- - - Updated - - -

No Ad-hom there. Just basic information.

 

No really, that is all it was. A personal attack and you attributing your interpretation of my position to me.

 

For those that do not know... the reason the Fed is "independent" from the Govt is because they do not want our monetary policy to be subjected to the political process. Congress makes fiscal policy, the Fed makes monetary policy. The last thing I would ever want to see is Congress in charge of monetary policy.

 

That's why I used that funny word loan... And said nothing about printing. Even with a gold standard you can pull a similar trick by simply devaluing your currency. For instance we can change the value of currency from say fifty dollars to the ounce of gold to 100 dollars to the ounce granted there is also a political price to be paid for such devaluations but it can, none-the-less, be done.

 

It was not a personal attack at all. Any reasonable person can come to the conclusion that you think the Fed is not acting in our best interest. I was just pointing out that the Fed is not trying to act in the interest of Congress.

 

you know that stock the member banks are REQUIRED to own? its part of the member banks liquidity commitments. it pays 6% on the money. End of story. Can't get the money, can't use the money, can only get paid for the money.

The Rothschilds do not own any part of the Federal Reserve nor the BofE. And to date, not a single piece of evidence has been submitted by the Rothschild conspiracists to support their claim. The lie has been around for decades - not a shred of evidence.

 

I'm surprised Akphi didn't already beat me to this but that is absolute BS. Risk is always incentivised or there is no reason to take the risk. If no one risks no one gains. Problem was that the banks and others miscalculated the risk...

 

The Federal Reserve is not owned or controlled by the Rothschilds.

I have a hard time believing that anyone with even an inkling of knowledge about how the banking system works would believe this nonsense.

This exercise is very, very simple for anyone who wants to do their own research rather than gullibly believe ridiculous and ignorant conspiracy sites. Membership in the Federal Reserve system requires banks to own stock in the regional Federal Reserve banks in the regions in which they are domiciled. Ownership of stock gives banks one vote, regardless of capital. There are a couple thousand banks who are a part of the Federal Reserve System. To control the system, you would have to control the majority of banks which are a part of the system. The SEC provides 13-F filings detailing ownership interests in all publicly traded companies. You can go to EDGAR.gov to see the ownership stakes, or if you have access to Bloomberg or other service providers, they compile the ownership stakes for all publicly traded banks. The largest owners of virtually every publicly traded bank in the US - of which there are over 500 - are mutual funds, or a founder or family of the original founder plus other funds. For banks that are not publicly traded, you can find out who the owners are by researching the bank regulatory filings.

If you do even a bit of research, you begin to realize how truly ridiculous this silly assertion about how the Fed is controlled by a handful of families. It really is stupid.

 

LMAO, miscalculated. Is that what the LIBOR was?

Is that what Counrywide was doing when they lowered lending standards to the point where a person could get approved for a home loan without a job?

Is that why the Bank of America CEO got amnesia when recently questioned about sub-prime lending?

Is that why UBS can't be prosecuted for laundering money for terrorists and drug cartels?

 

Privately owned isn't really the problem, governmently monopolized is the problem.

It is the federal source of the Great Depression, the Latest Depression, and the ever-expanding-too-big-to-failists. Sounds Fantastic, I mean Fascistic. Money is nothing but a substitute for barter, therefore, currency is a Nationalized industry.

Wait, did Greenspan just say that the Federal Reserve should be "replaced" or ended?

 

Federal Reserve Directors: A Study of Corporate and Banking Influence
Published 1976

Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn,Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control.

N.M. Rothschild , London - Bank of England
______________________________________
| |
| J. Henry Schroder

| Banking | Corp.
| |
Brown, Shipley - Morgan Grenfell - Lazard - |
& Company & Company Brothers |
| | | |
--------------------| -------| | |
| | | | | |
Alex Brown - Brown Bros. - Lord Mantagu - Morgan et Cie -- Lazard ---|
& Son | Harriman Norman | Paris Bros |
| | / | N.Y. |
| | | | | |
| Governor, Bank | J.P. Morgan Co -- Lazard ---|
| of England / N.Y. Morgan Freres |
| 1924-1938 / Guaranty Co. Paris |
| / Morgan Stanley Co. | /
| / | \Schroder Bank
| / | Hamburg/Berlin
| / Drexel & Company /
| / Philadelphia /
| / /
| / Lord Airlie
| / /
| / M. M. Warburg Chmn J. Henry Schroder
| | Hamburg --------- marr. Virginia F. Ryan
| | | grand-daughter of Otto
| | | Kahn of Kuhn Loeb Co.
| | |
| | |
Lehman Brothers N.Y -------------- Kuhn Loeb Co. N. Y.
| | --------------------------
µ
| | | |
8
| | | |
Lehman Brothers - Mont. Alabama Solomon Loeb Abraham Kuhn
| | __|______________________|_________
Lehman-Stern, New Orleans Jacob Schiff/Theresa Loeb Nina Loeb/Paul Warburg
------------------------- | | |
| | Mortimer Schiff James Paul Warburg
_____________|_______________/ |
| | | | |
Mayer Lehman | Emmanuel Lehman \
| | | \
Herbert Lehman Irving Lehman \
| | | \
Arthur Lehman \ Phillip Lehman John Schiff/Edith Brevoort Baker
/ | Present Chairman Lehman Bros
/ Robert Owen Lehman Kuhn Loeb - Granddaughter of
/ | George F. Baker
| / |
| / |
| / Lehman Bros Kuhn Loeb (1980)
| / |
| / Thomas Fortune Ryan
| | |
| | |
Federal Reserve Bank Of New York |
|||||||| |
______National City Bank N. Y. |
| | |
| National Bank of Commerce N.Y ---|
| | \
| Hanover National Bank N.Y. \
| | \
| Chase National Bank N.Y. \
| |
| |
Shareholders - National City Bank - N.Y. |
----------------------------------------- |
| /
James Stillman /
Elsie m. William Rockefeller /
Isabel m. Percy Rockefeller /
William Rockefeller Shareholders - National Bank of Commerce N. Y.
J. P. Morgan -----------------------------------------------
M.T. Pyne Equitable Life - J.P. Morgan
Percy Pyne Mutual Life - J.P. Morgan
J.W. Sterling H.P. Davison - J. P. Morgan
NY Trust/NY Edison Mary W. Harriman
Shearman & Sterling A.D. Jiullard - North British Merc. Insurance
| Jacob Schiff
| Thomas F. Ryan
| Paul Warburg
| Levi P. Morton - Guaranty Trust - J. P. Morgan
|
|
Shareholders - First National Bank of N.Y.
-------------------------------------------
J.P. Morgan
George F. Baker
George F. Baker Jr.
Edith Brevoort Baker
US Congress - 1946-64
|
|
|
|
|
Shareholders - Hanover National Bank N.Y.
------------------------------------------
James Stillman
William Rockefeller
|
|
|
|
|
Shareholders - Chase National Bank N.Y.
---------------------------------------
George F. Baker

Chart 2

Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1983

The J. Henry Schroder Banking Company chart encompasses the entire history of the twentieth century, embracing as it does the program (Belgium Relief Commission) which provisioned Germany from 1915-1918 and dissuaded Germany from seeking peace in 1916; financing Hitler in 1933 so as to make a Second World War possible; backing the Presidential campaign of Herbert Hoover ; and even at the present time, having two of its major executives of its subsidiary firm, Bechtel Corporation serving as Secretary of Defense and Secretary of State in the Reagan Administration.

The head of the Bank of England since 1973, Sir Gordon Richardson, Governor of the Bank of England (controlled by the House of Rothschild) was chairman of J. Henry Schroder Wagg and Company of London from 1963-72, and director of J. Henry Schroder,New York and Schroder Banking Corporation,New York,as well as Lloyd's Bank of London, and Rolls Royce. He maintains a residence on Sutton Place in New York City, and as head of "The London Connection," can be said to be the single most influential banker in the world.

J. Henry Schroder
-----------------
|
|
|
Baron Rudolph Von Schroder
Hamburg - 1858 - 1934
|
|
|
Baron Bruno Von Schroder
Hamburg - 1867 - 1940
F. C. Tiarks |
1874-1952 |
| |
marr. Emma Franziska |
(Hamburg) Helmut B. Schroder
J. Henry Schroder 1902 |
Dir. Bank of England |
Dir. Anglo-Iranian |
Oil Company J. Henry Schroder Banking Company N.Y.
|
|
J. Henry Schroder Trust Company N.Y.
|
|
|
___________________|____________________
| |
Allen Dulles John Foster Dulles
Sullivan & Cromwell Sullivan & Cromwell
Director - CIA U. S. Secretary of State
Rockefeller Foundation

Prentiss Gray
------------
Belgian Relief Comm. Lord Airlie
Chief Marine Transportation -----------
US Food Administration WW I Chairman; Virgina Fortune
Manati Sugar Co. American & Ryan daughter of Otto Kahn
British Continental Corp. of Kuhn,Loeb Co.
| |
| |
M. E. Rionda |
------------ |
Pres. Cuba Cane Sugar Co. |
Manati Sugar Co. many other |
sugar companies. _______|
| |
| |
G. A. Zabriskie |
--------------- | Emile Francoui
Chmn U.S. Sugar Equalization | --------------
Board 1917-18; Pres Empire | Belgian Relief Comm. Kai
Biscuit Co., Columbia Baking | Ping Coal Mines, Tientsin
Co. , Southern Baking Co. | Railroad,Congo Copper, La
| Banque Nationale de Belgique
Suite 2000 42 Broadway | N. Y |
__________________________|___________________________|_
| | |
| | |
Edgar Richard Julius H. Barnes Herbert Hoover
------------- ---------------- --------------
Belgium Relief Comm Belgium Relief Comm Chmn Belgium Relief Com
Amer Relief Comm Pres Grain Corp. U.S. Food Admin
U.S. Food Admin U.S. Food Admin Sec of Commerce 1924-28
1918-24, Hazeltine Corp. 1917-18, C.B Pitney Kaiping Coal Mines
| Bowes Corp, Manati Congo Copper, President
| Sugar Corp. U.S. 1928-32
|
|
|
John Lowery Simpson
-------------------
Sacramento,Calif Belgium Relief |
Comm. U. S. Food Administration Baron Kurt Von Schroder
Prentiss Gray Co. J. Henry Schroder -----------------------
Trust, Schroder-Rockefeller, Chmn Schroder Banking Corp. J.H. Stein
Fin Comm, Bechtel International Bankhaus (Hitler's personal bank
Co. Bechtel Co. (Casper Weinberger account) served on board of all
Sec of Defense, George P. Schultz German subsidiaries of ITT . Bank
Sec of State (Reagan Admin). for International Settlements,
| SS Senior Group Leader,Himmler's
| Circle of Friends (Nazi Fund),
| Deutsche Reichsbank,president
|
|
Schroder-Rockefeller & Co. , N.Y.
---------------------------------
Avery Rockefeller, J. Henry Schroder
Banking Corp., Bechtel Co., Bechtel
International Co. , Canadian Bechtel
Company. |
|
|
|
Gordon Richardson
-----------------
Governor, Bank of England
1973-PRESENT C.B. of J. Henry Schroder N.Y.
Schroder Banking Co., New York, Lloyds Bank
Rolls Royce

Chart 3

Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1976

The David Rockefeller chart shows the link between the Federal Reserve Bank of New York,Standard Oil of Indiana,General Motors and Allied Chemical Corportion (Eugene Meyer family) and Equitable Life (J. P. Morgan).

DAVID ROCKEFELLER
----------------------------
Chairman of the Board
Chase Manhattan Corp
|
|
______|_______________________
Chase Manhattan Corp. |
Officer & Director Interlocks|---------------------
------|----------------------- |
| |
Private Investment Co. for America Allied Chemicals Corp.
| |
Firestone Tire & Rubber Company General Motors
| |
Orion Multinational Services Ltd. Rockefeller Family & Associates
| |
ASARCO. Inc Chrysler Corp.
| |
Southern Peru Copper Corp. Intl' Basic Economy Corp.
| |
Industrial Minerva Mexico S.A. R.H. Macy & Co.
| |
Continental Corp. Selected Risk Investments S.A.
| |
Honeywell Inc. Omega Fund, Inc.
| |
Northwest Airlines, Inc. Squibb Corporation
| |
Northwestern Bell Telephone Co. Olin Foundation
| |
Minnesota Mining & Mfg Co (3M) Mutual Benefit Life Ins. Co. of NJ
| |
American Express Co. AT & T
| |
Hewlett Packard Pacific Northwestern Bell Co.
| |
FMC Corporation BeachviLime Ltd.
| |
Utah Intl' Inc. Eveleth Expansion Company
| |
Exxon Corporation Fidelity Union Bancorporation
| |
International Nickel/Canada Cypress Woods Corporation
| |
Federated Capital Corporation Intl' Minerals & Chemical Corp.
| |
Equitable Life Assurance Soc U.S. Burlington Industries
| |
Federated Dept Stores Wachovia Corporation
| |
General Electric Jefferson Pilot Corporation
| |
Scott Paper Co. R. J. Reynolds Industries Inc.
| |
American Petroleum Institute United States Steel Corp.
| |
Richardson Merril Inc. Metropolitan Life Insurance Co.
| |
May Department Stores Co. Norton-Simon Inc.
| |
Sperry Rand Corporation Stone-Webster Inc.
| |
San Salvador Development Company Standard Oil of Indiana

Chart 4

Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1976

This chart shows the interlocks between the Federal Reserve Bank of New York J. Henry Schroder Banking Corp., J. Henry Schroder Trust Co., Rockefeller Center, Inc., Equitable Life Assurance Society ( J.P. Morgan), and the Federal Reserve Bank of Boston.

Alan Pifer, President
Carnegie Corporation
of New York
----------------------
|
|
----------------------
Carnegie Corporation
Trustee Interlocks --------------------------
---------------------- |
| |
Rockefeller Center, Inc J. Henry Schroder Trust Company
| |
The Cabot Corporation Paul Revere Investors, Inc.
| |
Federal Reserve Bank of Boston Qualpeco, Inc.
|
Owens Corning Fiberglas
|
New England Telephone Co.
|
Fisher Scientific Company
|
Mellon National Corporation
|
Equitable Life Assurance Society
|
Twentieth Century Fox Corporation
|
J. Henry Schroder Banking Corporation

Chart 5

Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1976

This chart shows the link between the Federal Reserve Bank of New York, Brown Brothers Harriman,Sun Life Assurance Co. (N.M. Rothschild and Sons), and the Rockefeller Foundation.

Maurice F. Granville
Chairman of The Board
Texaco Incorporated
----------------------
|
|
Texaco Officer & Director Interlocks ---------------- Liggett & Myers, Inc.
------------------------------------ |
| |
| |
L Arabian American Oil Company St John d'el Ray Mining Co. Ltd.
O | |
N Brown Brothers Harriman & Co. National Steel Corporation
D | |
O Brown Harriman & Intl' Banks Ltd. Massey-Ferguson Ltd.
N | |
American Express Mutual Life Insurance Co.
| |
N. American Express Intl' Banking Corp. Mass Mutual Income Investors Inc.
M. | |
Anaconda United Services Life Ins. Co.
R | |
O Rockefeller Foundation Fairchild Industries
T | |
H Owens-Corning Fiberglas Blount, Inc.
S | |
C National City Bank (Cleveland) William Wrigley Jr. Co
H | |
I Sun Life Assurance Co. National Blvd. Bank of Chicago
L | |
D General Reinsurance Lykes Youngstown Corporation
| |
General Electric (NBC) Inmount Corporation


** Source: Federal Reserve Directors: A Study of Corporate and Banking Influence. Staff Report,Committee on Banking,Currency and Housing, House of Representatives, 94th Congress, 2nd Session, August 1976.www.storyreports.com

 

You're fighting statist propagandists who support the "private" federal reserve here, Mr. Pimptight.

Consider the implications.