mpower

The Worst Case Scenario (Someone Has to Say It)

"The Federal Reserve is not a private bank." False. The Fed is private. Multiple attempts (by Congress & private citizens) to discover the ownership hierarchy of the Fed have been blocked/ignored. The Fed is NOT a public or federal entity.


"(The Fed is) a bank created by federal law and designed for independence in it's action. There are 12 member banks that take care of Federal Reserve responsibilities in designated sections of the country." True, except it does not consist of 'member' banks, just 12 branches of the same, PRIVATE bank.

"It is audited regularly and monitored by Congress." False. The Federal Reserve has not been audited for some decades now, and renewed attempts to perform a modern audit have been blocked by federal courts and bureaucratic resistance.

"Profits go to the federal government." False. The Fed keeps it's profits - as do all private organizations. Sans an audit or discovery of Fed ownership, we have no idea where Fed profits are distributed.

"Go to federalreserve.gov... for a start on FRB." While you're there drop them a line and ask who owns the Fed. Or perhaps ask them why the USA leases it's own currency from a private-for-profit bank. Or perhaps ask them where the profits from this currency lease agreement end up... ask for specific GAO documentation. Good luck with these questions - you will not get answers.

FRB requires transparency and honest regulation. We have neither. Our banking system (starting with the Fed) is a black box - zero transparency (why?). And regulation has failed miserably. Thus, FRB is unrealistic... we simply cannot trust ourselves to regulate our own banking system... too much greed.