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Difference between revisions of "Federal Reserve"
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== The Federal Reserve == | == The Federal Reserve == | ||
'''The [[Federal Reserve]]''', "the FED" or '''the Federal Reserve System ''' is a U.S. privately owned and arguably privately controlled quasi-govermental banking institution. | '''The [[Federal Reserve]]''', "the FED" or '''the Federal Reserve System ''' is a U.S. privately owned and arguably privately controlled quasi-govermental banking institution. | ||
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=== The Monetary Mechanism of the Federal Reserve === | === The Monetary Mechanism of the Federal Reserve === | ||
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Latest revision as of 14:02, 4 June 2007
Contents
The Federal Reserve[edit]
The Federal Reserve, "the FED" or the Federal Reserve System is a U.S. privately owned and arguably privately controlled quasi-govermental banking institution.
A few of of the representatives on it's board is admittedly appointed by the government, as well as it's Chairman, but in reality all the representatives are recommended by the private banking institutions behind it and its stocckholders and no representative recommended by them has ever been rejected by the government.
In comparison, the EU central bank (The ECB), was also set up to be "as independent of government as possible" and in reality being a seperate institution controlled by pribvate bankers and their interests.
It controls the U.S. interest rates and it's money supply, the amount of dollars in circulation in the US and world wide.
The 1913 Creation of the Federal Reserve[edit]
The Federal Reserve came into being with the passing of the Glass-Owen bill or "the Federal Reserve Act" in December 1913 by the U.S. Congress. The events surrounding the passing of the bill are obscure and debated by historians to say the least, as some sources claim that most of Congress was duped or otherwise decieved to believe the congress last session for the holidays had been closed, and many members had left congress for the holidays, thereby letting a small minority pass a highly unpopular bill that had been thrown out of congress with a large majority only a few years earlier.
The Federal Reserve was drafted in secrecy by the most powerful bankers in the United States from the early 1900's, after their artificially induced bank crash of 1907 and finalized in the "Aldrich Bill" that did not pass congress but was pushed again a couple of years later as "the Glass-Owen Bill" or "the Federal Reserve Act"
Critics of the Fed[edit]
Among the most ardent critics of "the Fed" were many people as diverse as ordinary people, U.S. Senators and people like Thomas Alva Edison.
among the best known were among others:
- Louis Thomas McFadden, famous for his opposition to the FED and speeches in congress against it.
- Charles Lindbergh Sr., also known for his vocal opposition to the Fed in congress.
- William Jennings Bryan, famous for his "Cross of Gold" speech against the gold standard and bankers
- Hon. L.J.Hill, a former member of the House,
- Mr. Crozier of Cincinnati
- Senator Henry Cabot Lodge, of Massachusetts,
- Thomas Alva Edison, inventor,
- Huey Long, U.S. senator
Historical Controversy[edit]
The Issues
