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There is no monopoly on the creation of currency in the US because it's not a business activity. The Fed, though technically privately owned, is effectively in

There is no monopoly on the creation of currency in the US because it's not a business activity. The Fed, though technically privately owned, is effectively independent. Yes, it's basically insane that the Fed is not a nationalized entity, but at the same time ... not much would change if the government did nationalize it, I don't think, anyhow. The power structure and decision making process would be the same.

maxerickson 10y ago
The Fed is not technically privately owned. It derives its authority from Congress. https://www.federalreserve.gov/faqs/about_14986.htm https://www.federalreserve.gov/faqs/about_14986.htm When it makes a profit, it pays a little bit of it to member banks and the rest of it to the US Government. I guess there aren't really laws about scrip in the US, but taxpayers know which money they like.
- jomamaxx 10y ago
  You are misled. The Federal reserve is 'empowered to print money' by the Government, and is not really a profit-making entity - but it is privately owned. It's a small detail, but an important one. The banks of the USA each own shares in the Fed - it's privately owned. By the way - American citizens don't have full control over it. There is no 'audit' or open books. Ron Paul demanded a historical audit of the Fed - and they would only go back as far as 2004. I'm not a 'NWO conspiracist' - but the currency of the US is managed by private entities, under the oversight of Congress. If we could actually see what's on the books from 1913-2016 there would be many a skeleton.
  - maxerickson 10y ago
    Its organization is specified by statute: https://en.wikipedia.org/wiki/Federal_Reserve_Act https://en.wikipedia.org/wiki/Federal_Reserve_Act If the banks owned it, they could vote to take all the profits (instead of a small fraction). Let me know when that happens.
    - jomamaxx 10y ago
      "If the banks owned it, they could vote to take all the profits (instead of a small fraction). Let me know when that happens." You are once again misled. It's authorized by congress, but it is NOT A PART OF GOVERNMENT. Unlike in the UK, Canada - and everywhere else in the world, the US Fed is not a nationalized entity. The Fed is literally owned by banks. If you founded a bank in America, you would actually be forced to buy a share in it. The banks don't 'vote to take all the profits' because the operating requirements are established by mandate from the government, and there is oversight. FYI the Fed does make a tiny profit. And this from the US 9th circuit court: "the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." Here it is from the Fed of St. Louis: https://www.stlouisfed.org/in-plain-english/who-owns-the-federal-reserve-banks https://www.stlouisfed.org/in-plain-english/who-owns-the-fed... "While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also appoint six of the nine members of each Bank's board of directors. " It is a highly controversial issue.
      - maxerickson 10y ago
        $100.2 billion tiny dollars in 2015. $97.7 billion of which was paid to US gov. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also appoint six of the nine members of each Bank's board of directors. This is not ownership. It is membership. Membership that is required by law.
        jomamaxx 10y ago
        It's a privately held corporation, point blank. It is not a nationalized entity, nor a part of government. It's right there in writing. There's also no reason that the US Fed should not be nationalized as it is in ever other nation.

maxerickson 10y ago

The Fed is not technically privately owned. It derives its authority from Congress. https://www.federalreserve.gov/faqs/about_14986.htm https://www.federalreserve.gov/faqs/about_14986.htm When it makes a profit, it pays a little bit of it to member banks and the rest of it to the US Government. I guess there aren't really laws about scrip in the US, but taxpayers know which money they like.

jomamaxx 10y ago
You are misled. The Federal reserve is 'empowered to print money' by the Government, and is not really a profit-making entity - but it is privately owned. It's a small detail, but an important one. The banks of the USA each own shares in the Fed - it's privately owned. By the way - American citizens don't have full control over it. There is no 'audit' or open books. Ron Paul demanded a historical audit of the Fed - and they would only go back as far as 2004. I'm not a 'NWO conspiracist' - but the currency of the US is managed by private entities, under the oversight of Congress. If we could actually see what's on the books from 1913-2016 there would be many a skeleton.
- maxerickson 10y ago
  Its organization is specified by statute: https://en.wikipedia.org/wiki/Federal_Reserve_Act https://en.wikipedia.org/wiki/Federal_Reserve_Act If the banks owned it, they could vote to take all the profits (instead of a small fraction). Let me know when that happens.
  - jomamaxx 10y ago
    "If the banks owned it, they could vote to take all the profits (instead of a small fraction). Let me know when that happens." You are once again misled. It's authorized by congress, but it is NOT A PART OF GOVERNMENT. Unlike in the UK, Canada - and everywhere else in the world, the US Fed is not a nationalized entity. The Fed is literally owned by banks. If you founded a bank in America, you would actually be forced to buy a share in it. The banks don't 'vote to take all the profits' because the operating requirements are established by mandate from the government, and there is oversight. FYI the Fed does make a tiny profit. And this from the US 9th circuit court: "the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." Here it is from the Fed of St. Louis: https://www.stlouisfed.org/in-plain-english/who-owns-the-federal-reserve-banks https://www.stlouisfed.org/in-plain-english/who-owns-the-fed... "While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also appoint six of the nine members of each Bank's board of directors. " It is a highly controversial issue.
    - maxerickson 10y ago
      $100.2 billion tiny dollars in 2015. $97.7 billion of which was paid to US gov. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also appoint six of the nine members of each Bank's board of directors. This is not ownership. It is membership. Membership that is required by law.
      - jomamaxx 10y ago
        It's a privately held corporation, point blank. It is not a nationalized entity, nor a part of government. It's right there in writing. There's also no reason that the US Fed should not be nationalized as it is in ever other nation.