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The biggest scam is being played out before our very eyes and most of us sit back and complain...while we shove another twinkie in our mouths and the Fed charges us interest on that damn twinkie.
February 9, 1915: The New York Times
RISE IN BREAD PRICE STARTS TOMORROW; Five-Cent Loaves Will Go to Six Cents and Ten-Cent Loaves Will Be Reduced in Weight. PIE AND CAKE GO UP, TOO Both Large and Small Concerns Decide on Increase, but Deny There Is Any Agreement.... query.nytimes.com...
Can someone explain how is it that the Federal Reserve is privately owned? I
Behind the Federal Reserve notes is the credit of the U.S. Government. I f you happen to have a $5, $10, or $20 Federal Reserve note, you will notice across the top of the bill a printed statement of the fact that the US government promises to pay not the Federal Reserve promises to pay. Nevertheless most Americans to do not understand what the US Government promises to pay: American citizens holding these notes cannot demand anything for them except (a) they can be exchanged for other Federal Reserve notes or (b) that they be accepted in payment of taxes and all debts public and private. Certain official or semiofficial foreign banks may exchange any “dollar credits” they may hold-that is, deposits with the commercial banks-for an equal amount of the Treasury's gold. Americans themselves may not exchange them for gold . [pg 19]
[An incorrect but ] typical explanation runs this way: John Jones deposits $100 in cash with his bank. The bank is required to keep, say, 20 percent of its deposits in reserves, so the bank must deposit $20 of this $100 as reserves, with a Federal Reserve bank. The bank is free to use the other $80, however, to make loans to customers or invest in securities....
The truth is, however, that the Private banks, collectively, have deposited not a penny of their own funds, or their depositors funds, with the Federal Reserve banks. The impression that they do so arises from the fact that reserves, once created, can be, and are, transferred back and forth from one bank to another, as one bank gains deposits and another loses deposits. [pg 37]
Under Secretary of the Treasury Robert V. Roosa, formerly a Vice President of the Federal Reserve Bank of New York, while testifying before the House Committee on Banking and Currency in 1960, described the misconception as follows:
“There is another misconception which occurs much more frequently-that is, the banks think that they give us the reserves on which we operate and that, too, is a misconception. We encounter that frequently, and, as you know, we create those reserves under the authority that has been described here.”
When the Federal Reserve purchases a $1 million Government bond and gives some bank credit for $1 million in its reserve account, that bank also credits the bond dealer's checking account with $1 million. I n other words, to acquire $1 million of reserves, the bank also assumes a liability to pay its customers $1 million. If the transactions stopped here, the bank would, of course, come out even, neither gaining anything nor losing anything. But the fact that there is now $1.million more of bank reserves than existed before means that the private banks as a group can create $6 million more money than existed before. In other words, by acquiring this $1 million more in bank reserves, the private banks have the privilege of creating another $6 million of bank deposits, in the process of which they acquire $6 million in interest-bearing securities or loan paper, less an allowance for leakage into the cash (currency) balances of the public. [pg 43]
The Federa1 Reserve banks are not owned by the commercial banks. The viewpoint of the individuals quoted above has also been borne out by the presidents of the Federal Reserve banks in hearings before the House Banking and Currency Committee. However, officials of the Federal Reserve banks are sometimes inclined to take the opposite position. [pg 78]
100% of the “stock” is owned by the private banks. Also after instigating “the Accord” It was later revealed by testimony of some of the Federal Reserve officials to committees of Congress that the Open Market Committee had held a meeting on August 18 and decided not only to raise the discount rate, but to "go their own way" on the Government longer term bond rate as well, despite what the President, the Secretary of the Treasury, and the head of the Office of Defense Mobilization might do”....Therefore the Federal Reserve is not answerable to the President or Congress or the electorate, nor even to a government audit or even Congressional funding!
The original act required that the banks invest 6 percent of their capital stock in the Federal Reserve banks.
Why was the Federal Reserve Act written to require member banks to invest in the so-called stock of the Federal Reserve banks? The framers of the Federal Reserve Act gave many reasons, but the main, reason was this: it was expected that the Federal Reserve would issue money, not mainly against Government securities as is now the practice, but against commercial and industrial loan paper-"eligible paper" as the reader knows.
It was in view of these considerations that Congress, in framing the Federal Reserve Act in 1913, required member banks of the Federal Reserve System to put a certain percentage of their capital into the .'stock" of the Federal Reserve banks; this "stock" was a safeguard against a misuse of the Government's credit which was being delegated to these banks. The 1013 act placed on the member banks, furthermore, a "double liability" for their "stock" in the Federal Reserve banks. In other words, if a Federal Reserve bank failed, the member banks would lose not only their invested capital, but an equal amount of capital which they would also forfeit. [pg 79]
.....On the contrary, this is but one of the many ways the Government subsidizes the private banking system and protects it from competition. The Government, through the Federal Reserve System, provides a huge subsidy through the free services the System provides for member banks. "Check clearing" is one of the services; i.e., the collection and payment of funds due one bank from another because of depositors' use of their checkbook money. The costs of this service alone runs into scores of millions of dollars.
The gross expenses of the combined Federal Reserve banks totaled $207 million in 1963, most of which was incurred as a cost of providing free services to the private banks. Other Federal agencies also receive services from the Federal Reserve. But these are not free. The System received about $20 million for "fiscal agency and other expenses" in 1963.
In addition, the Federal Government provides private banks with a large measure of protection from competition, and the hazards of failure. ... This means, in brief, that nobody can enter the banking business by opening a national bank, unless the proposed bank is to be located where it will not cause an inconvenient amount of competition to other banks already in business. [pg 89]
Originally posted by 284dan
Long time lurker, my first post. It is my understanding the Federal Reserve Act of 1913 was only for 100 years, so it should end late 2012?? Is it automatically renewed? Does Congress have to vote to extend it? Seems to me there is a push to destroy America before the end of 2012. The global bankers have to take over America before then because their power stops with the end of the federal reserve act??
What happens when it ends? Do we start pushing Congress to NOT renew it? Should that be where our energies are directed? It just ends, but then what?
Now, depending on how long it will take the masses to wake up is what will determine the out come of all of this.
I am surprised that noone has built an argument and challenged the Federal Reserve bank with the United States Supreme Court regarding the Constitutionality of the bank.
Originally posted by NuclearMitochondria
Basically need a president who is wiling to die.
Get in there on lobby money, backfire and screw them all over, then get magically shot like JFK did.
I always wondered what would happen if the president stayed in a super underground base and issues orders that would debilitate the NWO.
Originally posted by cleverhans
Can someone explain how is it that the Federal Reserve is privately owned? I'm not disagreeing, I just honestly do not understand. I've always thought of it as an agency of the federal government with the main responsibilty of supervising and maintaining the banking system. Are they making profits? Is there a CEO?
The IRS is not a U.S. Government Agency. It is an Agency of the IMF
(Diversified metal Products v. IRS etal. CV-93-405E-EJE U.S.D.C.D.I.,
Public Law 94-564, Senate Report 94-1148 pg. 5967, Reorganization Plan
No. 26, Public Law 102-391.)
The Money Order For Gold
The Democracy on April 5, 1933 issued an Executive Order removing the gold
from circulation as a currency. This Executive Order served the same function as a
money order to the United States People for the purchase of all the gold in society. Gold
is substance and was used in the "payment of debt." When the President wrote the
money order for all of the gold to be taken out of the system and placed with the
government, the government then removed the people's ability to "pay a debt" because
they didn't have any money to pay with. The golden rule is usually summed up in "HE
who has the gold makes the rules", well sounds mosaic to Me. Here is another part of
the golden rule they don't tell you about "He who has the gold pays the bills." They got
the money; they make the payments. The government then became indebted to the
people to pay all of the debts because the government was holding all of the money.
You ever heard the phrase "All money is loaned into existence", well that is right
because they are borrowing it from Me. The money order debited the people by
removing the gold from their possession, which in turn credited the United States
Government with all of the newly held gold in their possession. This exchange is
halfway completed because the gold was taken from the people and nothing had yet
been returned. The people now need something in this exchange to balance out the
ledger and re-credit their original holdings. To complete the exchange, the United States
Government debited them selves with a promissory note (the promise of Abraham),
which in return re-credited the people. This was the executing order from the President
killing the legal capacity of the Government to control the people. The government was
then dead/debt (phonetically it sounds similar). Here is another interesting part. The
debtor always has the money because he is the one borrowing it, so when the President
wrote the money order which took the gold, they became the borrower/debtor, and that
is why there is a Public Debt, it is because they are borrowing the money from Us, the
Owner. What must happen now is the debt must be redeemed back to the original
owner. Here is the Executive Order (money order) that killed the government and made
them the ones liable for every debt they associate to. When you see "Executive" think,
"execute" and when you see "order," think "money order."
Because all the money was taken away in an executive order (money order), the
President is holding all the money that can pay the bills. Here is an example. A national
emergency occurs and an executive order is issued and money can now be sent to the
victims. Another example is when Mexico got money from the U.S. The Congress said
no but then the President by executive order, then sent the money. Another example is
when the prisons are running out of money, an executive order can be issued and now
the prisons get all the funding the need.
The Promissory Note To Pay Our Debts
HJR-192 of June 5, 1933 is the promissory note (the promise of Abraham) the
government issued to balance the exchange to credit the people. The Promissory note is on
the debit side of the United States Governments ledger, which was a debited from their
credit, created by the Executive Order of April 5, 1933 when they took the gold out of
circulation. Public Policy is rooted in HJR-192 and is Grace that creates our exemption.
This is your temporal saving grace. Under grace, the law falls away to create a more perfect
contract. Public Policy removed the people's liability to make all payments by making a
contract null if it required the payment to be in substance, because the people didn't have
any money to pay with. All that must be done now is to discharge the liability. Pay and
discharge are similar words but the principles are as different as Old and New Testaments.
The word "pay" is equated with gold and silver, or something of substance like a first-born
lamb, which requires tangible work to be invested in it to remove the liability because an
execution must occur. The word "Discharge" is equated with paper, or even more basic,
simple credits and debits, that exist on paper only, like the slate held by the agents/angels
of heaven that get swiped clean. You cannot pay a bill with a bill and you cannot pay a debt
with a debt. What HJR-192 did was, remove the liability of an obligor (someone obligated to
pay a debt) by making it against Public Policy to pay debts. All that needs to be done now is
discharge the debit with an appropriate credit "dollar for dollar." Debt must be discharged
dollar for dollar in the same sense, as sin was discharged on the Cross. The moment a debt
exists, it must be written off. The catch is, we can't write off the debt because we are not in
possession of the account in deficit; our fiduciary agent is in possession of the account so
we must provide him with the tax return (by the return of the original offer) so the fiduciary
can discharge the liability through their internal revenue service (the bookkeeper). Most feel
that when the money was taken out of society, the people became the slaves, this is not
true, the people were freed from every obligation that society could create thus freeing the
people from any obligation which they may incur simply because we cannot pay a debt. Ask
yourself the question, What are you charging me with? And how do you expect Me to pay?
Simply said, there is no money, plain and simple for me to make the payment with and on
top of that, if I were to pay, who is paying Me to pay that guy and who's paying that guy and
so on... Public Policy is the supercedious bond because it limits our liability to pay. It is the
more perfect contract because it operates on grace to pay our debts after we have done all
that we can. We go as far as we can to fulfill the obligation (acceptance and tax return) and
after we have done all we can, mercy and grace kick in being our exemption to make the
payment. Grace creates our exemption in the industrial society so long as we accept the
charge.
Property and the right to own law must be abolished. There is no such thing as "hims or hers". It's yours, all of you!
..."The Federal Reserve Bank destroyed our old and characteristic way of doing business. [CAPITALISM] It discriminated against our 1-name commercial paper, the finest in the world, and it set up the antiquated 2-name paper, which is the present curse of this Country and which wrecked every country which has ever given it scope; it fastened down upon the Country the very tyranny from which the framers of the Constitution sough to save us....
...the text of the Aldrich bill... was a copy, in general a translation of the statues of the Reichsbank and other European central banks. One-half million dollars was spent on the part of the propaganda organized by these bankers for the purpose of misleading public opinion and giving Congress the impression that there was an overwhelming popular demand for it and the kind of currency that goes with it, namely, an asset currency based on human debts and obligations.
"Roosevelt did what the International Bankers ordered him to do!
"The statement that it is necessary for the people to give their gold- the only real money- to the banks in order to protect the currency, is a statement of calculated dishonesty!
"By his unlawful usurpation of power on the night of March 5, 1933, and by his proclamation, which in my opinion was in violation of the Constitution of the United States, Roosevelt divorced the currency of the United States from gold, and the United States currency is no longer protected by gold. It is therefore sheer dishonesty to say that the people's gold is needed to protect the currency.
"Roosevelt ordered the people to give their gold to private interests- that is, to banks, and he took control of the banks so that all the gold and gold values in them, or given into them, might be handed over to the predatory International Bankers who own and control the Fed.
"Roosevelt cast his lot with the usurers. "He agreed to save the corrupt and dishonest at the expense of the people of the United States.
"He took advantage of the people's confusion and weariness and spread the dragnet over the United States to capture everything of value that was left in it. He made a great haul for the International Bankers.
"The Prime Minister of England came here for money! He came here to collect cash!
"He came here with Fed Currency and other claims against the Fed which England had bought up in all parts of the world. And he has presented them for redemption in gold.
"Mr. Chairman, I am in favor of compelling the Fed to pay their own debts. I see no reason why the general public should be forced to pay the gambling debts of the International Bankers.
"...Recently in one of our States, 60,000 dwelling houses and farms were brought under the hammer in a single day. 71,000 houses and farms in Oakland County, Michigan, were sold and their erstwhile owners dispossessed. The people who have thus been driven out are the wastage of the Fed. They are the victims of the Fed. Their children are the new slaves of the auction blocks in the revival of the institution of human slavery.
This is a Government of the people, by the people, for the people, consequently nothing should be concealed from the people. The man who deceives the people is a traitor to the United States, The man who knows or suspects that a crime has been committed and who conceals or covers up that crime is an accessory to it, Mr, Speaker, it is a monstrous thing for this great Nation of people to have it;s destinies presided over by a traitorous Government board acting in secret concert with international usurers, Every effort has been made by the Federal Reserve Board to conceal it's power but the the truth is the Federal Reserve Board has usurped the Government of the United States. It controls everything here and it controls all our foreign relations, It makes and breaks governments at will, No man and no body of men is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal reserve banks. These evil-doers have robbed this country of more than enough money to pay the national debt. What the National Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people, The people have a valid claim against the Federal Reserve Board and the Federal reserve banks. If that claim is enforced, Americans will not need to stand in breadlines or to suffer and die of starvation in the streets. Homes will be saved, families will be kept together and American children will not be dispersed and abandoned, The Federal Reserve Board and Federal Reserve Banks owe the the United States Government an immense sum of money. We ought to find out the exact amount of the people's claim. We should know the amount of the indebtedness of the Federal Reserve Board and the Federal reserve banks to the people and we should collect that money immediately. We certainly should investigate this treacherous and disloyal conduct of the Federal Reserve Board and the Federal reserve banks.
...All I can say is that we are experiencing the very same things that happened to Americans at the beginning of the Great Depression. Read the entire text and it sounds as if it could have been written about today's financial crisis.....
1952
Soros graduates from the London School of Economics.
And who is big with the Fabian Society....... George Soros.