How dare anyone assume they know that something is either fact or fiction, when they know less than one six-billionth of all the information there is to know in this world. The arrogance of man (and woman) is breathtaking.
The most successful people in the world (in any area) realise that they can’t possibly know everything, and this is why they are successful.
Steven Covey said it best,
“It shows, first of all, how powerfully conditioning affects our perceptions, our paradigms. If ten seconds can have that kind of impact on the way we see things, what about the conditioning of a lifetime?”C ya
RedTim (22 posts too many)
Wayne L…the group of banks that control (but don’t own) the Fed are essenatilly the reserve banks of the various US districts which in turn are owned by the Goverment. Anything else you hear is pure rubbish being pedalled by morons (see below)
Redtim: your comments aren’t even worth answering.
Originally posted by Nat R:Wayne L…the group of banks that control (but don’t own) the Fed are essenatilly the reserve banks of the various US districts which in turn are owned by the Goverment. Anything else you hear is pure rubbish being pedalled by morons (see below)
Redtim: your comments aren’t even worth answering.
This is something I’d like to clear up. Do you have any links to support what you say?
Meanwhile, I’ll do some more research as well and see what I can find.
Cheers
This is sooooooo funny!!!!!!!!!!
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteGetting to the bottom of this is actually quite difficult as the Fed is a private corporation as are the various district reserves, and not subject to the reporting of major shareholders like a public company. They are ideed registered as private corporations though.
On the one hand there are the sneering and satirical mainstreamers who selectively believe what is either comforting/expedient to believe. Faux mirth is one particularly despicable tactic used by these folk.
On the other, there are the histerical and sometimes delusional conspiricy theorists whos fanciful constructs are sometimes worthy of derision.
Neither seem to be in posession of, nor interested in the actual truth.
But one credible reference I managed to find is this:
In the 1982 case, Lewis v. United States, the Ninth Circuit Federal Court of Appeals stated that the “Federal reserve banks are not federal instrumentalities for purposes of a Federal Torts Claims Act, but are independent, privately owned and locally controlled corporations.”
Even the Feds own site is rather ambiguous, :
Are the Federal Reserve Banks private companies?
The Federal Reserve Banks, created by an act of Congress in 1913, are operated in the public interest rather than for profit or to benefit any private group.
Commercial banks that are members of the Federal Reserve System hold stock in the Reserve Bank in their region, but they do not exercise control over the Reserve Bank or the Federal Reserve System. Holding stock in a regional Reserve Bank does not carry with it the kind of control and financial interest that holding publicly traded stock affords, and the stock may not be sold or traded. Member banks do, however, receive a fixed 6 percent dividend annually on their stock and elect six of the nine members of the Reserve Bank’s board of directors.
Although they are set up like private corporations and member banks hold their stock, the Federal Reserve Banks owe their existence to an act of Congress and have a mandate to serve the public. Therefore, they are not really “private” companies, but rather are “owned” by the citizens of the United States.
That last sentence is a bit of a stretch for mine.
Although it is clear they are a private corporation, it is equally clear they don’t operate in the same sense as say, Ebay.
Somewhere in between the two ludicrous extremes above, lies the truth.
Cheers
What is the big deal???
They just do it a little differently to the way we do it. The ASX is a private company. So is Baycorp Advantage (CRAA). I do not see any problem with the US Fed being private.
There is no secret!
___________________________________Appointments to the Board
The seven members of the Board of Governors are appointed by the President and confirmed by the Senate to serve 14-year terms of office. Members may serve only one full term, but a member who has been appointed to complete an unexpired term may be reappointed to a full term. The President designates, and the Senate confirms, two members of the Board to be Chairman and Vice Chairman, for four-year terms.
Representation
Only one member of the Board may be selected from any one of the twelve Federal Reserve Districts. In making appointments, the President is directed by law to select a “fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country.” These aspects of selection are intended to ensure representation of regional interests and the interests of various sectors of the public.
Responsibilities
The primary responsibility of the Board members is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee (FOMC), the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The other five members of the FOMC are Reserve Bank presidents, one of whom is the president of the Federal Reserve Bank of New York. The other Bank presidents serve one-year terms on a rotating basis. By statute the FOMC determines its own organization, and by tradition it elects the Chairman of the Board of Governors as its Chairman and the President of the New York Bank as its Vice Chairman.
The Board sets reserve requirements and shares the responsibility with the Reserve Banks for discount rate policy. These two functions plus open market operations constitute the monetary policy tools of the Federal Reserve System.
In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks. The Board also sets margin requirements, which limit the use of credit for purchasing or carrying securities.
In addition, the Board plays a key role in assuring the smooth functioning and continued development of the nation’s vast payments system [see Fedwire and Payment System Risk Policy].
Another area of Board responsibility is the development and administration of regulations that implement major federal laws governing consumer credit such as the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act and the Truth in Savings Act [see Consumer Information and Community Development].
Meetings
The Board usually meets several times a week. Meetings are conducted in compliance with the Government in the Sunshine Act, and many meetings are open to the public. If the Board has convened to consider confidential financial information, however, the sessions are closed to public observation.
Contacts within Government
As they carry out their duties, members of the Board routinely confer with officials of other government agencies, representatives of banking industry groups, officials of the central banks of other countries, members of Congress and academicians. For example, they meet frequently with Treasury officials and the Council of Economic Advisers to help evaluate the economic climate and to discuss objectives for the nation’s economy. Governors also discuss the international monetary system with central bankers of other countries and are in close contact with the heads of the U.S. agencies that make foreign loans and conduct foreign financial transactions.
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteASX and SFE are in fact public companies….anybody can buy their shares…so are baycorp…but they are really only an data base operator.
OOOOOPS… Thanks for that. I meant non-government run organisations.
My point was that they are very influential in the economy and people’s lives and not run by the Government.
TMA
http://www.email4money.info
Investor Links
First Home Buyer WebsiteI decided to spend 2 more years to get to $1m – then I will run a GURU seminar to lure these non-gurus…
You must be logged in to reply to this topic. If you don't have an account, you can register here.
