chodpaba (OP)
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Activity: 57
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March 28, 2011, 05:08:17 PM
Last edit: March 20, 2012, 01:50:58 AM by chodpaba |
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CryptikEnigma
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March 28, 2011, 08:40:19 PM |
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There has been discussion regarding the public/private status of the U.S. Federal Reserve Bank. I am interested to learn how this idea is perceived in this community. If you think I have the question wrong please feel free to re-frame the question.
Full disclosure: I am of the personal opinion that the U.S. Federal Reserve Bank operates effectively as a privately owned bank.
It is a little bit of both. The Federal Reserve has a Board of Governors who are appointed by the president and confirmed by the Senate. However, they serve ridiculously long terms, 14 years if I recall correctly. And they make their decisions in private. They have 'congressional oversight', but basically all that means is congress gets to see the end result of their decisions. |
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MoonShadow
Legendary
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Activity: 1708
Merit: 1010
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March 28, 2011, 09:19:54 PM |
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There has been discussion regarding the public/private status of the U.S. Federal Reserve Bank. I am interested to learn how this idea is perceived in this community. If you think I have the question wrong please feel free to re-frame the question.
Full disclosure: I am of the personal opinion that the U.S. Federal Reserve Bank operates effectively as a privately owned bank.
It is a little bit of both. The Federal Reserve has a Board of Governors who are appointed by the president and confirmed by the Senate. Actually, that's a false flag. The president does appoint the board members, but can only choose them from a very short list provided by the sitting board itself. He cannot, for example, choose his favorite econ professor. As for the Senate, they can only vote yes or no; and if they vote no, then the President must go back to that same list. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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CryptikEnigma
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March 28, 2011, 10:15:42 PM
Last edit: March 28, 2011, 10:25:56 PM by CryptikEnigma |
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There has been discussion regarding the public/private status of the U.S. Federal Reserve Bank. I am interested to learn how this idea is perceived in this community. If you think I have the question wrong please feel free to re-frame the question.
Full disclosure: I am of the personal opinion that the U.S. Federal Reserve Bank operates effectively as a privately owned bank.
It is a little bit of both. The Federal Reserve has a Board of Governors who are appointed by the president and confirmed by the Senate. Actually, that's a false flag. The president does appoint the board members, but can only choose them from a very short list provided by the sitting board itself. He cannot, for example, choose his favorite econ professor. As for the Senate, they can only vote yes or no; and if they vote no, then the President must go back to that same list. What is your source on that claim? Also, that brings up the question, who decides who is on the list? |
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CryptikEnigma
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March 28, 2011, 10:25:35 PM |
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There has been discussion regarding the public/private status of the U.S. Federal Reserve Bank. I am interested to learn how this idea is perceived in this community. If you think I have the question wrong please feel free to re-frame the question.
Full disclosure: I am of the personal opinion that the U.S. Federal Reserve Bank operates effectively as a privately owned bank.
It is a little bit of both. The Federal Reserve has a Board of Governors who are appointed by the president and confirmed by the Senate. However, they serve ridiculously long terms, 14 years if I recall correctly. And they make their decisions in private. They have 'congressional oversight', but basically all that means is congress gets to see the end result of their decisions. So, in this respect the Federal Reserve (the Fed) is like the United States Postal Service, in that it is managed by a Board of Governors appointed by the President and confirmed by Congress, yet none of the employees work for the federal government. Yet, to keep the United States Postal Service accountable to the public we have the Postal Regulatory Commission. The Federal Reserve has no parallel public accountability. <B>The Government Accountability Office does limited audits of Federal Reserve System banks but is not allowed access to review the actions of the Fed's internal Federal Open Market Committee (FOMC), or the Fed's interactions with other central banks or foreign governments. This is strange since it is actually the FOMC that sets monetary policy... There is no public accountability for this central responsibility of the Federal Reserve.</B> Correct. The Federal Reserve has never had a full congressional audit. And the GAO audits are pathetic and mostly useless. |
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Jered Kenna (TradeHill)
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March 28, 2011, 11:50:00 PM |
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I wouldn't think a public bank would have to take an appeal on an information request all the way to the supreme court.
I'm assuming if it's the government (public) then the records would be public and handed over without a fight.
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moneyandtech.com
@moneyandtech @jeredkenna
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CryptikEnigma
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March 28, 2011, 11:52:28 PM |
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I wouldn't think a public bank would have to take an appeal on an information request all the way to the supreme court.
I'm assuming if it's the government (public) then the records would be public and handed over without a fight.
You'd think so...but no, not really. The Obama administration has blocked more Freedom Of Information requests than the Bush administration, believe it or not. |
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MoonShadow
Legendary
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Activity: 1708
Merit: 1010
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March 28, 2011, 11:52:47 PM |
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There has been discussion regarding the public/private status of the U.S. Federal Reserve Bank. I am interested to learn how this idea is perceived in this community. If you think I have the question wrong please feel free to re-frame the question.
Full disclosure: I am of the personal opinion that the U.S. Federal Reserve Bank operates effectively as a privately owned bank.
It is a little bit of both. The Federal Reserve has a Board of Governors who are appointed by the president and confirmed by the Senate. Actually, that's a false flag. The president does appoint the board members, but can only choose them from a very short list provided by the sitting board itself. He cannot, for example, choose his favorite econ professor. As for the Senate, they can only vote yes or no; and if they vote no, then the President must go back to that same list. What is your source on that claim? Also, that brings up the question, who decides who is on the list? From the Fed's own site... "As stipulated in the Banking Act of 1935, the Chairman and Vice Chairman of the Board are chosen by the President from among the sitting Governors (emphasis mine) and must be confirmed by the Senate. They serve terms of four years and may be reappointed as Chairman or Vice Chairman until their terms as Governors expire. The Chairman serves as public spokesperson and representative of the Board and manager of the Board's staff and presides at Board meetings. Affirming the apolitical nature of the Board, recent Presidents representing both major political parties have selected the same person as Board Chairman." http://www.federalreserve.gov/generalinfo/faq/faqbog.htmGranted, it's all kind of circular. The sitting president can appoint board members from within the Federal Reserve structure itself, but the law of averages says that no sitting president can ever appoint a majority of board members until late in a second term. So no president can ever 'pack' the board, which has it's value, but it also means that the board is functionally unaccountable to the president or the senate. Also, who decides who works for the fed? The banks that are members of the federal reserve system do, not the president. It's next to impossible to find any documentation about the "from within our own ranks" rule explicitly stated, but there has never been an appointment to the board from outside of the federal reserve system itself since initial board appointed in 1914. Here is the list... http://www.federalreserve.gov/bios/boardmembership.htmIf you can find an exception after 1928, feel free to shoot me down. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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Jered Kenna (TradeHill)
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March 28, 2011, 11:58:07 PM |
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I wouldn't think a public bank would have to take an appeal on an information request all the way to the supreme court.
I'm assuming if it's the government (public) then the records would be public and handed over without a fight.
You'd think so...but no, not really. The Obama administration has blocked more Freedom Of Information requests than the Bush administration, believe it or not. Doesn't surprise me at all. I'm glad I didn't fall for any hope and change. I could see the same coming a mile off. I would have liked it to work out but I'm not surprised. Transparency CSPAN healthcare debates End the wars No lobbyists in the WH Shut down Guantanamo Repeal DADT End the patriot act ... it goes on Basically everything I was hoping (not expecting) him to do Sure... he did a few things, nothing that significant to me. |
moneyandtech.com
@moneyandtech @jeredkenna
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Distribution
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March 29, 2011, 12:35:39 AM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
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Jered Kenna (TradeHill)
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March 29, 2011, 12:59:40 AM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
I'd be interested and a few others might as well. If you feel like posting it or hosting it somewhere that's cool if not I can just PM you an email address. |
moneyandtech.com
@moneyandtech @jeredkenna
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Distribution
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March 29, 2011, 01:04:07 AM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
I'd be interested and a few others might as well. If you feel like posting it or hosting it somewhere that's cool if not I can just PM you an email address. If I can figure out how to get files with Filezilla onto Atlas's ftp, I'll put it on there. |
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Jered Kenna (TradeHill)
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March 29, 2011, 01:50:43 AM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
I'd be interested and a few others might as well. If you feel like posting it or hosting it somewhere that's cool if not I can just PM you an email address. If I can figure out how to get files with Filezilla onto Atlas's ftp, I'll put it on there. Sounds good, if you can't I might be able to do it for you. Either way let me know. |
moneyandtech.com
@moneyandtech @jeredkenna
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Distribution
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March 29, 2011, 02:15:29 AM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
I'd be interested and a few others might as well. If you feel like posting it or hosting it somewhere that's cool if not I can just PM you an email address. If I can figure out how to get files with Filezilla onto Atlas's ftp, I'll put it on there. Sounds good, if you can't I might be able to do it for you. Either way let me know. It's in the queue, I'm putting it in the technology directory. You'll have to invent a script, but you can get a good idea of the argument and flow that I used. |
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Jered Kenna (TradeHill)
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March 29, 2011, 02:32:22 AM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
I'd be interested and a few others might as well. If you feel like posting it or hosting it somewhere that's cool if not I can just PM you an email address. If I can figure out how to get files with Filezilla onto Atlas's ftp, I'll put it on there. Sounds good, if you can't I might be able to do it for you. Either way let me know. It's in the queue, I'm putting it in the technology directory. You'll have to invent a script, but you can get a good idea of the argument and flow that I used. Cool man, I'll check it out tomorrow, thanks. |
moneyandtech.com
@moneyandtech @jeredkenna
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Jered Kenna (TradeHill)
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March 29, 2011, 02:33:11 PM |
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Federal Reserve, such an interesting name when there is nothing federal and they reportedly have no reserves. It's like someone's modus operandi is to give names which are directly opposite to the truth.
Maybe it can be exploited somehow. Like opening a company and call it "Public Loss Inc". All the masons will immediately realise that there is lots of "private profit" to be had and invest loads of money right away. Bad example, double negative makes it confusing. Ohh.. better idea of a name for a money laundering organisation "Federal Accountability Fund" lol
Oh, not only that... Federal Open Market Committee... Ha! Yeah makes you wonder if they sit around laughing while they think the names up to see what they can get away with. |
moneyandtech.com
@moneyandtech @jeredkenna
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Atlas_
Newbie
Offline
Activity: 56
Merit: 0
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March 29, 2011, 03:15:32 PM |
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Heh, it looks like I have to change the permissions on that as well.
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Distribution
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March 29, 2011, 05:15:56 PM |
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Not to mention that the New York Fed gets a permanent vote in FOMC, whereas all the other Fed chairmen are rotated in and out. A surprising fact that I learned the other day: The New York Fed is the largest repository of gold on Earth, holding about 10% of the world's gold.
Also, if anyone is in school and needs a PowerPoint on the Fed (or if you're not in school and just want it) let me know, I made one a couple years ago that got a really strong response from my class.
I'd be interested and a few others might as well. If you feel like posting it or hosting it somewhere that's cool if not I can just PM you an email address. If I can figure out how to get files with Filezilla onto Atlas's ftp, I'll put it on there. Sounds good, if you can't I might be able to do it for you. Either way let me know. It's in the queue, I'm putting it in the technology directory. You'll have to invent a script, but you can get a good idea of the argument and flow that I used. How about if I just extract the images and post it here? Go ahead. It's in the survival directory still I believe. |
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CryptikEnigma
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March 29, 2011, 09:07:20 PM |
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Federal Reserve, such an interesting name when there is nothing federal and they reportedly have no reserves. It's like someone's modus operandi is to give names which are directly opposite to the truth.
Maybe it can be exploited somehow. Like opening a company and call it "Public Loss Inc". All the masons will immediately realise that there is lots of "private profit" to be had and invest loads of money right away. Bad example, double negative makes it confusing. Ohh.. better idea of a name for a money laundering organisation "Federal Accountability Fund" lol
Oh, not only that... Federal Open Market Committee... Ha! Yeah makes you wonder if they sit around laughing while they think the names up to see what they can get away with.  |
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