Prnewsnow Reach the World NOW

↑ Grab this Headline Animator

The Federal Reserve It is Not federal Does Not Have Any Reserves



It was Col. House who hand-picked the first Federal Reserve Board in 1912. He named Benjamin Strong as its first Chairman. In 1914, Paul M. Warburg quit his $500,000 a year job at Kuhn, Loeb and Co. to be on the Board, later resigning in 1918 during World War I because of his German connections.



The Banking Act of 1935 amended the Federal Reserve Act, changing its name to the Federal Reserve System, and reorganizing it in respect to the number of directors and length of term. Headed by a seven member Board of Governors appointed by the President and confirmed by the Senate for a 14 year term, the Board acts as an overseer to the nation'ss money supply and banking system.



The Board of Governors, the President of the Federal Reserve Bank of New York, and four other Reserve Bank Presidents who serve on a rotating basis make up the Federal Open Market Committee. This group decides whether or not to buy and sell government securities on the open market. The Government buys and sells government securities, mostly through 21 Wall Street bond dealers, to create reserves to make the money needed to run the government. The Committee also determines the supply of money available to the nation'ss banks and consumers.



There are twelve Federal Reserve Banks in twelve districts: Boston (MA), Cleveland (OH), New York (NY), Philadelphia (PA), Richmond (VA), Atlanta (GA), Chicago (IL), St. Louis (MO), Minneapolis (MN), Kansas City (KS), San Francisco (CA), and Dallas (TX). The twelve regional banks were set up so that the people wouldn'st think that the Federal Reserve was controlled from New York. Each of the Banks has nine men on [its Board of Directors; six are elected by member Banks, and three are appointed by the Board of Governors.



They have 25 branch Banks, and many member Banks. All Federal Banks are members and four out of every ten commercial banks are members. In whole, the Federal Reserve System controls about 70% of the country'ss bank deposits. Ohio Senator, Warren G. Harding, who was elected to the Presidency in 1920, said in a 1921 Congressional inquiry that the Reserve was a private banking monopoly. He said: The Federal Reserve Bank is an institution owned by the stockholding member banks. The Government has not a dollar'ss worth of stock in it. His term was cut short in 1923 when he mysteriously died, leading to rumors that he was poisoned. This claim was never substantiated because his wife would not allow an autopsy.



Three years after the initiation of the Federal Reserve, Woodrow Wilson said: The growth of the nation and all our activities are in the hands of a few men We have come to be one of the worst ruled; one of the most completely controlled and dominated governments in the civilized world no longer a government of free opinion, no longer a government by conviction and the free vote of the majority, but a government by the opinion and duress of a small group of dominant men.



In 1919, John Maynard Keynes, later an advisor to Franklin D. Roosevelt, wrote in his book The Economic Consequences of Peace: Lenin is to have declared that the best way to destroy the capitalist system was to debauch the currency By a continuing process of inflation, governments can confiscate secretly and unobserved, an important part of the wealth of their citizens As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless



Congressman Charles August Lindbergh, Sr., father of the historic aviator, said on the floor of the Congress: This Act establishes the most gigantic trust on Earth When the President signs this Act, the invisible government by the Money Power, proven to exist by the Money Trust investigation, will be legalized This is the Aldrich Bill in disguise The new law will create inflation whenever the Trusts want inflation From now on, depressions will be scientifically created The worst legislative crime of the ages is perpetrated by this banking and currency bill.



On June 10, 1932, Louis T. McFadden, said in an address to the Congress: We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers The Federal Reserve Banks are the agents of the foreign central banks In that dark crew of financial pirates, there are those who would cut a man'ss throat to get a dollar out of his pocket



Every effort has been made by the Federal Reserve Board to conceal its powers, but the truth is the Fed has usurped the government. It controls everything here (in Congress) and controls all our foreign relations. It makes and breaks governments at will When the Fed was passed, the people of the United States did not perceive that a world system was being set up here A super-state controlled by international bankers, and international industrialists acting together to enslave the world for their own pleasure!



This release is continued at http://www.apfn.org/apfn/reserve2.htm






Prnewsnow Reach the World NOW

↑ Grab this Headline Animator

This article has been robotically scanned and tagged by Prnewsnow with the following search tags. No human manipulation of these tags take place.
| Dello | Dello Russo | joseph dello russo |




Last 1000 Articles Submitted XML FEEDS FOR ORGANIZED NEWS