Bloomberg news provides an overview of the Federal Reserve system:
The Federal Reserve, consisting of seven governors in Washington and 12 regional banks, was established in 1913 and charged by Congress with ensuring low inflation, maximum employment and a stable financial system.
Because "Federal Reserve" sounds like a federal name, and the Fed's chairman frequently testifies before Congress and appears on news shows, most Americans reasonably assume that the Federal Reserve and its member banks are all federal.
On the other hand, some people claim that the federal reserve system is not federal at all, and is entirely owned by the member banks which it regulates. For example, Congressman Dennis Kucinich said recently "the Federal Reserve is no more federal than Federal Express".
The Fed itself maintains that:
While the Fed’s Washington-based Board of Governors is a federal agency subject to the Freedom of Information Act and other government rules, the New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.
This is problematic because:
The New York Fed is one of 12 regional Federal Reserve banks and the one charged with monitoring capital markets. It is also managing $1.7 trillion [now up to at least $1.9 trillion] of emergency lending programs [and accepting collateral from the banks in return].
The Federal Reserve Bank of New York ... runs most of the lending programs. Most documents relevant to [a freedom of information lawsuit filed by Bloomberg news] are at the New York Fed, which isn’t subject to FOIA law, according to the central bank. The Board of Governors has 231 pages of documents, to which it is denying access under an exemption for trade secrets.
(The lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan)).
In fact, the New York Fed bank is by far the most powerful of the Fed regional banks, and the one through which the lion's shares of actions taken by the Federal Reserve occur. The New York Fed is also the regulator for the financial giants headquartered in New York.
As Bloomberg notes:
The Federal Reserve Board of Governors receives daily reports on bailout loans to financial institutions and won’t make the information public, the central bank said ...
Indeed, top Federal Reserve officials are even refusing to provide information to Congress.
For example, in a recent appearance before the Senate, the following exchange occured between Fed Chairman Ben Bernanke and Senator Bernie Senators:
Senator Sanders: "Will you tell the American people to whom you lent $2.2 trillion of their dollars?"
Chairman Bernanke: "No"
Similarly, Fed Vice Chair Donald Kohn refused to answer congressman Alan Grayson's questions about where the trillions in bailout money are going.
In a letter written today, and co-signed by by several prominent economists, Congressman Grayson says:
The Federal Reserve has refused multiple inquiries from both the House and the Senate to disclose who is receiving trillions of dollars from the central banking system. The Federal Reserve has redacted the central terms of the no-bid contracts it has issued to Wall Street firms like Blackrock and PIMCO, without disclosure required of the Treasury, and is participating in new and exotic programs like the trillion-dollar TALF to leverage the Treasury’s balance sheet. With discussions of allocating even more power to the Federal Reserve as the ‘systemic risk regulator’ of the credit markets, more oversight over the central bank’s operations is clearly necessary.
Congressman Ron Paul's Federal Reserve Transparency Act, which currently has 165 cosponsors, seeks to force the Fed to act in a more transparent fashion.
The bottom line is that - whether or not the Fed as a whole is federal or private - the entire Federal Reserve system, including the regional banks such as the New York Fed bank through which most of the Fed's actions take place, should be subject to congressional and public oversight.
Comments
"The Federal Reserve, consisting of seven governors in Washington and 12 regional banks, was established in 1913 and charged by Congress with ensuring low inflation, maximum employment and a stable financial system."
FAIL!
"Of all contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." - Daniel Webster "The few who could understand the system will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burd
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men We have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the major
www.trueworldhistory.info
marketoracle.co.uk/Article8909.html
www.postchronicle.com/commentary/article_212215966.shtml
The Federal reserve system is controlled by private banks such as JP Morgan Chase, The Rockafeller Dynasty etc. The IRS was also implimented to pay for the interest on loans made by the federal reserve to the United States Government so to say the least the USA does not even own there own money.
fiat money has never worked in the history of mankind. read the book "the creature from jekyll island".
JEWS CONTROL THE MONEY IN AMERICA. Period. End of story.
Zionist Jews own and run the Federal Reserve Bank that the US government continually borrows from...and is in debt to.
Napoleon said: When a government is dependent for money upon the bankers, they and not the government leaders control the nation. This is because the hand that gives is above the hand that takes. Financiers are without patriotism and without decency.
The Federal Reserve Bank is a consortium of 9 Zionist Jewish-owned & associated banks with the Rothschilds at the head:
$1. Rothschild Banks of London and Berlin.
$2. Lazard Brothers Banks of Paris.
$3. Israel Moses Seif Banks of Italy.
$4. Warburg Bank of Hamburg and Amsterdam.
$5. Lehman Brothers of NY.
$6. Kuhn, Loeb Bank of NY (Now Shearson American Express).
$7. Goldman, Sachs of NY.
$8. National Bank of Commerce NY/Morgan Guaranty Trust (J. P. Morgan Bank - Equitable Life - Levi P. Morton are principal shareholders).
$9. Hanover Trust of NY (William and David Rockefeller & Chase National Bank NY are principal shareholders).
ZIONIST JEWS RUN THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE BANK
Here are the Jews that control the government of America:
1) Ben Shalom Bernanke: Chairman of the Board of Governors of Federal Reserve. Term ends 2020.
2) Donald L. Kohn: Vice Chairman of the Board of Governors of Federal Reserve. Term ends 2016.
3) Randall S. Kroszner: Member of Board of Governors of Federal Reserve.
4) Frederic S. Mishkin: Member of Board of Governors of Federal Reserve. Term ends 2014.
5) Alan Greenspan: Advisor to Board of Governors of Federal Reserve. Recent Chairman.
ZIONIST BANKERS PRINT MONEY at heavily-armed & guarded Federal Reserve Bank buildings throughout the US. Then these Jewish bankers of the Federal Reserve Bank *loan* the money to the US government at *interest.*
Since the Federal Reserve Bank is privately owned, the Federal Reserve Bank of New York (and all the others) is listed in Dun & Bradstreet. But according to Article I, Section 8 of the U. S. Constitution, only Congress has the right to issue money and regulate its value.
Thus it is *illegal* for private interests to issue US money. But because influential Jews like Paul Warburg and Jacob Schiff bribed into enactment the Federal Reserve Act of 1913, the stockholders of the Federal Reserve Bank were to be kept a secret. Only recently have the Jewish stockholders of the Federal Reserve Bank come to light.
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!