Friday, June 11, 2010

Frightening Events at the Federal Resreve during World Financial Crisis

99% of what you may read about the Federal Reserve is erroneous.

However, the following article actually reveals both the abuse of the Federal Reserve by big-government, the very serious dangerous situation we are in, and the folly of big government socialism. This will make your hair stand on end. It is so long I will not excerpt it. Click on it and read when you have some time.

Fed Manipulations in the Crosshairs

The only error I see in the article is that the regional Federal Reserve Banks are NOT privately owned, despite the huge uproar everywhere insisting that private banks own the Federal Reserve. Banks active in each region must contribute "capital" to the operation of the 12 regional banks, and they receive a certificate called a share. However, THEY DO NOT GET TO VOTE on anything about the regional bank. They are not owners. They have NO say in the operation of the regional banks.

The Federal Reserve Bank issues non-voting stock. But the laws and rules of the Federal Reserve Bank make these non-voting shares meaningless in reality. The US Government owns and controls the Federal Reserve Bank, including the 12 regional banks.

The Board of Governors of the Federal Reserve are nominated by the US President and confirmed by the US Senate. They are subject to the laws and regulations of US Federal government employees, including prohibitions on conflicts of interest.

So the hysterical propaganda you will see is false. But that does not excuse bad decisions by government bureaucrats and officials. That does not make the actions of the Federal Reserve "okay." Not by a long shot. That does not prevent the Federal Reserve from making lots of stupid and dangerous decisions. And it looks like we are in a very dangerous situation.

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