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  #1  
Old 11-02-2007, 09:47 AM
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Who owns the Federal Reserve Bank?

Who owns the Federal Reserve Bank?

A phone conversation about the unseen operations of the Federal Reserve System -- Andrew Winkler

The following is a conversation with Mr. Ron Supinski of the Public Information Department of the San Francisco Federal Reserve Bank.

This is an actual transcript of that conversation.


CALLER: Mr. Supinski, does my country own the Federal Reserve System?

MR. SUPINSKI: We are an agency of the government.

CALLER: That's not my question. Is it owned by my country?

MR. SUPINSKI: It is an agency of the government created by congress.

CALLER: Is the Federal Reserve a Corporation?

MR. SUPINSKI: Yes.

CALLER: Does my government own any of the stock in the Federal Reserve?

MR. SUPINSKI: No, it is owned by the member banks.

CALLER: Are the member banks private corporations?

MR. SUPINSKI: Yes.

CALLER: Are Federal Reserve Notes backed by anything?

MR. SUPINSKI: Yes, by the assets of the Federal Reserve but, primarily by the power of congress to lay tax on the people.

CALLER: Did you say, by the power to collect taxes is what backs Federal Reserve Notes?

MR. SUPINSKI: Yes.

CALLER: What are the total assets of the Federal Reserve?

MR. SUPINSKI: The San Francisco Bank has $36 Billion in assets.

CALLER: What are these assets composed of?

MR. SUPINSKI: Gold, the Federal Reserve Bank itself and government securities.

CALLER: What value does the Federal Reserve Bank carry gold per oz. on their books?

MR. SUPINSKI: I don't have that information but the San Francisco Bank has $1.6 billion in gold.

CALLER: Are you saying the Federal Reserve Bank of San Francisco has $1.6 billion in gold, the bank itself and the balance of the assets is government securities?

MR. SUPINSKI: Yes.

CALLER: Where does the Federal Reserve get Federal Reserve Notes from?

MR. SUPINSKI: They are authorized by the U.S. Treasury.

CALLER: How much does the Federal Reserve pay for a $10 Federal Reserve Note?

MR. SUPINSKI: Fifty to seventy cents (0.50¢ to 0.70¢).

CALLER: How much do they pay for a $100.00 Federal Reserve Note?

MR. SUPINSKI: The same fifty to seventy cents (0.50¢ to 0.70¢).

CALLER: To pay only 0.50¢ for a US $100.00 dollar bill is a tremendous gain, isn't it?

MR. SUPINSKI: Yes.

CALLER: According to the US Treasury, the Federal Reserve pays $20.60 per 1,000 denomination or a little over two cents for a $100.00 bill, is that correct?

MR. SUPINSKI: That is probably close.

CALLER: Doesn't the Federal Reserve use the Federal Reserve Notes that cost about two cents each to purchase U.S. Treasury Bonds from the government?

MR. SUPINSKI: Yes, but there is more to it than that.

CALLER: Basically, that is what happens?

MR. SUPINSKI: Yes, basically you are correct.

CALLER: How many Federal Reserve Notes are in circulation?

MR. SUPINSKI: $263 billion and we can only account for a small percentage.

CALLER: Where did they go?

MR. SUPINSKI: Peoples mattress, buried in their back yards and illegal drug money.

CALLER: Since the debt is payable in Federal Reserve Notes, how can the $4 trillion national debt be paid-off with the total Federal Reserve Notes in circulation?

MR. SUPINSKI: I don't know.

CALLER: If the Federal Government would collect every Federal Reserve Note in circulation would it be mathematically possible to pay the $4 trillion national debt?

MR. SUPINSKI: No.

CALLER: Am I correct when I say, $1 deposited in a member bank $8 can be lent out through Fractional Reserve Policy?

MR. SUPINSKI: About $7.

CALLER: Correct me if I am wrong but, $7 of additional Federal Reserve Notes were never put in circulation.

For lack of better words they were "created out of thin air" in the form of credits and the two cents per denomination were not paid either.

In other words, the Federal Reserve Notes were not physically printed but, in reality were created by a journal entry and lent at interest.

Is that correct?

MR. SUPINSKI: Yes.

CALLER: Is that the reason there are only $263 billion Federal Reserve Notes in circulation?

MR. SUPINSKI: That is part of the reason.

CALLER: Am I mistaking that when the Federal Reserve Act was passed (on Christmas Eve) in 1913, it transferred the power to coin and issue our nation's money and to regulate the value thereof from Congress to a Private corporation.

And my country now borrows what should be our own money from the Federal Reserve (a private corporation) plus interest.

Is that correct and if so, the debt can never be paid off under the current money system?

MR. SUPINSKI: Basically, yes.

CALLER: I smell a rat, do you?

MR. SUPINSKI: I am sorry, I can't answer that, I work here.

CALLER: Has the Federal Reserve ever been independently audited?

MR. SUPINSKI: We are audited.

CALLER: Why is there a current House Resolution 1486 calling for a complete audit of the Federal Reserve by the GAO and why is the Federal Reserve resisting?

MR. SUPINSKI: I don't know.

CALLER: Does the Federal Reserve regulate the value of Federal Reserve Notes and interest rates?

MR. SUPINSKI: Yes.

CALLER: Explain how the Federal Reserve System can be Constitutional if, only the Congress of the US, which comprises of the Senate and the House of representatives has the power to coin and issue our money supply and regulate the value thereof? (Article 1 Section 1 and Section

Nowhere, in the Constitution does it give Congress the power or authority to transfer any powers granted under the Constitution to a private corporation or, does it?

MR. SUPINSKI: I am not an expert on constitutional law. I can refer you to our legal department.

CALLER: I can tell you I have read the Constitution. It does NOT provide that any power granted can be transferred to a private corporation. Doesn't it specifically state, all other powers not granted are reserved to the States and to the citizens?

Does that mean to a private corporation?

MR. SUPINSKI: I don't think so, but we were created by Congress.

CALLER: Would you agree it is our country and it should be our money as provided by our Constitution?

MR. SUPINSKI: I understand what you are saying.

CALLER: Why should we borrow our own money from a private consortium of bankers?

Isn't this why we had a revolution, created a separate sovereign nation and a Bill of Rights?

MR. SUPINSKI: (Declined to answer).


CALLER: Has the Federal Reserve ever been declared constitutional by the Supreme Court?

MR. SUPINSKI: I believe there have been court cases on the matter.

CALLER: Have there been Supreme Court Cases?

MR. SUPINSKI: I think so, but I am not sure.

CALLER: Didn't the Supreme Court declare unanimously in A.L.A. Schechter Poultry Corp. vs. US and Carter vs. Carter Coal Co. the corporative-state arrangement an unconstitutional delegation of legislative power?

("The power conferred is the power to regulate. This is legislative delegation in its most obnoxious form; for it is not even delegation to an official or an official body, presumptively disinterested, but to private persons." Carter vs. Carter Coal Co...)

MR. SUPINSKI: I don't know, I can refer you to our legal department.

CALLER: Isn't the current money system a house of cards that must fall because, the debt can mathematically never be paid-off?

MR. SUPINSKI: It appears that way.


I can tell you have been looking into this matter and are very knowledgeable. However, we do have a solution.

CALLER: What is the solution?

MR. SUPINSKI: The Debit Card.

CALLER: Do you mean under the EFT Act (Electronic Funds Transfer)?

Isn't that very frightening, when one considers the capabilities of computers?

It would provide the government and all it's agencies, including the Federal Reserve such information as: You went to the gas station @ 2:30 and bought $10.00 of unleaded gas @ $1.41 per gallon and then you went to the grocery store @ 2:58 and bought bread, lunch meat and milk for $12.32 and then went to the drug store @ 3:30 and bought cold medicine for $5.62.

In other words, the government would know where we go, when we went, how much we paid, how much the merchant paid and how much profit he made.

Under the EFT they will literally know everything about us. Isn't that kind of scary?

MR. SUPINSKI: Yes, it makes you wonder.

CALLER: I smell a GIANT RAT that has overthrown my constitution. Aren't we paying tribute in the form of income taxes to a consortium of private bankers?

MR. SUPINSKI: I can't call it tribute, it is interest.

CALLER: Haven't all elected officials taken an oath of office to preserve and defend the Constitution from enemies both foreign and domestic? Isn't the Federal Reserve a domestic enemy?

MR. SUPINSKI: I can't say that.

CALLER: Our elected officials and members of the Federal Reserve are guilty of aiding and abetting the overthrowing of my Constitution and that is treason. Isn't the punishment of treason death?

MR. SUPINSKI: I believe so.

CALLER: Thank you for your time and information and if I may say so, I think you should take the necessary steps to protect you and your family and withdraw your money from the banks before the collapse. I am.

MR. SUPINSKI: It doesn't look good.


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  #2  
Old 11-02-2007, 09:47 AM
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Re: Who owns the Federal Reserve Bank?

Continued:

CALLER: May God have mercy on the souls who are behind this unconstitutional and criminal act called the Federal Reserve. When the ALMIGHTY MASS awakens to this giant hoax, they will not take it with a grain of salt. It has been a pleasure talking to you and I thank you for your time. I hope you will take my advice before it does collapse.

MR. SUPINSKI: Unfortunately, it does not look good.

CALLER: Have a good day and thanks for your time.

MR. SUPINSKI: Thanks for calling.

Link




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  #3  
Old 11-08-2007, 08:44 AM
yarbsea yarbsea is offline
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Re: Who owns the Federal Reserve Bank?

First off...post the ACTUAL phone converstion...otherwise I just proved the existance of God.:grrr:

----------------------
Caller: Let me speak to God please

God: Hello, how is it.

Caller: I just wanted to confirm you exist..

God: Sure do, next question?

Caller: nothing else, thanks. Bye *click*
------------------


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  #4  
Old 11-08-2007, 08:45 AM
yarbsea yarbsea is offline
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Re: Who owns the Federal Reserve Bank?

Secondly,

Questions about the federal reserve bank are dumb. This is as assinine as the discussions about the IRS not being a government entitiy. GIVE IT UP LOSERS. PAY YOUR TAXES!

:whip::whip::whip::whip:


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Old 11-19-2007, 05:42 PM
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Re: Who owns the Federal Reserve Bank?

Quote:
Originally Posted by yarbsea View Post
First off...post the ACTUAL phone converstion...
If the reader has any doubts to the validity of this conversation, call your nearest Federal Reserve Bank, YOU KNOW THE QUESTIONS TO ASK! You won't find them listed under the Federal Government. They are in the white pages, along with Federal Express, Federal Deposit Insurance Corp. (FDIC), and any other business. Find out for yourself if all this is true.


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Old 11-19-2007, 05:43 PM
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Re: Who owns the Federal Reserve Bank?

Quote:
Originally Posted by yarbsea View Post
Secondly,

Questions about the federal reserve bank are dumb. This is as assinine as the discussions about the IRS not being a government entitiy. GIVE IT UP LOSERS. PAY YOUR TAXES!

:whip::whip::whip::whip:
Appeal to Ridicule fallacy.


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  #7  
Old 11-20-2007, 09:35 PM
wanderingsoul wanderingsoul is offline
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Re: Who owns the Federal Reserve Bank?

I think this book might help explain the history behind the Federal Reserve Bank:

The Creature from Jekyll Island
G. Edward Griffin


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  #8  
Old 12-12-2007, 07:12 PM
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Re: Who owns the Federal Reserve Bank?

most of us, not me, buy new cars financed, credit. we don't have the money. we just promise to pay later. what you have asked the federal reserve to do is produce the money that can buy back all of their notes plus pay off the national debt, all today, this minute. its the same as if the car dealer woke you up early in the morning and asked to see your $30,000 in cash or gold that you will use to pay off your car note. of course, you don't have the money, you have future income, and will pay off the loan as scheduled. federal reserve notes are backed by the full faith and credit of the US government, which cannot go bankrupt, and the constitutuonal power of congress to tax and charge fees.


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Old 12-12-2007, 07:14 PM
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Re: Who owns the Federal Reserve Bank?

its just a way that the government doesn't have to wait and save up money before they build a bridge or send help to New Orleans, just like you don't have to save the full amount before you buy a house or car. you just sign a note. the note is bundled with others and sold to investors. there have not been any cases where treasury notes or federal reserve notes were dishonored in any way, but they do float in value somewhat. so while your reserve note will always buy some gas or food it may buy a little less than it did last week. hope this information is helpful to you. your time may be better spent on real issues rather than federal reserve conspiracy theories ?


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Old 12-14-2007, 02:08 PM
knothappy knothappy is offline
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Re: Who owns the Federal Reserve Bank?

I will tell you who owns the FED. The Rothchilds of London and Berlin; Lazard brothers of paris; Israel Moses Seif of Italy;Kuhn,Loeb, and Warburg of Germany; and the Lehman brothers.Goldman,Sachs and rockefiller families of New York. ThatCorp.is the only for-profit Corp. in America that is exempt from both federal and state taxes. the fed takes in about a trillion dollars per a year tax free,and the above families get all that money. Every dime you pay in fed. income tax goes to pay the intrest on the money the govt. borrows from the fed. One more thing, there is NO law that says that you have to pay taxes on money earned from your labor. ....source: The Federal Regester, and the library of Congress.


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Old 12-14-2007, 04:22 PM
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Re: Who owns the Federal Reserve Bank?

Quote:
Originally Posted by mumbles View Post
its just a way that the government doesn't have to wait and save up money before they build a bridge or send help to New Orleans, just like you don't have to save the full amount before you buy a house or car. you just sign a note. the note is bundled with others and sold to investors. there have not been any cases where treasury notes or federal reserve notes were dishonored in any way, but they do float in value somewhat. so while your reserve note will always buy some gas or food it may buy a little less than it did last week. hope this information is helpful to you. your time may be better spent on real issues rather than federal reserve conspiracy theories ?
There is no conspiracy theory. The Federal Reserve is a private entity:

"The Federal Reserve Banks are not federal instrumentalities..." -- Lewis vs. United States 9th Circuit 1992

"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982

"Some people think the Federal Reserve Banks are the United States government's institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers" -- Congressional
Record 12595-12603 -- Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932

"These 12 corporations together cover the whole country and monopolize and use for private gain every dollar of the public currency..." -- Mr. Crozier of Cincinnati, before Senate Banking and Currency Committee - 1913


As for the real issues, the real issue is how deception and fraud were used to destroy our Constitutional money system:

"The only substances ever declared as money within the U.S. were gold and silver, in coin form, with copper/nickel serving in token capacity only. See: 12 USCA 152 re. "lawful money" and Coinage Act of April 2, 1792, at Sections 11, 16, & 20; re. copper/nickel tokens, see Sec. 9, and 31 USCA 460."

Original U.S. Constitution

Art. I Sec. 8 Cl. 5
[Congress shall have Power ...] To coin Money, regulate the Value thereof, and of foreign Coin, ...;
Art. I Sec. 10 Cl. 1
[No State shall ...] make any Thing but gold and silver Coin a Tender in Payment of Debts; ...

Note that there is no such prohibition against Congress, or any delegated power to make anything legal tender. Congress was originally understood to have no power to make anything legal tender outside of federal territories, under Art. I Sec. 8 Cl. 17 and Art. IV Sec. 3 Cl. 2, but in 1868 a Supreme Court packed by Pres. Ulysses S. Grant, in the Legal Tender Cases, allowed Congress to make paper currency issued by the U.S. Treasury, backed by gold, legal tender on state territory, a precedent that remains controversial to this day, when courts allow paper currency not backed by anything to be considered "legal tender".

Link

(For all the details of Grant's court packing scheme and their unconstitutional ruling see:
http://www.fff.org/freedom/1100a.asp )


"The founding fathers were concerned about the unrestrained control of the money supply. One thing they all agreed upon was the limitation on the issuance of money,

Thomas Jefferson warned of the damage that would be caused if the people assigned control of the money supply to the banking sector, "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered. I hope we shall crush in its birth the aristocracy of the moneyed corporations which already dare to challenge our Government to a trial of strength and bid defiance to the laws of our country" Thomas Jefferson, 1791

Many of the founding fathers experienced the damage caused by fiat currency. Most of the revolutionary war was financed by worthless currency called "Continentals".

# The Continental Currency ("Not worth a Continental") that American colonists issued for the Continental Congress to finance the Revolutionary War was replaced by the US Dollar in 1785 when The Continental Congress adopted the dollar as the unit for national currency. At that time, private bank-note companies printed a variety of notes. After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States and authorized it to issue paper bank notes to eliminate confusion and simplify trade. The U.S. Constitution (Section 10) forbids any state from making anything but gold or silver a legal tender. The Federal Monetary System was established in 1792 with the creation of the U.S. Mint in Philadelphia. The first American coins were struck in 1793. The U.S. Coinage Act of 1792, consistent with the Constitution, provided for a U.S. Mint, which stamped silver and gold coins. The importance of this Act cannot be stressed enough. One dollar was defined by statute as a specific weight of gold.

# The Act also invoked the death penalty for anyone found to be debasing money.


# President George Washington mentions the importance of the national currency backed by gold and silver throughout his initial term of office and he contributed his own silver for the initial coins minted.

# The purchase of The US Mint in Philadelphia, was the first money appropriated by Congress for a building to be used for a public purpose. It was purchased for a total of $4,266.67 on July 18, 1792.

http://www.kwaves.com/fiat.htm


Here's the Coinage Act so everyone can read the truth for themselves:

http://landru.i-link-2.net/monques/coinageact.html

"SEC. 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death."


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Old 12-14-2007, 04:37 PM
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Re: Who owns the Federal Reserve Bank?

Quote:
Originally Posted by mumbles View Post
most of us, not me, buy new cars financed, credit. we don't have the money. we just promise to pay later. what you have asked the federal reserve to do is produce the money that can buy back all of their notes plus pay off the national debt, all today, this minute.
ROTFL. Bogus analogy. What has happened is that the Federal Reserve has obtained a de facto monopoly over issuing currency.

The root argument is of course about freedom. The government passes legal tender laws and then forces you, at gunpoint if necessary, to accept worthless paper as money. It eliminates freedom in the market place.

If the legal tender laws were repealed tomorrow, nobody with half a brain would use Federal Reserve Notes because they have no intrinsic value. They're absolutely worthless, except for the government's ability to force you to use them and accept them as money.

"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin... Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of the pen, they will create enough money to buy it back again... Take this great power away from them and all the great fortunes like mine will disappear and they ought to disappear, for then this would be a better and happier world to live in... But, if you want to be the slaves of the bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit."

- Sir Josiah Stamp, Governor of the Bank of England in the 1920s and the second richest man in Britain in the 1920's, speaking at the University of Texas in 1927.


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Old 12-15-2007, 08:19 PM
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Re: Who owns the Federal Reserve Bank?

yes, banks created money to loan you to buy a house, buy a car, send you thru college so you won't be stupid. congress has the power to tax you and spend it on whatever they decide. like more young interns for the president. but anyway, you demand that congress provide alot of stuff for you and they have to tax you to get that money. you don't wanna pay it all today, so they borrow money - they issue treasury notes, that you and your children will have to pay back later. would you rather have revolution in the streets when congress refuses to house, feed and cloth every negro born ? don't be silly. so treasury notes are issued and if you have enough cash or gold you can buy them. federal reserve buys them and then issues smaller notes, called federal reserve notes. what is the problem ? if you don't like the way its done feel free to use leaves for money instead of federal notes.


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Old 12-15-2007, 08:20 PM
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Re: Who owns the Federal Reserve Bank?

but its not that you don't like it, its that you don't understand it. you are not in any way educated in finance as you should be before you try to educate others.

BTW the Federal Reserve, that you hate, is working every minute to make sure you and your children don't have to find out what a real depression is like. Many billions of dollars have vanished by home loans to people that can't pay the money back. Like the Great depression was caused by loans for stock market investment. but this time, the fed is creating lots of new money to replace that which was lost and we can hope in the next few months we will be able to recover.



Last edited by mumbles : 12-15-2007 at 08:31 PM. Reason: more
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Old 12-16-2007, 12:16 PM
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Re: Who owns the Federal Reserve Bank?

Quote:
Originally Posted by mumbles View Post
yes, banks created money to loan you to buy a house, buy a car, send you thru college so you won't be stupid.
Really? Well the government is doing a terrible job at that. You want the evidence? Here it is. Read it for yourself.

Banks did not have the power to create money out of thin air before the federal reserve. Guess what? America became the greatest country in the world - with no central bank - no fiat currency - and no income tax. Our "Yankee ingenuity" was legendary. Government does not create innovation or prosperity - people working in freedom create those things.

Quote:
congress has the power to tax you and spend it on whatever they decide. like more young interns for the president.
Congress was never intended to be able to lay unapportioned direct taxes. The government had means to raise revenue, but those means were strictly defined. Once that flood gate was opened with the income tax, you can see how gigantic and corrupt the government has grown.

Quote:
but anyway, you demand that congress provide alot of stuff for you and they have to tax you to get that money.
No, I don't demand that Congress provide me with anything. Would you please stop lying, you disingenuous fraud? The only legitimate function of government is to protect the unalienable rights of individuals under natural law - that is the original intent of the Constitution.

When asked what should the federal government do - I think Ron Paul has the right answer.

Quote:
you don't wanna pay it all today, so they borrow money - they issue treasury notes, that you and your children will have to pay back later.
And that's a bad deal, which this article clearly explains. Deficit spending is a hidden tax on future earnings.

Quote:
would you rather have revolution in the streets when congress refuses to house, feed and cloth every negro born ? don't be silly. so treasury notes are issued and if you have enough cash or gold you can buy them. federal reserve buys them and then issues smaller notes, called federal reserve notes. what is the problem ? if you don't like the way its done feel free to use leaves for money instead of federal notes.
No, I am not free to use other money. That's just the point. The government will use force to prevent me from doing so. It establishes a de facto monopoly by requiring all public and private debts be paid in Federal Reserve Notes - that amounts to trillions of dollars. And they destroy those who dare to operate outside of that system:

FBI and Secret Service seize over 2 tons of gold Liberty Dollars


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Old 12-16-2007, 12:22 PM
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Re: Who owns the Federal Reserve Bank?

Quote:
Originally Posted by mumbles View Post
but its not that you don't like it, its that you don't understand it. you are not in any way educated in finance as you should be before you try to educate others.
ROTFLMAO!!!! You are the one who is uneducated and ignorant. You are not addressing my arguments and you continue to throw up a variety of Straw Men. Maybe you need to make yourself familiar with logical fallacies before you engage someone in a debate.

You are extremely gullible and naive.

Quote:
BTW the Federal Reserve, that you hate,
I do not hate them my friend, so please stop trying to make this an emotional argument.

Quote:
is working every minute to make sure you and your children don't have to find out what a real depression is like. Many billions of dollars have vanished by home loans to people that can't pay the money back. Like the Great depression was caused by loans for stock market investment. but this time, the fed is creating lots of new money to replace that which was lost and we can hope in the next few months we will be able to recover.
ROTFLMAO again!!!!! The Federal Reserve created the Great Depression. The current Fed chairman even admitted it here.

What the Fed is working every minute to insure is that the private banking families who own it continue to profit at the expense of the American people. They don't give a rat's a** about the American people.

You need to acknowledge the truth and wake up from your delusional dream world:

"THEY PRINT IT - WE BORROW IT AND PAY THEM INTEREST

An example of the process of currency creation and its conversion into "people's debt" will aid our understanding. The Federal Government, having spent more than it has taken from its citizens in taxes, needs (for the sake of illustration) $1 billion. Since it does not have the currency, and Congress has given away its authority to create it, the government must go to the creators for the $1 billion. But the Federal Reserve, a private corporation, does not give its currency away for free! The bankers are willing to deliver $1 billion in currency or credit to the federal government in exchange for the government's agreement to pay it back with interest. So Congress authorizes the Treasury Department to print $1 billion in U.S. Bonds, which are then delivered to the Federal Reserve bankers. (The bonds are a kind of "IOU" that bears interest.)

The U.S. Treasury prints $1 billion in bank notes. The printing cost is about $20.62 per 1,000 bills - it costs the same irrespective of the denomination - the cost of printing a $1 note is about the same as for a $100 note: about .0206 cents. The Federal Reserve "buys" these bills from the U.S. Treasury, paying only for the printing costs. The bills are then exchanged at full face value for the bonds. The government uses the currency to pay its obligations. What are the results of this fantastic transaction? Well, the government's bills are paid all right, but the U.S. Government has now indebted the people to the Federal Reserve bankers for $1 billion plus interest!

Since this process has been going on since 1913, the people are now indebted to the bankers to the tune of trillions of dollars. The people are taxed billions of dollars each month just to pay the interest on this "national debt." With both the principal and the interest climbing every month, there is no hope of ever paying off this "debt." The working people of the United States now "owe" the approximately 300 banking families and their consorts more than the assessed value of all the assets in the United States. And realize, the bankers got all this for the cost of paper, ink, and bookkeeping!

THE MOUNTAIN OF DEBT

You say this is terrible! Yes it is, but this is only part of the sordid story. Under this "debt-currency" system, those U.S. Bonds referred to above have now become assets of the banks, called their "reserve." Regular commercial banks use these assets to issue loans to individual and commercial customers. Since the banking laws require only about a 12% reserve, this means the banking fraternity can lend up to eight times the amount of the bonds they have on hand. As a result of the $1 billion discussed here, they can lend $8 billion to private customers at interest. This means that together with the $1 billion lent to the government, the bankers can lend out $9 billion at interest for the original cost to them of about $400,000 for the printing! And because the Federal Reserve bankers have been granted a monopoly, the only way our people and businesses can get currency to carry on trade and expand industry and farming is to borrow it from the bankers!"

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  #17  
Old 12-16-2007, 08:00 PM
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mumbles mumbles is offline
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Re: Who owns the Federal Reserve Bank?

well, since its such a game, and you understand it so well, why not get yourself a banking license and make yourself alot of money ? if they always win the game then why are they admitting they lost hundreds of billions on bad loans now ? you don't understand anything.


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  #18  
Old 12-16-2007, 08:17 PM
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mumbles mumbles is offline
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Re: Who owns the Federal Reserve Bank?

when we had the gold standard, people did not carry around gold with

them. they carried paper. the gold was in the bank. only in a bank

panic would everyone run to the bank and demand their gold. if the

king or president or FDIC guarantees all bank deposits then there

isn't much need to run to the bank even if the bank is collapsing,

as some are now. the reserve requirement is just a regulation that

says the bank needs to keep enough liquid assets (cash) on hand to

satisfy their customers. they cannot say, " come back next week to

cash your paycheck cause we just bought the empire state building

and have no cash". yes, they can buy whatever they want and loan

out whatever they want but they have to keep some cash in reserve

for customer service. if a bank manager is short, he can borrow

from another bank, and if he has extra he can loan it to another

bank and make a little interest.



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