Why then do some people deny that the Federal Reserve Banks are owned by
private cor****ations?
Answer: Three groups of people deny this fact, for differing reasons:
1. The first group consists of the private owners of the Federal
Reserve
Banks, and their ****lls. It is obviously not in their interest that the
American people realize that private bankers own what most people regard
as a
part of the public treasury and government. The people would doubtless not
like it if they knew that the stockholders of the Federal Reserve Banks
receive 6% interest (raised higher in the past) per year on their stock
owner****p, risk free. The people would be legitimately concerned to know
that
the member bank stockholders elect six of the nine members (i.e., 2/3rds)
of
the Boards of the reserve banks of their regions. Rather than regulating
or
controlling the activities of private banks in their regions, the opposite
is
the case.
2. The second group consists of those persons who, in their ignorance,
have believed the propaganda of the Federal Reserve Banks, which sometimes
issue ambiguous, doublespeak statements attempting to obfuscate their
private
bank owner****p. Here is a typical example from the NY Fed website, quite
easily seen through: “Although they are set up like private cor****ations
and
member banks hold their stock, the Federal Reserve Banks owe their
existence
to an act of Congress and have a mandate to serve the public. Therefore,
they
are not really "private" companies, but rather are "owned" by the citizens
of
the United States…Member banks do, however, receive a fixed 6 percent
dividend annually on their stock and elect six of the nine members of the
Reserve Bank's of their region… the Reserve Banks issue shares of stock to
member banks.”
3. The third group consists of those people who consider that because
the
Chairman of the Federal Reserve Board of Governors is appointed by the
President and approved by the Senate that the Fed is firmly under
government
control and that this is sufficiently equivalent to owner****p to put them
at
ease (never mind the outright private bank control of the 12 regional
Federal
Reserve Banks). Let’s hear how the Fed itself regards such indirect
“government control” (again from the NY Fed website): The Federal Reserve
System is not "owned" by anyone and is not a private, profit-making
institution. Instead, it is an independent entity within the government,
having both public purposes and private aspects.
If you are a little uncomfortable with “your” Fed having “private
aspects,”
you are not alone. Notice also the contradiction with the other NY Fed
quote
above, which claims the citizens of the US own the Fed – here it claims no
one owns it (same website). The truth and the law is that the member banks
own and control all 12 Federal Reserve Banks. Another interesting
doublespeak
quote from the NY Fed website: Therefore, the Federal Reserve can be more
accurately described as "independent within the government.” A little
independence is a good thing, unless that independence is in reality
virtually total and the entity involved controls the nation’s money and
economy. Think about it: if the Fed is independent from the government
that
created it, then who controls it – it has no brain of its own – it is not
a
person. If it is not controlled by our government, then by whom?
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