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Author Topic: "Good news" about the Federal Reserve  (Read 1455 times)
epii
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April 08, 2011, 05:36:29 PM
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There has been some debate here about whether the Federal Reserve is a public or private institution.  Caught an interesting factum while watching CNN today: while talking about the consequences of a government shutdown*, the news host said the "good news" is that such a shutdown would not affect the Federal Reserve, so we can rest assured that "money will keep flowing" in the economy.  Yay...

* - for those who haven't been keeping up on US politics, unresolved debates over the budget have brought the government to within a few hours of ceasing all nonessential services and suspending pay to government employees

Vires In Numeris.
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BitterTea
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April 08, 2011, 06:16:27 PM
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Any idea how the government defines "essential services"? That would be quite interesting, IMO.
epii
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April 08, 2011, 06:24:02 PM
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Any idea how the government defines "essential services"? That would be quite interesting, IMO.
No idea who makes the call, but from what I've heard it sounds pretty arbitrary.

Mostly the impression I get is that any agency or service that does not deal with emergencies (e.g. preventative health, tourism, etc.) will be shut down, and any office that does deal with emergencies will only keep enough people on hand to "pick up the phone" if one happens.

Vires In Numeris.
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April 08, 2011, 06:50:46 PM
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There are exactly two positions within the Federal Reserve that are paid for by the government.  Needless to say, those two positions are not essential for even the functions of the Federal Reserve, much less the nation as a whole.  The only way that the Federal Reserve shuts down is if Congress votes to end their charter.

"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'
barbarousrelic
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April 08, 2011, 07:01:24 PM
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Whether the Fed is privately or publicly owned is not really important. The important question is who controls it.

The Federal Reserve is controlled partially by the federal government (appoints Chairman and Board of Governors) and partially by the private member banks, which appoint class A and B Board Members of regional Federal Reserve Banks. Class C Board Members of the regional Federal Reserve Banks are appointed by the Board of Governors.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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April 08, 2011, 07:03:29 PM
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It is controlled partially by the federal government (appoints Chairman and Board of Governors)

My understanding is that the list of possible choices for Chairman and Board of Governors is quite short, so it's not like the president (I think) could really pick someone new, of their choosing.
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April 08, 2011, 07:30:52 PM
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It is controlled partially by the federal government (appoints Chairman and Board of Governors)

My understanding is that the list of possible choices for Chairman and Board of Governors is quite short, so it's not like the president (I think) could really pick someone new, of their choosing.

Correct, the pool of appointees for the board of governors is limited to employees of the Federal Reserve, or high ranking employees of member banks.

"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'
barbarousrelic
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April 08, 2011, 07:52:58 PM
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Correct, the pool of appointees for the board of governors is limited to employees of the Federal Reserve, or high ranking employees of member banks.
Do you have a link about this?

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
MoonShadow
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April 08, 2011, 08:18:07 PM
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Correct, the pool of appointees for the board of governors is limited to employees of the Federal Reserve, or high ranking employees of member banks.
Do you have a link about this?

Not handy, but I'll try to find it again later. 

"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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