6139008-History-of-Money

Although directorships are not full-time jobs, the responsibilities of directors are broad, ranging from the supervision ofthe Reserve Bank—assigned by the Federal Reserve Act—to making recommendations on monetary policy. The directorsappoint the Reserve Bank presidents (the chief executive officers) and the first vice presidents (the chief operatingofficers) to five-year terms, subject to approval by the Board of Governors. The Reserve Bank directors also appoint allofficers of the Bank. Annually, the directors appoint the District's representative to the Federal Advisory Council, whichconfers four times a year with the Board of Governors on business conditions and makes recommendations on issuesaffecting the System. Directors review their Reserve Bank's budget and expenditures. They are also responsible for theinternal audit program of the Bank. The Federal Reserve Act also requires directors to set the Bank's discount rate everytwo weeks, subject to approval by the Board of Governors in Washington. The discount rate is the interest rate depositoryinstitutions pay when borrowing from the Reserve Banks. By raising or lowering the rate, the System can influence thecost and availability of money and credit. Directors bring to the Federal Reserve a regional perspective, an independentassessment of the business outlook, and judgment and advice on the credit conditions of the Districts they represent.Don’t Try to do a Full Audit on the Fed or else….According to the Board’s 1999 Annual Report, the System had net income after luxurious “expenses” totaling $26.2billion, which would qualify it as one of the most profitable companies in the World. How were these profits distributed?$342 million, or 1.4% of the profits, were paid to member banks as dividends. Another $479 million, or 1.8%, wasretained by the 12 Reserve Banks. The balance of $25.4 billion -- or 96.9% of the profits -- was paid to the Treasuryvoluntarily although they are not under any obligation to do so but have been rebating the system’s profits to theTreasury since 1947. During this process, the Fed issued about $500 Billion worth of credit with money created out ofnothing (either printed at a cost of 3 cents per note or a cyber entry in a computer database) in exchange for GovernmentBonds. The Fed owners then create further credit through their local commercial banks. A nice banking cartel moneymaking machine for the Fed owners! The Fed owns only about 8.7% of the total national debt, so the vast bulk of theinterest payments are going to the other banks or individuals who buy government debt. The private sector mustsurrender Fed funds in paying Federal taxes. Conversely the government must borrow Fed funds as it spends.Prior to 1933, the Federal Reserve Act required that a portion of the earnings of the Federal Reserve Banks go to thegovernment, but the banks never complied. The Banking Act of 1933 legislated that all earnings of the Federal ReserveBanks go to the banks themselves. The assets of the Federal Reserve Banks increased from $143 million dollars in 1913to $45 billion dollars in 1949, which enriched all of the shareholders of the banks. There is no evidence that the law or themethod of accounting of earnings has changed since 1949. The Fed has no restriction on the amount of money it cancreate since the U.S. went off the gold standard in the 1930's. As Congressman Wright Patman said in 1964, " The dollarrepresents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air tobuy Government Bonds from the U.S. Treasury...and has created out of nothing a ....debt which the American people areobliged to pay with interest." In 1958 the U.S. owned $700 million ounces of gold. Today the nations bullion reserveshave dwindled to a mere 281,000,000 ounces ($100 billion dollars) which is minuscule in relationship to the amount ofpaper currency in circulation and the amount of Treasury debt. The goal of the Fed is to make gold irrelevant as ameasure of monetary value so it can continue to print an unlimited amount of paper currency.The auditors do NOT have complete access to all aspects of the Federal Reserve System. The Federal Banking AgencyAudit Act of 1978 stipulates the following areas are to be excluded from GAO inspections:(1) transactions for or with a foreign central bank, government of a foreign country, or non-private international financingorganization;(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves ofmember banks, securities credit, interest on deposits, open market operations;(3) transactions made under the direction of the Federal Open Market Committee; or(4) a part of a discussion or communication among or between members of the Board of Governors and officers andemployees of the Federal Reserve System related to items.The fed has acted directly as bank of "last resort." Normally, loans to other countries would be made by the InternationalMonetary Fund, the Bank of International Settlements or other entities which are primarily funded by the Fed. In the caseof Mexico, however, the Fed made a loan directly to that country after the President by-passed Congress and issued anExecutive Order. Reliable sources indicate that the Fed has recently delivered approximately $40 billion newly printed$100 bills to Russian banks which are controlled by the Russian Mafia. Since 1940 the U.S. dollar has lost 94% of itsvalue. The prolific printing of our currency, the mounting $5.3 trillion in Federal Debt and the widening trade deficit couldsoon result in the crash of the U.S. dollar and disastrous ramifications for Americans. Why is there a current HouseResolution 1486 calling for a complete audit of the Federal Reserve by the GAO and why is the Federal Reserve resisting?Despite numerous attempts by Congressman Wright Patman and others who have called for a full audit of the books ofthe Federal Reserve System, no full audit has been made available to the public since the System was founded in 1913.On March 1, 1982, the Arizona State Legislature, as well as a number of other states passed a resolution calling for theabolishment of the Federal Reserve System. All efforts to expose and change the System have been thwarted.In an e-mail to Mr. Rhalter from Agata Zhang…a “Business Support Analyst” at the Federal Reserve…Zhang had this tosay: “The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of thenation's central banking system, are organized much like private corporations - possibly leading to some confusion aboutThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 278