Essentially this act gave birth to/legitimized the existence of the PRIVATELY OWNED Federal Reserve, which essentially loaned money to the US government at interest.

My question is, why the heck would the congress want to do this? What good could possibly come from giving a private organisation the ability to print and loan money to a nation's government? Why not let the US treasury print the money?

people were scared shitless by the panic of 1907, and as we all know, fearful people will do whatever you tell them

Those bankers EARNED that money! If they made enough money to buy out politicians and loan money to the US, they deserve it! If you take away those bankers' control you're a communist because someone in their family worked hard and was really smart!

The panic of 1907 makes sense, but why would they wait for 5 years to present the solution? Or were they trying the entire time, and they just got things to 'line up' the right way in 1912?

http://www.youtube.com/watch?v=6M-CbRmaw_Y&feature=related

http://www.youtube.com/watch?v=6n0dhdPMjk8&feature=related

http://www.youtube.com/watch?v=jiuUoCbnvEs&feature=related

http://www.youtube.com/watch?v=81Y3gx_UMdU&feature=related

It was a criminal conspiracy.

The panic of 1907 makes sense, but why would they wait for 5 years to present the solution? Or were they trying the entire time, and they just got things to 'line up' the right way in 1912?

they were trying the entire time..remember, the bankers had been trying since the days of Andrew Jackson to get a central bank.

People in the banking industry wanted more money and had enough influence to get it passed...

It's not a conspiracy, its just a revolving door between private and public sectors which most people are unaware of...

they were trying the entire time..remember, the bankers had been trying since the days of Andrew Jackson to get a central bank.

I have heard that but i have never been told how hard they were trying. I mean were they sitting around scheming for 100 years, or were they trying to brute force a bill through congress every other year.

I have heard that but i have never been told how hard they were trying. I mean were they sitting around scheming for 100 years, or were they trying to brute force a bill through congress every other year.

up until Nicholas Biddel's failed attempt at creating the bank, that's the one Jackson killed..WOOT!, they had been using brute force. trying to getting congress to create charters and what not. But then they decided to use other methods.

Some people say that the civil war had been started by the international bankers, I personally don't believe that. I think they just saw it as an opportunity to get in the states again. So they did. After the war, their power kind of waned in the US..up until the panic of 1907. then they developed a plan and on december 23rd (or the 24th) they pushed a constitutional amendment through congress with the help of some representatives and senators...

and viola, you have the FED

Another reason we so desperately needed a man like Ron Paul who wanted to get rid of the Fed and put our currency back in the hands of the republic where it belongs.

Another reason we so desperately needed a man like Ron Paul who wanted to get rid of the Fed and put our currency back in the hands of the republic where it belongs.

He has the right goal in mind but his methods of getting there are doomed to fail...

There has to be a better system of regulation, not simply a complete disregard of regulation all together. Corruption is put in check by federal limits, not by allowing a free market. However, I know little about economics but I do know a substantial amount about sociocultural tendencies of humans and a free market would simply create a massive economic disparity which cause the system to either collapse or reform...Like it did....

I think Ron Paul's campaign was never about trying to get elected he just wanted to educate. He knows that he couldn't get rid of the fed even if we elected him.


I think what we need is more locally focused economies rather than global economies. Global economies arnt bad for some things, like computers or cars, but we should try to have strong local economies based on things we really need.

I think Ron Paul's campaign was never about trying to get elected he just wanted to educate. He knows that he couldn't get rid of the fed even if we elected him.


I think what we need is more locally focused economies rather than global economies. Global economies arnt bad for some things, like computers or cars, but we should try to have strong local economies based on things we really need.

Actually with the way things are going people might be willing to listen to him if he had actually gotten elected.

Ron Paul's focus on the gold standard is nuts though.
Fiat currency itself can work, and work a hell of a lot better then the gold standard ever did.
However the current method by which it is brought into creation is INSANE.
Something akin to a statutory authority vested with the ability to outright grant or require the forfeiture of money directly to/from the treasury, not on a lending basis but as a direct transfer out of or into thin air would be a far better idea.

OP- after enough time on totse, your mind could no longer deny the thousands of rants and raves about the federal reserve you heard, so you looked it up on wikipedia and found further conspiracy stories about it, but instead of reading them yourself, decided to simply make a thread about it.

We all know the Federal Reserve is illegal, immoral, and oppressive.

How about this: go do your own god damn research and come back when you have something worthwhile to contribute. There's a reason no one is giving you worthwhile answers to your halfwit thread.

Ron Paul's focus on the gold standard is nuts though.
Fiat currency itself can work, and work a hell of a lot better then the gold standard ever did.
However the current method by which it is brought into creation is INSANE.
Something akin to a statutory authority vested with the ability to outright grant or require the forfeiture of money directly to/from the treasury, not on a lending basis but as a direct transfer out of or into thin air would be a far better idea.

When has a fiat currency not led to insane inflation? I dont know much of anything about the fiscal policy of any other country that ours, I just know that most of them have central banks that are raping them too.

I look at it as, the paper money used to be a receipt for the gold/silver/platinum which the bank is holding for you. The metal was the actual money and the dollar only said that you had it. In a fiat currency you are led to believe that the receipt is the actual product.

I think another big idea behind the gold standard is that it has the capability to be non centralized, so a small group of people cannot change the value of the currency just because they feel like it.

When has a fiat currency not led to insane inflation?

In the United States, first and foremost. The U.S. dollar has lost over 95% of its purchasing power in the last 100 years.

In the United States, first and foremost. The U.S. dollar has lost over 95% of its purchasing power in the last 100 years.

first and foremost? NOT the US, first and foremost would be the weimar republic that ruled Germany...a la Hyperinflation

first and foremost? NOT the US, first and foremost would be the weimar republic that ruled Germany...a la Hyperinflation

very true., I didnt mean first and foremost literally, I meant heres the easiest to understand example for an average modern American.. we can even remember price increases in our lives of basic goods... even in the past year.. so its very relevant and easy to grasp, but of course hyperinflation in germany is the real shit hitting the fan situation.

I said, when has fiat currencynot led to insane inflation?

Like you said, the currency under the federal reserve in the US has clearly experienced insane inflation.

Also, I saw this post from some other forum: "The Federal Reserve is not privately owned. One might argue that the 12 regional Federal Reserve Banks are privately owned but even that is a bit of a stretch. The Federal Reserve Board of Governors is appointed by the president. The Chairman of the Fed is required to report of Congress twice a year. The profits from the Fed go into the federal Treasury. Doesn't sound like a private company to me. The Federal Reserve Board in Washington, D.C. is essentially a regulatory agency for the 12 regional banks."

Basically this guy is saying that the Federal Reserve isn't privately owned, and that the profits go into the federal treasury! Is this true?

Structure

Congress set up the Federal Reserve System to make it autonomous and to isolate it from day-to-day political pressures. For example, the members of the Board of Governors are appointed to serve 14-year terms that do not coincide with presidential terms. Key components of the Federal Reserve System are:

* The Board of Governors—Located in Washington, D.C., Board members are appointed by the U.S. President and confirmed by the U.S. Senate. Board members and staff are civil service employees.
* The 12 regional Reserve Banks—Located around the country, the 12 Federal Reserve Banks are chartered as private corporations. Employees are not civil service.
* The Federal Open Market Committee (FOMC)—Composed of the Federal Reserve Governors and the Federal Reserve Bank presidents, the FOMC is charged with conducting monetary policy.

The 12 Federal Reserve Banks operate like other businesses; each has its own board of directors that selects the Reserve Bank president and first vice president, with approval from the Board of Governors. Each Branch of a Reserve Bank has its own board of directors. A majority of these directors are appointed by the Branch’s Reserve Bank; the others are appointed by the Board of Governors.

Boards of directors of the Reserve Banks and their Branches provide the Federal Reserve System with a wealth of information on economic conditions in every corner of the nation. The information, along with other sources, is used by the FOMC and the Board of Governors when reaching decisions about monetary policy.

Key Responsibilities

While Congress establishes key objectives the Fed must follow, the Fed generally works independently of the federal government to administer its core responsibilities.

Those duties include:

* Conducting monetary policy
* Supervising and regulating banking and financial institutions
* Providing payments services to financial institutions

The 12 Federal Reserve Banks have “independent” research staffs that advise their Reserve Bank presidents on monetary policy and the economy. Each Reserve Bank also has regulatory responsibilities including the supervision and regulation of financial institutions. The Reserve Banks also handle the Federal Reserve System’s business operations—it is in this area that Reserve Banks operate more like private businesses, selling services like electronic funds transfers, check processing, and coin and currency services to financial institutions.

Funding

Congress also created the Federal Reserve System to be self-funding. The Fed earns interest on the interest-bearing government securities it holds in its portfolio and sells financial services to banks. This amount is reported each year in its annual report. The Fed’s earnings typically far exceed its expenses. However, unlike for profit corporations, the Fed distributes any profit (after costs) to the U.S. Treasury. In 2002, the Fed’s operating revenues were $26.7 billion, expenses total $2.2 billion, and $24.5 billion was paid to the treasury as “interest on Federal Reserve Notes.” The graph below displays the flow of the Fed’s annual payments to the U.S. Treasury for the past five years.

The Federal Reserve's Annual Expenses and Payments to the U.S. Treasury , 1997 to 2002

http://www.frbsf.org/education/activities/drecon/answerxml.cfm?selectedurl=/2003/0309.html

And look at the founding criminal entities.

FEDERAL RESERVE OWNERS ARE THE BANKSTERS

Can we nail down who is in this little group of powerful Federal Reserve owners?

Here’s a look into who was involved in setting up the Federal Reserve in 1913.

* Rothschild Banks of London and Berlin (Rothschild and world economy)
* Lazard Brothers Bank of Paris
* Israel Moses Sieff Banks of Italy
* Warburg Bank of Hamburg, Germany and Amsterdam
* Kuhn Loeb Bank of New York
* Lehman Brothers Bank of New York
* Goldman Sachs Bank of New York
* Chase Manhattan Bank of New York (Controlled By the Rockefeller Family Tree)

He has the right goal in mind but his methods of getting there are doomed to fail...

There has to be a better system of regulation, not simply a complete disregard of regulation all together. Corruption is put in check by federal limits, not by allowing a free market. However, I know little about economics but I do know a substantial amount about sociocultural tendencies of humans and a free market would simply create a massive economic disparity which cause the system to either collapse or reform...Like it did....

A free market involves a justice system to punish fraud, coercion, and enforce contracts. Such a system is needed for a free market to function, but regulations aside from that distort the market from equillibrium. It may be to a small degree, it may be to a large degree, but basically so long as people have any right to make business arrangements the market exists. Fuck with it, and it fucks back.