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07 Oct 09

Opinions of The Federal Reserve Myth and the Real Culprits

Why does this myth persist that the Federal Reserve "prints money out of thin air", or more realistically "creates money out of thin air"?

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fed bankers collateral INFLATION INTEREST RATES ECONOMY RESERVE FEDERAL GOLD

It's the US Federal Government's fiscal irresponsibility that's causing this economic tsunami, not the Fed's monetary policy. The government simply spends way more than they have. It’s that 90% of the nation’s debt that the Fed doesn’t control, that contributes to the lion’s share of the problem.

05 Oct 09

Book Review - 'Lords of Finance - The Bankers Who Broke the World,' by Liaquat Ahamed - Review - NYTimes.com

".
Again and again, this straitjacket caused the central bankers — especially Norman, gold’s most fervent advocate — to make moves, like raising interest rates, that would allow their countries to hold on to their dwindling gold supplies, even though the larger economy desperately needed help in the form of lower interest rates."

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ahamed liaquat GOLD FEDERAL RESERVE ECONOMY INFLATION INTEREST RATES

Again and again, this straitjacket caused the central bankers — especially Norman, gold’s most fervent advocate — to make moves, like raising interest rates, that would allow their countries to hold on to their dwindling gold supplies, even though the larger economy desperately needed help in the form of lower interest rates.

29 Sep 09

Hamilton's Opinion as to the Constitutionality of the Bank of the United States : 1791

Hamilton's Opinion as to the Constitutionality of the Bank of the United States : 1791
Argument concerning State and Federal Sovereignty from each other.

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bank fed reserve state federal rights constitution sovereighty

The Secretary of the Treasury having perused with attention the papers containing the opinions of the Secretary of State and Attorney General, concerning the constitutionality of the bill for establishing a National Bank
objections of the Secretary of State and Attorney General are founded on a general denial of the authority of the United States to erect corporations.
61 more annotations...
- That every power vested in a government is in its nature sovereign
- the powers of sovereignty are in this country divided between the National and State governments, does not afford the distinction required.
- It will only follow from it, that each has sovereign power as to certain things, and not as to other things.
- ases would be equally to deny that the State governments have sovereign power in any case, because their power does not extend to every case. The tenth section of the first article of the Constitution exhibits a long list of very important things which they may not do.
- This general and indisputable principle puts at once an end to the abstract question, whether the United States have power to erect a corporation; that is to say, to give a legal or artificial capacity to one or more persons, distinct from the natural.
- The difference is this: where the authority of the government is general, it can create corporations in ad cases, where it is confined to certain branches of legislation, it can create corporations only in those cases.
- And it is affirmed, that the power of erecting a corporation is not included in any of the enumerated powers.
- It is not denied that there are implied well as express powers, and that the former are as effectually delegated as the tatter.
- if the United States should make a conquest of any of the territories of its neighbors, they would possess sovereign jurisdiction over the conquered territory.
- it shows an extensive case in which a power of erecting corporations is either implied in or would result from, some or all of the powers vested in the national government.
- To return: It is conceded that implied powers are to be considered as delegated equally with express ones.
- it may as well be employed as an instrument or mean of carrying into execution any of the specified powers, as any other instrument or mean whatev
- But one may be erected in relation to the collection of taxes, or to the trade with foreign countries, or to the trade between the States, or with the Indian tribes; because it is the province of the federal government to regulate those objects, and because it is incident to a general sovereign or legislative power to regulate a thing, to employ all the means which relate to its regulation to the best and greatest advantage.
- or mean to an end
- to give it an artificial capacity
- The Roman law is the source of it, according to which a voluntary association of individuals, at any tome, or for any purpose, was capable of producing it.
- and the Secretary of State maintains, that no means are to be considered as necessary but those without which the grant of the power would be nugatory.
- The expediency of exercising a particular power, at a particular time, must, indeed depend on circumstances, but the constitutional right of exercising it must be uniform and invariable, the same to-day as to-morrow.
- All the arguments, therefore, against the constitutionality of the bill derived from the accidental existence of certain State banks, institutions which happen to exist to-day, and, for aught that concerns the government of the United States, may disappear tomorrow, must not only be rejected as fallacious, but must be viewed as demonstrative that there is a radical source of error in the reasoning.
- It is essential to the being of the national government, that so erroneous a conception of the meaning of the word necessary should be exploded
- necessary
- necessary
- The whole turn of the clause containing it indicates, that it was the intent of the Convention, by that clause, to give a liberal latitude to the exercise of the specified powers.
- It may be truly said of every government, as well as of that of the United States, that it has only a right to pass such laws as are necessary and proper to accomplish the objects intrusted to it.
- For no government has a right to do merely what it pleases.
- it might be proved that neither of the State governments has a right to incorporate a bank.
- It is to be remembered that there is no express power in any State constitution to erect corporations.
- The degree in which a measure is necessary, can never be a test of the legal right to adopt it; that must be a matter of opinion,
- the object of that power must be the criterion of constitutionality
- not the more or less of necessity or utility.
- Hence, consequently, the necessity and propriety of exercising the authorities intrusted to a government on principles of liberal construction.
- This reason is, the variety and extent of public exigencies, a far greater proportion of which, and of a far more critical kind, are objects of National t
- and is equivalent to an admission of the proposition that the government, as to its specified powers and objects, has plenary and sovereign authority, in some cases paramount to the States; in others, co-ordinate with it.
- The moment the literal meaning is departed from, there is a chance of error and abuse. And yet an adherence to the letter of its powers would at once arrest the motions of government.
- The consequence of this division is, that there will be cases clearly within the power of the national government; others, clearly without its powers; and a third class, which will leave room for controversy and difference of opinion, and concerning which a reasonable latitude of judgment must be allowed.
- To erect a corporation, is to substitute a legal or artificial for a natural person, and where a number are concerned, to give them individuality. To that legal or artificial person, once created, the common law of every State, of itself, annexes all those incidents and attributes which are represented as a prostration of the main pillars of their jurisprudence.
- The laws of alienage cannot apply to an artificial person, because it can have no country; those of descent cannot apply to it, because it can have no heirs; those of escheat are foreign from it, for the same reason; those of forfeiture, because it cannot commit a crime; those of distribution, because, though it may be dissolved, it cannot die.
- But if it were even to be admitted that the erection of a corporation is a direct alteration of the state laws, in the enumerated particulars, it would do nothing toward proving that the measure was unconstitutional. If the government of the United States can do no act which amounts to an alteration of a State law, all its powers are nugatory; for almost every new law is an alteration, in same way or other, of an old law, either common or statute.
- The exercise of either of these powers by Congress, necessarily involves an alteration of the laws of those States.
- Again. Every person, by the common law of each State, may export his property to foreign countries, at pleasure.: But Congress, in pursuance of the power of regulating trade, may prohibit the exportation of commodities; in doing which, they would alter the common law of each State, in abridgment of individual right.
- There are two points in the suggestions of the Secretary of State, which have been noted, that are peculiarly incorrect. One is, that the proposed incorporation is against the laws of monopoly, because it stipulates an exclusive right of banking under the national authority; the other, that it gives power to the institution to make laws paramount to those of the States.
- The bill neither prohibits any State from erecting as many banks as they please, nor any number of individuals from associating to carry on the business, and consequently, is free from the charge of establishing a monopoly
- There never can be a doubt, that a law of a corporation, if contrary to a law of a State, must be overruled as void unless the law of the State is contrary to that of the United States and then the question will not be between the law of the State and that of the corporation, but between the law of the State and that of the United States.
- Another argument made use of by the Secretary of State is, the rejection of a proposition by the Convention to empower Congress to make corporations, either generally, or for some special purpose.
- Some, again, allege, that it was disagreed to because it was thought improper to vest in Congress a power of erecting corporations.
- Those of the Attorney General will now properly come under view.
- His first objection is, that the power of incorporation is not expressly given to Congress.
- Surely it can never be believed that Congress, with exclusive powers of legislation in all cases whatsoever, cannot erect a corporation within the district which shall become the seat of government, for the better regulation of its police. And yet there is an unqualified denial of the power to erect corporations in every case on the part both of the Secretary of State and of the Attorney General; the former, indeed, speaks of that power in these emphatical terms: That it is a right remaining exclusively with the States.
- Every contract which has been made for moneys borrowed in Holland, induces stipulations that the sum due shall bedded from taxes, and from sequestration in time of war, and mortgages all the land and property of the United States for the reimbursement.
- It is admitted, that in regard to the western territory, something more is intended; even the institution of a government, that is, the creation of a body politic, or corporation of the highest nature; one which, in its maturity, will be able itself to create other corporations. Why, then, does not the same clause authorize the erection of a corporation, in respect to the regulation or disposal of any other of the property of the United States.
- This will be done by tracing a natural and obvious relation between the institution of a bank and the objects of several of the enumerated powers of the government; and by showing that, politically speaking, it is necessary to the effectual execution of one or more of those powers.
- The bill proposed ill addition that the government shall become a joint proprietor in this undertaking, and that it shall permit the bills of the company, payable on demand, to be receivable in its revenues; and stipulates that it shall not grant privileges, similar to those which are to be allowed to this company, to any others.
- A bank relates to the collection of taxes in two ways indirectly, by increasing the quantity of circulating medium and quickening circulation, which facilitates the means of paying directly, by creating a convenient! species of medium in which they are to be paid.
- Accordingly Congress, in the lava concerning the collection of the duties on imposts and tonnage, have provided that they shall be paid in gold and silver. But while it was an indispensable part of the work to say in what they should be paid, the choice of the specific thing was mere matter of discretion. The payment might have been required in the commodities themselves. Taxes in kind, however ill-judged, are not without precedents, even in the United States; or it Night have been in the paper money of the several States, or in the bills of the Bank of North America, New York and Massachusetts, all or either of them; or it might have been in bills issued under the authority of the United States.
- uch a proposition might be opposed by arguments against the expedience of it, or the solidity of the reason assigned for it, but it is not conceivable what could be urged against its constitutionality; and yet such a disposition of the thing would amount to the erection of a corporation; for the true definition of a corporation seems to be this: It is a legal person, or a person created by act of law, consisting of one or more natural persons authorized to hold property, or a franchise in succession, in a legal, as contradistinguished from natural, capacity.
- - This paragraph relates a good deal of information about a natural and an artificial person - on 2009-04-12
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- The Attorney General opposes to this reasoning the following observation: "Borrowing money presupposes the accumulation of a fund to be lent, and is secondary to the creation of an ability to lend." This is plausible in theory, but is not true in fact. In a great number of cases, a previous accumulation of a fund equal to the whole sum required does not exist. And nothing more can be actually presupposed, than that there exist resources, which, put into activity to the greatest advantage by the nature of the operation with the government, will be equal to the effect desired to be produced. All the provisions and operations of government must be presumed to contemplate things as they really are.
- this does not merely mean gold and silver;
- Money is the very hinge on which commerce turns.
- He who creates a bank, creates a subject of commerce, so does he who snakes a bushel of wheat, or digs a dollar out of the Nines, yet neither of these persons regulates commerce thereby. To make a thing which may be bought and sold, is not to prescribe regulations for buying and selling.
- If it will do the last, as well as the first, then under this provision alone, the bill is constitutional, because it contemplates that the United States shall be joint proprietors of the stock of the bank.

20 May 09

TIME LINE for the federal reserve system and bankers

Follow the history of the Federal Reserve and one will find that the FED was designed to be free of POLITICAL influence and it is now organized against any political influence in day to day operations.
We Americans pay MUTUAL FUND mangers a fee for investing our money, so WHY can't the American government do the same with OUR countries money ? The banks earn 6% on the money they manage for America...as near as i know and a question is "do they pay taxes to America's Treasury on that 6% earnings" ?

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bankers time line federal reserve history united states wilson president

CHICAGO BANKERS IN FEAR OF POLITICS; Afraid Propos... - View Article - The New York Times

This 1913 news article points out exactly what was said about the Federal Reserve creation in the early days of America's banking system.
Why are banks that provided financial services to the country and that were to be DEVOID of political influence chastised?

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1913 fed reserve chicago n.y. times news propos bankers

18 May 09

A Reshaped Fed Is Likely to Gain Some Powers, Lose Others - WSJ.com

A Reshaped Fed Is Likely to Gain Some Powers, Lose Others

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13 May 09

YouTube - Is Anyone Minding the Store at the Federal Reserve?

correct this after viewing the video

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federal reserve banks

09 May 09

DECLARATION OF INSOLVENCY Explained in Simple Language

United States' DECLARATION OF INSOLVENCY

Explained in Simple Language with Questions and Answers

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FN Federal Reserve note treasury

02 May 09

094521.pdf (application/pdf Object)

STATEMENT OF
ELMER 6. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES
BEFORE THE
COMMITTEE ON BANKING AND CURRENCY

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Federal Reserve Congress Banks Currency Senate Banking Committee

U.S. GAO - Search: federal reserve audit in Publications

H.R. 4316, a Bill To Authorize and Direct GAO To Audit the Federal Reserve System
091279, April 22, 1975
Full Report (PDF, 17 pages)

H.R. 2176, a Bill to Amend the Accounting and Auditing Act of 1950 to Provide for the Audit of the Federal Reserve Board and Banks, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency

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audit gao federal reserve acts fdic currency controller

U.S. GAO - Federal Reserve System: Current and Future Challenges Require Systemwide Attention

This report (1) examines trends in the cost of Fed operations from 1988 to 1994 and its controls over spending and operations, (2) identifies ways to increase the Fed's efficiency without harming its effectiveness, (3) discusses developments that could significantly affect the Fed's mission and finances, and (4) assesses the Fed's strategic management processes and identifies steps that it could take to meet future challenges and ensure the efficiency and the effectiveness of its operations.

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gao fed audit functions reserve banks

the Federal Reserve must eliminate the weaknesses in its planning, budgeting, oversight, and audit processes that impede its cost control efforts.

Benefits of Fractional Reserve Banking and the Federal Reserve - Rusty Lime

Benefits of Fractional Reserve Banking and the Federal Reserve

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multiplier FED reserve money banks gold silver

I will foolhardily try to explain in simple terms why this current banking system is superior to a full reserve banking, and the abolition of the central bank.
If, however, you lower or raise the reserve requirement you could create inflation or deflation (switching to a full reserve system now would cause deflation).
2 more annotations...
- The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
- If US Treasury deposits more bonds into its FED account, the FED can issue more money, but the issuing of bonds is fiscal policy, which adheres under Congress. Furthermore, any profit generated by the FED is returned to the US Treasury.

17 Apr 09

Supreme Court of Money - TIME

The Fed even finances itself. It makes a profit buying and selling Government securities, turns most of the earnings over to the Treasury ($5.9 billion last year), but keeps whatever it chooses as its own budget and tells no one what it does with the money. Several times Congress has asked to look at the Fed's books; the board has said no.

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fed federal reserve congress bank corporation court time magazine

Court Rules Fed is Privately Owned

There are no sharp criteria for determining whether an entity is a federal agency within the meaning of the Act, but the critical factor is the existence of federal government control over the "detailed physical performance" and "day to day operation" of that entity

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Federal Fed Reserve Court

There are no sharp criteria for determining whether an entity is
a federal agency within the meaning of the Act, but the critical factor is
the existence of federal government control over the "detailed physical
performance" and "day to day operation" of that entity. .
It is proposed that the Government shall retain sufficient power over
the reserve banks to enable it to exercise a direct authority when
necessary to do so, but that it shall in no way attempt to carry on
through its own mechanism the routine operations and banking which
require detailed knowledge of local and individual credit and which
determine the funds of the community in any given instance. In other
words, the reserve-bank plan retains to the Government power over the
exercise of the broader banking functions, while it leaves to
individuals and privately owned institutions the actual direction of
routine.

02 Apr 09

Unmasking the Fed

Another view of how the FED functions and this view does not tie in the illuminati, rothchilds,m and the queen and all the other stuff that generates conspiracy advocates.

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fed reserve gold currency fractional banking private goverenment banks

22 Feb 09

FIAT EMPIRE - Why the Federal Reserve Violates the U.S. Constitution

A video showing a spin on the Federal Reserve and its detriment to American Society.

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violates fed fiat constitution federal reserve money

25 Dec 08

The Money Masters - How International Bankers Gained Control of America

Money Masters...A history of the development of the Federal Reserve.

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finance politics Money bankers reserve federal congress hamilton madison franklin

13 Sep 08

Federal Reserve System - Wikipedia, the free encyclopedia

In the current system, private banks are for-profit businesses but there are restrictions on what they can do. These restrictions placed on private banks are government regulations. The Federal Reserve System is the part of government that regulates the private banks. The balance between privatization and government involvement is also seen in the structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate.

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reserve banks private interest board of governors president senate

he private banks give input to the government officials about their economic situation and these government officials use this input in Federal Reserve policy decisions. In the end, private banking businesses are able to freely run a profitable business while the U.S. government, through the Federal Reserve System, oversees and regulates the activities of the private banks.
The punishment for making false statements or reports which overvalue an asset is stated in U.S. Code, Title 18, Part 1, Chapter 47, Section 1014:^[22]
3 more annotations...
- Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way...shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
- Holding stock in a Federal Reserve bank is not, however, like owning publicly traded stock. The stock cannot be sold or traded. Member banks receive a fixed, 6 percent dividend annually on their stock, and they do not directly control the applicable Federal Reserve bank as a result of owning this stock. They do, however, elect six of the nine members of Reserve banks’ boards of directors.^[16] Federal statute provides (in part):
- The late economist Milton Friedman consistently criticized this reverse method of controlling inflation by seeking an ideal interest rate and enforcing it through affecting the money supply since nowhere in the widely accepted money supply equation are interest rates found

FRB: FOMC Minutes, December 11, 2007

FEDERAL RESERVE MINUTES PROVIDED AS A SAMPLE TO FED REPORTS TO CONGRESS
A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, December 11, 2007, at 8:00 a.m.

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frb meetiing minutes federal reserve open market committee

FRB: Reports to Congress

Report on operations of the Board during the year. Provides minutes of Federal Open Market Committee meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps showing the System's District and Branch boundaries.

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federal reserve accountability congress open market committee frb