The Federal Reserve Banks: Combined Financial Statements as of and for the Years Ended December 31, 2012 and 2011 and Independent Auditors' Report.
p 10/65 - 1. Structure. "...the Reserve Banks are chartered by the federal government..."
Meaning what? So are all corporations, as DS said. That doesn't address who owns them - although the 1913 Act does (from USC): http://www.law.cornell.edu/uscode/text/12/226
http://www.law.cornell.edu/uscode/text/12/222
--"Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System ***by subscribing and paying for stock in the Federal Reserve bank of its district***..."
"In addition to the 12 Reserve Banks, the System also consists, in part, of the Board of Governors and the Federal Open Market Committee (FOMC). The Board of Governors, an independent federal agency,..."
So material whether in their own right and/or as representatives of shadow directors are the:
-- identity and influence of directors of Reserve Banks;
-- identity and influence of directors of member (stockholder) institutions of Reserve Banks;
-- (far more so) identity and influence of members of the Board of Governors;
-- (and again) identity and influence of members of the Federal Open Market Committee.
This influence is addressed here:
HoR Staff Report 1976:
http://adabyron.net/FederalReserveDirectors.pdf FEDERAL RESERVE DIRECTORS: A STUDY OF CORPORATE AND BANKING INFLUENCE; STAFF REPORT FOR THE COMMITTEE ON BANKING, CURRENCY AND HOUSING
HOUSE OF REPRESENTATIVES 94th Congress. Second Session August 1976
"It is clearly evident, again, that the; Federal Reserve System is dominated by a very small universe of private institutions."
Clark & Campbell: The Federal Reserve Monster (1922) http://archive.org/details/federalreservemo00clarrich
Explains the economics of the system and how it was constructed and named the way it was in order to evade the idea of the creation of a new "Central Bank".
So Herbert Hoover was a minion of "The Rothschilds"? Does this opinion tally with James Bacque's account in "Crimes and Mercies" (1997) :
"In the Spring of 1945, Herbert Hoover stood aloof from the many people in Washington who were imposing starvation on Germany." p143. See Chapter VII: "The Victory of the Merciful".
Not being a US person this is of limited interest for me so I'll leave anyone
ReplyDeletereading this to check it out themselves - if they can be bothered.
@42'44.99 - DS witheringly objects to JE's reference to "privately owned" Reserve Banks.
"They're chartered by Congress" she says.
This part of the deconstruction of internet lore sounds quite wrong. JE answered
DS's concern correctly.
http://www.federalreserve.gov/monetarypolicy/files/BSTcombinedfinstmt2012.pdf
The Federal Reserve Banks: Combined Financial Statements as of and for the Years
Ended December 31, 2012 and 2011 and Independent Auditors' Report.
p 10/65 - 1. Structure.
"...the Reserve Banks are chartered by the federal government..."
Meaning what? So are all corporations, as DS said. That doesn't address who
owns them - although the 1913 Act does (from USC):
http://www.law.cornell.edu/uscode/text/12/226
http://www.law.cornell.edu/uscode/text/12/222
--"Every national bank in any State shall, upon commencing business or within ninety
days after admission into the Union of the State in which it is located, become a
member bank of the Federal Reserve System ***by subscribing and paying for stock
in the Federal Reserve bank of its district***..."
http://www.law.cornell.edu/uscode/text/12/chapter-3/subchapter-VI
-- subscription of stock; the public may subscribe limited non-voting stock.
So it is technically wrong to say there is no public stock holding.
http://www.law.cornell.edu/uscode/text/12/chapter-3/subchapter-VII
--directors of Federal Reserve Banks.
"In addition to the 12 Reserve Banks, the System also consists, in part, of the Board
of Governors and the Federal Open Market Committee (FOMC). The Board of
Governors, an independent federal agency,..."
So material whether in their own right and/or as representatives of shadow directors
are the:
-- identity and influence of directors of Reserve Banks;
-- identity and influence of directors of member (stockholder) institutions of Reserve
Banks;
-- (far more so) identity and influence of members of the Board of Governors;
-- (and again) identity and influence of members of the Federal Open Market
Committee.
This influence is addressed here:
HoR Staff Report 1976:
http://adabyron.net/FederalReserveDirectors.pdf
FEDERAL RESERVE DIRECTORS: A STUDY OF CORPORATE AND BANKING
INFLUENCE; STAFF REPORT FOR THE COMMITTEE ON BANKING, CURRENCY AND
HOUSING
HOUSE OF REPRESENTATIVES
94th Congress. Second Session
August 1976
"It is clearly evident, again, that the; Federal Reserve System is dominated by a very
small universe of private institutions."
Clark & Campbell: The Federal Reserve Monster (1922)
http://archive.org/details/federalreservemo00clarrich
Explains the economics of the system and how it was constructed and named the
way it was in order to evade the idea of the creation of a new "Central Bank".
So Herbert Hoover was a minion of "The Rothschilds"? Does this opinion tally with
James Bacque's account in "Crimes and Mercies" (1997) :
"In the Spring of 1945, Herbert Hoover stood aloof from the many people in
Washington who were imposing starvation on Germany." p143. See Chapter VII:
"The Victory of the Merciful".