The official site says:
“The Federal Reserve System is not “owned” by anyone. Although parts of the Federal Reserve System share some characteristics with private-sector entities, the Federal Reserve was established to serve the public interest…”
Apparently this is a misquote:
“It is perhaps well enough that the people of the Nation do not know or understand our banking and monetary system, for if they did I believe there would be a revolution before tomorrow morning.”
Also misattributed:
"“Let us control the money of a country and we care not who makes its laws.”
Hi, catweasel1 ! Money is an extremely interesting topic. I strongly advise you to follow the suggestion given to familiarize yourself with the real issues. Most scholarly opinions will not support conspiracy theories, but even if you are convinced that your conspiracy theories are correct you need to fight your own ignorance and learn the basics — even if that means reading scholars who don’t agree with you. Once you have knowledge, if you’re still convinced that U.S. money is some Illuminati fraud, then you’ll be able to argue from a position of knowledge. As is, knowledge is wholly lacking.
Give us a clue. Do you think that website is dodgy or not?
It sounds like you do not want to read books or websites unless they agree with your conspiracy theories. Is that the path to objective understanding?
As for Kennedy’s mysterious “four billion dollars of this currency,” I really wonder how this gibberish became an Internet meme. Let me fill you on some simple facts; then tell us how this relates to your conspiracy theories.
For a while, the U.S. used bi-metal money. Both gold and silver were legal tender, and for some decades the U.S. Treasury stood ready to trade 15 ounces of silver for one ounce of gold or vice versa. Interesting? Maybe. Good or bad? It was a major political controversy for a long while in the U.S. (The obvious flaw is: What happens when the ratio of market prices between gold and silver differs from the statutory ratio?) But is the use of two metals instead of one a sign of the Devil’s involvement? Or the Illuminati’s? We’ll need a cite for that.
By 1963, the U.S. was almost completely off the silver standard. But silver coins were still being minted and silver certificates where still being issued. If you’re old enough you’ll recall that this eventually led to a “Gresham’s Law” situation where silver certificates were being hoarded, and presented to the Treasury for reimbursement in silver. Kennedy, on the advice of “wise men,” wanted to stop minting silver coins and issuing these silver certificates. Does this make sense? Even if you think money should be backed by a precious metal, the divergence between gold and silver prices was NOT conducive to monetary stability. Google Gresham’s Law if you need to.
The actual Executive Order 11110 which conspiracy theorists point to was just a technical detail associated with eliminating the last vestiges of silver money. Again, no Rothschilds were involved.
Now that you know a little more, re-address the reasons for JFK assassination in a less ignorant light.
If you decide whether or not to read a book on the basis of whether or not reviews show it conforms to your pre-existing (mis?)conceptions about a subject, that’s a pretty poor decision-making process. How in that case do you ever learn to overcome challenges to what you think/believe?
The book was suggested not for the author’s viewpoint on the necessity (or not) of the Federal Reserve, but for the purpose of educating you as to the basic economic principles (and political issues) that led to its formation. The formation of the Federal Reserve was very controversial in its day; it took a LOT of personal persuasion by President Wilson and the various proponents of the legislation to get it passed. You would be much better able to form an opinion regarding various theories about the Fed if you had the information the book contains under your belt.
I should add that any supposed nostalgia for the “Gold Standard” is pure Gaelic propaganda. Prior to the Fed the worth of a dollar was tied to a friendly hug which, back in those days, we valued very much.
I don’t believe in the “illuminati”, but I was open to the possibility that bankers were connected to the assassinations…
Yes it is - for a start it promotes the 9/11 conspiracy theories.
I was reading the Amazon website for the book! It’s just that I have trouble reading books - there is already a list of books I’d like to read eventually and I don’t want to order the book and have to read 368 pages… I looked through the editorial reviews though.
Ok thanks - like I’ve mentioned I’ve also found that some of the banker related quotes (Rothschild and Henry Ford) weren’t accurate.
Well I did admit that the Reserve Bank of Australia seems like a good idea… though that is owned by the Commonwealth of Australia - whatever that means.
I did quote “The Federal Reserve is one of the most controversial government organizations. Many fear its powers; fewer actually understand them.” which could apply to me…
So I’m wondering who owns the Federal Reserve? Is it “no one” like their official site says or are conspiracy sites correct that private bankers own it in some way?
The Fed is neither fish nor fowl. It’s not public but it’s not exactly private either.
Strictly speaking, the Federal Reserve System consists of 12 regional banks owned by the private banks that belong to them. But the leadership of the Fed is appointed by the President.
The Fed was the idea of JP Morgan, who was exasperated by recurring “panics” that regularly led to bank runs and bank collapses. Morgan wanted a place banks could turn to for funds in an emergency. Prior to the Great Depression, the Fed didn’t control the money supply. Since 1933, it has.
Historically, the banks which served as “central banks” were generally privately owned, but by now I think most of the world’s major central banks are owned by governments. The idea that private banks own the Fed is a legal fiction — these private banks have no vote at the Fed and do not share in its profits or losses. If you come across a webpage that pretends this legal fiction has any relevance, you can be sure you’re reading ignorant crackpots.
[QUOTE=a professor quoted at Wikipedia]
… the “ownership” of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank “profits.” … Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates.
[/QUOTE]
There are real abuses in America’s (and the world’s) financial systems that should be addressed. However the real problems have nothing whatsoever to so with the “problems” touted on the crazy YouTube channels.
ETA: Rereading this I see that “symbolic ownership … superficial” is just the wording that will give an ignorant person hoping for a conspiracy food for “thought.” Sigh.
First, it probably isn’t a coincidence that the conspiracy buffs concentrate their fire on banks associated with Jews. That alone undermines any credibility they might have.
Second, Abraham Lincoln was NOT murdered for taking the US off the gold standard. Greenbacks were a temporary measure, and Lincoln would have restored the gold standard soon enough. MANY countries have abandoned gold during wars and assorted crises, only to return to the gold standard when the crisis had subsided.
Right, but that just points out the idiocy of the gold bugs. Oh, you want paper money backed by gold? And who promises to honor that promise? The government. And as we see from history, the first thing governments did when there was a war or crisis was to suspend payments of gold for their paper money.
Before we can really get into whether the Federal Rerserve is a good idea or an Illuminati plot, we have to figure out:
What the heck is this “money” stuff anyway? What’s it for? Where does it come from? Who controls it? How can I get more of it? Do you have some you want to give to me?
So…let’s imagine the Jews control the Federal Reserve, and thus control the nation’s money. What exactly would that mean? Why would it be a bad thing, if it were true? And what would be a better system than this Jew-controlled money, and why?
Bottom line, as Milton Friedman pointed out: both paper money AND gold have value for just one reason- people BELIEVE they do.
There are reasonable arguments for having money backed by some commodity, but why gold? What’s magical about it? Apart from being pretty, what’s it good for? At least silver is an excellent conductor of electricity. But gold is valuable because, what, it’s shiny?
I am laughing at the idea of Roger Lowenstein, Jewish son of Jewish Wall Street shit-thrower Louis Lowenstein being an “antisemitic” conspiracy stooge of the Federal Reserve.
Damn, people, this is the Straight Dope. Do better than that, especially here in GD.
Let me fill you on some simple facts; then tell us how this relates to your conspiracy theories.
