posted on Jun, 12 2008 @ 05:53 PM
Originally posted by mybigunit
reply to post by yellowcard
Just because they list an annual report does not mean their have been truly audited. I understand completely how the FED works inside and out and I
dont like it. To me its a monopoly on currency it its an illusionary wealth. To much control is given and its unconstitutional to top it all off. I
mean heres a question who owns the FED these days and how much money are they raking in?
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are
organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock
to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for
profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged
as security for a loan; dividends are, by law, 6 percent per year. The financial statements of the Reserve Banks are audited annually by an
independent outside auditor. The Founding Fathers signed the First Bank of The United States as a chartered bank of congress by passing the bank bill.
The Supreme court has found the First Bank of The United States to be constitutional, and the Federal Reserve system is based off of this bank...
[edit on 12-6-2008 by yellowcard]