Home > Bankzaken > De Federal Reserve System is géén overheidsorgaan! It’s A Privately Owned Cartel of Powerful Banks Protected By Law

De Federal Reserve System is géén overheidsorgaan! It’s A Privately Owned Cartel of Powerful Banks Protected By Law

It’s commonly but falsely believed the Federal Reserve System is a function of government and subject to its control. False. It’s often referred to as a quasi-governmental, decentralized central bank, but that’s just cover to disguise what, in fact, it really is: a privately held and operated cartel made to look like the government is in charge. The fact that it’s headquartered in Washington in the formidable and impressive-looking Eccles building (named after a former Fed chairman) is just part of the clever subterfuge. Here’s how it works:

The Fed is composed of a Board of Governors in Washington and 12 regional banks in major cities throughout the country (including in my own city of Chicago where anyone once but no longer could walk up to a teller’s window and buy US Treasury securities). The system also includes many and various member banks including all national banks that are required to be part of the system. Other banks were also allowed to join and many did. The Federal Reserve began operating in November, 1914, almost one year after the Congressional act creating the system the previous year as explained above. It was mandated by law to have the greatest power of any institution in the country – the power to create and control the nation’s money supply.

The Federal Reserve Act of 1913 (the law of the land) stipulates that the Federal Reserve Banks of each region are owned by the member banks in it. These Fed banks are privately owned corporations that make a great effort to hide the fact that they, in fact, own what the public largely thinks is part of the public treasury and government. It’s easy to think that as Fed chairmen and seven of the twelve Governors are appointed by the President and approved by the Senate. As such, the FRB is a sort of quasi-government entity, but the fact is the System is a privately owned for profit enterprise just like any other business. It has stockholders like other public corporations that are paid 6% risk free interest every year on their equity holdings. The public doesn’t know this, and it likely wouldn’t be good PR if it found out. People might be even more upset if they learned some of the owners of our Federal Reserve are powerful foreign investors in the UK, France, Germany, The Netherlands and Italy. They’re partners with giant US banks like JP Morgan Chase and Citibank as well as powerful Wall Street firms like Goldman Sachs in a new world order banking cartel that influences and affects business activity everywhere and our lives.

The issue of private ownership of the Federal Reserve Banks has been challenged several times in the federal courts to no avail. Each time the courts upheld the current system under which each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. One such case was Lewis v. United States that was decided by the 9th Circuit Court of Appeals that ruled the Reserve Banks are independent, privately owned and locally controlled corporations.

* Bron: http://www.globalresearch.ca/index.php?context=va&aid=2712

* Boek: The US Federal Reserve Bank: Dirty Secrets of the Temple by Stephen Lendman

 

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