The FED Inspector General Has No Idea Where The 9 Trillion Dollars Went

[Toro]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

 

[sealybobo]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

The Fed did not go thru Bush or Congress when they decided to give AIG the first bailout billions.

Thomas Jefferson, declared, "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."

Did Jefferson have a crystal ball when he spoke these words? Has a private bank taken control over our nation's money supply?

The following is a conversation with Mr. Ron Supinski of the Public Information Department of the San Francisco, Federal Reserve Bank. This is an account of that conversation reconstructed to the best of my ability from notes taken during the conversation on October 8, 1992.

The Federal Reserve System is a Private Bank

The Federal Reserve System is a Private Bank

 

[sealybobo]

Well, in exchange for given us all the stuff we've bought from them over the past 10 years, they hold a trillion of US Govt debt. Which is subject to being devalued by inflation. So yeah if I was the Chinese I'd be worried a lot about that.

The Chinese Govt has one advantage over us -- they don't have to pander to the pass the buck generation to stay in power.

But none of those worries will ever get the Chinese to turn over their finances to the bankes. The only way that would happen is if the bankers bribed the chinese leaders to let them take over. I doubt that will happen.

The only way to do it would be to trash their economy, like we did our own in the Great Depression or this decade. Disaster Capitalism.

In other words, there is no reason for the Chinese to start their own version of our federal reserve bank where they turn over their countries finances to the bankers, which is exactly what we did, whether you get it or not.

Look deeper. If you just look for the official answer, you'll never get the truth.

And I get the feeling there was no good reason why we did it either.

We didn't do it either.

Look deeper than what? The Federal Statutes? What deeper source is their to figure out how the Fed works?

This site even suggests watching Freedom to Fascism:

This is one of the most important videos ever produced. It is a trailer for "America: From Freedom to Fascism", by Aaron Russo. It explains the relationship between The US government's Federal Income Tax and the privately banker-owned Federal Reserve System. Please watch this entire video.


The Federal Reserve


Of course "officially" you are right.

 

[Iriemon]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

The Fed did not go thru Bush or Congress when they decided to give AIG the first bailout billions.

They didn't have to. The Fed's charter gives them authority to do this to save the banking system.

Thomas Jefferson, declared, "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."

TJ was right. That's why it is a good thing IMO we don't let the private banks control the money supply.

That is one of the issues I have with proponents of the so-called "free market" gold standards - it does give private banks control of the money supply, just what TJ warned against.

Has a private bank taken control over our nation's money supply?

No.

The following is a conversation with Mr. Ron Supinski of the Public Information Department of the San Francisco, Federal Reserve Bank. This is an account of that conversation reconstructed to the best of my ability from notes taken during the conversation on October 8, 1992.

The Federal Reserve System is a Private Bank

The Federal Reserve System is a Private Bank

Sealybobo, are you seriously going to rely on what some anonymous person writes on the world wide web for your belief of facts in contradiction to what is in Federal Statutes? Much less all the other sites you've been given?

Seriously.

 

[sealybobo]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

Share in the profits? The more we go into debt, the more these bankers own us. The more they love it. And under Bush, they made it harder for you to file bankruptsy. But they made it easier for corporations.

Please look at this National Debt Clock and tell us how we/our government are sharing in the profits.

National Debt Clock

 

[Iriemon]

But none of those worries will ever get the Chinese to turn over their finances to the bankes. The only way that would happen is if the bankers bribed the chinese leaders to let them take over. I doubt that will happen.

The only way to do it would be to trash their economy, like we did our own in the Great Depression or this decade. Disaster Capitalism.

In other words, there is no reason for the Chinese to start their own version of our federal reserve bank where they turn over their countries finances to the bankers, which is exactly what we did, whether you get it or not.

Look deeper. If you just look for the official answer, you'll never get the truth.

And I get the feeling there was no good reason why we did it either.

We didn't do it either.

Look deeper than what? The Federal Statutes? What deeper source is their to figure out how the Fed works?

This site even suggests watching Freedom to Fascism:

This is one of the most important videos ever produced. It is a trailer for "America: From Freedom to Fascism", by Aaron Russo. It explains the relationship between The US government's Federal Income Tax and the privately banker-owned Federal Reserve System. Please watch this entire video.

The Federal Reserve

Of course "officially" you are right.

I've seen videos. Who is "bigeye" and why is that trustworthy to base our belief in?

The very first thing the video claims that all the money we pay in taxes goes to pay interest on the national debt.

You've claimed this before. I showed you government websites, including the bi-partisan Congressional Budget Office and the US Department of the Treasury, showing to the penny who much is paid for interest in both debt to the public and intra government debt, showing that statement is not even close to being accurate.

It's not even logical. The Govt is about $11 trillion in debt; a bit more than half that owed to the public and the rest intra-govt. If the Govt pays 5% for its debt (and it pays less than that) that would be about $550 billion a year. Not even close to being all of the rought $2.5 trillion in taxes paid last year.

Do you believe that our entire Govt and every person working in it are part of some giant conspiracy with the goal of hiding the truth of how much the Govt pays for interest on the debt?

Why do you believe some person who put up a website over what is published by various government agencies?

 

[Iriemon]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

The member banks do not share in the "profits." They receive a 6% return and that is it. All "profits" are paid to the Treasury. I put "profits" in quotes because the Fed is not a for profit corporation. If you have a source that says to the contrary, I'd be interested to see it.

12 USC 289:

Dividends and Surplus Fund of Reserve Banks
(a) After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend of 6 percent on paid-in capital stock. The entitlement to dividends under subparagraph (A) shall be cumulative. That portion of net earnings of each Federal reserve bank which remains after dividend claims under subparagraph (1)(A) have been fully met shall be deposited in the surplus fund of the bank.

Use of Earnings Transferred to the Treasury
(b) The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.

From the Fed's website:

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.

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5

 

[Iriemon]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

Share in the profits? The more we go into debt, the more these bankers own us. The more they love it. And under Bush, they made it harder for you to file bankruptsy. But they made it easier for corporations.

Please look at this National Debt Clock and tell us how we/our government are sharing in the profits.

National Debt Clock

The member banks only share in the "profit" to the extent they get 6% on their paid in capital, which is not that great return on investment in the scheme of things.

If you have a problem with the fact that the government is $11 trillion dollars in debt, blame the yahoos in Congress and the WH for spending more than they tax year after year -- the same folks you apparently think should have control of the money supply. The Govt debt has nothing to do with the Fed.

 

[Toro]

You have been duped. The Federal Reserve was started by Rockafellor & JP Morgan. The same Rockafellor that started Standard Oil. The same Rockafellor who became the richest man in the world when we made him break up his oil monopoly.

The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system.

Can you explain the private component? You probably can, but your understanding makes you seem naive.

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

Share in the profits? The more we go into debt, the more these bankers own us. The more they love it. And under Bush, they made it harder for you to file bankruptsy. But they made it easier for corporations.

Please look at this National Debt Clock and tell us how we/our government are sharing in the profits.

National Debt Clock

You don't understand the basic monetary system.

The Fed has nothing to do with the fiscal deficit and the debt, let alone the bankruptcy laws. The fiscal deficit is a function of excessive spending by the federal government. The profits of the Federal Reserve System last year was $43 billion, almost all of which was remitted to the federal treasury. The Fed makes profits by charging member banks interest when they borrow and on the securities the Fed holds.

 

[Toro]

The member banks do not share in the "profits." They receive a 6% return and that is it. All "profits" are paid to the Treasury. I put "profits" in quotes because the Fed is not a for profit corporation.

Dividend are shareholders' allocation of profits. I am aware that the member banks contractually earn 6% in dividends.

 

[Iriemon]

The member banks do not share in the "profits." They receive a 6% return and that is it. All "profits" are paid to the Treasury. I put "profits" in quotes because the Fed is not a for profit corporation.

Dividend are shareholders' allocation of profits. I am aware that the member banks contractually earn 6% in dividends.

OK, we're on the same boat. "Share in the profit" can sound like the member banks get higher dividends if the Fed's "profits" are greater, which is not the case.

 

[sealybobo]

We didn't do it either.

Look deeper than what? The Federal Statutes? What deeper source is their to figure out how the Fed works?

This site even suggests watching Freedom to Fascism:

This is one of the most important videos ever produced. It is a trailer for "America: From Freedom to Fascism", by Aaron Russo. It explains the relationship between The US government's Federal Income Tax and the privately banker-owned Federal Reserve System. Please watch this entire video.

The Federal Reserve

Of course "officially" you are right.

I've seen videos. Who is "bigeye" and why is that trustworthy to base our belief in?

The very first thing the video claims that all the money we pay in taxes goes to pay interest on the national debt.

You've claimed this before. I showed you government websites, including the bi-partisan Congressional Budget Office and the US Department of the Treasury, showing to the penny who much is paid for interest in both debt to the public and intra government debt, showing that statement is not even close to being accurate.

It's not even logical. The Govt is about $11 trillion in debt; a bit more than half that owed to the public and the rest intra-govt. If the Govt pays 5% for its debt (and it pays less than that) that would be about $550 billion a year. Not even close to being all of the rought $2.5 trillion in taxes paid last year.

Do you believe that our entire Govt and every person working in it are part of some giant conspiracy with the goal of hiding the truth of how much the Govt pays for interest on the debt?

Why do you believe some person who put up a website over what is published by various government agencies?

Because the government is in on it.

I sell the Internal Revenue Code, Federal Tax Handbooks, Federal Tax Regulations to tax and accounting professionals all over the country. You would be amazed how many of them know this is a scam.

Hell, they tell me other things too that go way over my head. Something about how your name is spelled in all CAPS and that has some kind of signifigance? Again, way over my head.

Anyways, if you watch Freedom to Fascism, they'll list court cases where people have gotten off.

The more you learn, the more you will suspect I am not wrong on this.

And the interviews with the IRS or former IRS officials. They can talk a good game too, but ultimately Aaron Russo corners them with facts and they get very upset.

Do you know why the income tax and federal reserve are ok? Because the people with all the guns say they are. That's why. Other than that, totally illegal and unconstitutional.

The IRS agent looked at Aaron Russo and said, "do you understand what kaviat umtor means" (I'm making up the latin that the guy used), and then Aaron Russo froze the tape and explained. It means, "nothing will help you".

In other words, you may be right, but nothing you say or do will matter. It is what it is.

Well I don't believe that. I think we can undo it. But not when we got intelligent guys like you out defending the current system.

Look DEEPER!!! Its a fucking scam!!! Private bankers took over our country.

“Give me control of a nation's money and I care not who
makes her laws”
Mayer Amschel Rothschild quotes

 

[Toro]

The member banks do not share in the "profits." They receive a 6% return and that is it. All "profits" are paid to the Treasury. I put "profits" in quotes because the Fed is not a for profit corporation.

Dividend are shareholders' allocation of profits. I am aware that the member banks contractually earn 6% in dividends.

OK, we're on the same boat. "Share in the profit" can sound like the member banks get higher dividends if the Fed's "profits" are greater, which is not the case.

I can't remember what the exact amount is, but dividends to member banks is something like $1 billion while profits to the Treasury was $43 billion. Thus, most of the profits go to the government. If it were truly private-owned, that wouldn't happen.

6% is a poor return on capital if you are a bank.

 

[Terral]

Hi Jillian:

You mean as opposed to using misleading sources which mischaracterize the information you BELIEVE you're presenting?

I have read about two dozen of your little two-liner posts that attack other members and are NEVER on the topic. Please forgive, but none of your whining stupidity will work on me . . .

You'd do well to listen to the people who actually know what they're talking about instead of other conspiracy types.

Quote anything from the OP and please offer your advocating 'or' opposing views that you 'can' support using some kind of evidentiary support. Otherwise your whining and complaining is just that . . .

. . . you all feed on each other's obsessions.

Trillions of dollars are missing and the illegal FED and the U.S. Treasury and our do-nothing Congress have no answers, which gives all of them something in common with you.

[ame="http://www.youtube.com/watch?v=Mj0JAfq4esk"]I Do Not Know Which Institutions Received It . . .[/ame]
[ame="http://www.youtube.com/watch?v=m5VaCXZo4m0&feature=channel"]If a Bank Is Bankrupt, Just Change The Rules![/ame]
[ame=http://www.youtube.com/watch?v=wvfQERr_Q8Y&NR=1]US Financial Institutions Are Essentially Insolvent[/ame]

The next time you barge onto one of my Topics, then please have something more than personal attacks that say much more about you than anyone here.

GL,

Terral

 

[sealybobo]

The Federal Reserve System was started by the US government, not by Rockefeller and JP Morgan. It was a compromise between the government and the private banks, given Americans long antipathy towards a highly powerful central bank, particularly one that was government owned.

The private component is that they share in the profits - though most of the profits go to the US Treasury - and they get votes on who sits on the boards of each banks. But the Fed is subservient to the US government by law.

Share in the profits? The more we go into debt, the more these bankers own us. The more they love it. And under Bush, they made it harder for you to file bankruptsy. But they made it easier for corporations.

Please look at this National Debt Clock and tell us how we/our government are sharing in the profits.

National Debt Clock

You don't understand the basic monetary system.

The Fed has nothing to do with the fiscal deficit and the debt, let alone the bankruptcy laws. The fiscal deficit is a function of excessive spending by the federal government. The profits of the Federal Reserve System last year was $43 billion, almost all of which was remitted to the federal treasury. The Fed makes profits by charging member banks interest when they borrow and on the securities the Fed holds.

You think you understand? There is nothing basic about it.

Henry Ford said: "It is well enough that people of the nation do not understand
our banking and monetary system, for if they did,
I believe there would be a revolution before tomorrow morning."

But you understand it?

I'm not saying I do. I just know when something stinks.

 

[Iriemon]

This site even suggests watching Freedom to Fascism:

This is one of the most important videos ever produced. It is a trailer for "America: From Freedom to Fascism", by Aaron Russo. It explains the relationship between The US government's Federal Income Tax and the privately banker-owned Federal Reserve System. Please watch this entire video.

The Federal Reserve

Of course "officially" you are right.

I've seen videos. Who is "bigeye" and why is that trustworthy to base our belief in?

The very first thing the video claims that all the money we pay in taxes goes to pay interest on the national debt.

You've claimed this before. I showed you government websites, including the bi-partisan Congressional Budget Office and the US Department of the Treasury, showing to the penny who much is paid for interest in both debt to the public and intra government debt, showing that statement is not even close to being accurate.

It's not even logical. The Govt is about $11 trillion in debt; a bit more than half that owed to the public and the rest intra-govt. If the Govt pays 5% for its debt (and it pays less than that) that would be about $550 billion a year. Not even close to being all of the rought $2.5 trillion in taxes paid last year.

Do you believe that our entire Govt and every person working in it are part of some giant conspiracy with the goal of hiding the truth of how much the Govt pays for interest on the debt?

Why do you believe some person who put up a website over what is published by various government agencies?

Because the government is in on it.

I agree that a distrust of the Govt is healthy. On the other hand, I find it hard to believe that employees of the Congressional Budget Office and Department of the Treasury have been involved in this ongoing massive conspiracy to falsify the books and records of the Govt to make it look like the Govt only pays a portion of its tax revenues in interest as oppose to all of it as the web guy says. I just find that hard to believe. I personally find it a lot easier to believe that some guy out in the WWW who writes a website doesn't know what the hell he is talking about for his "facts."

I sell the Internal Revenue Code, Federal Tax Handbooks, Federal Tax Regulations to tax and accounting professionals all over the country. You would be amazed how many of them know this is a scam.

What scam? That the Govt is paying all its revenues in interest? How do they know that?

Anyways, if you watch Freedom to Fascism, they'll list court cases where people have gotten off.

The more you learn, the more you will suspect I am not wrong on this.

Are you willing to learn too?

And the interviews with the IRS or former IRS officials. They can talk a good game too, but ultimately Aaron Russo corners them with facts and they get very upset.

Why do you have faith that Russo has his facts right?

Do you know why the income tax and federal reserve are ok? Because the people with all the guns say they are. That's why. Other than that, totally illegal and unconstitutional.

No, it is because a majority of the people of the US want it that way. If a majority didn't want the income tax and all the programs it funds, they'd have elected someone like Ron Paul.

Blame the people, like me, for the income tax and fed reserve because we the people want it.

The IRS agent looked at Aaron Russo and said, "do you understand what kaviat umtor means" (I'm making up the latin that the guy used), and then Aaron Russo froze the tape and explained. It means, "nothing will help you".

It's "caveat emptor" Latin for let the buyer beware, a phrase meaning that the buyer is responsible for his decision. It's a concept that the Buyer is reponsible for investigating what he is buying, and cannot rely on what the seller tells him.

In other words, you may be right, but nothing you say or do will matter. It is what it is.

Well I don't believe that. I think we can undo it. But not when we got intelligent guys like you out defending the current system.

Sorry. The current system is better than any other system I've seen proposed. I mean, who do you really want to control our money supply? Congress? They ultimately do; they could abolish the Fed with a simple law. But they same dimwits that can't balance a budget you want to give control of the money supply with its potential devestating consequences? Does that make sense?

Look DEEPER!!! Its a fucking scam!!! Private bankers took over our country.

“Give me control of a nation's money and I care not who makes her laws” Mayer Amschel Rothschild quotes

I agree with Ms. Rothchild, and it's why I prefer the Fed system as opposed to private banks controlling the money supply.

 

[Toro]

Terral

Trillions of dollars are not missing.

You just don't understand what is going on.

 

[Toro]

You think you understand? There is nothing basic about it.

Henry Ford said: "It is well enough that people of the nation do not understand
our banking and monetary system, for if they did,
I believe there would be a revolution before tomorrow morning."

But you understand it?

I'm not saying I do. I just know when something stinks.

I understand the differences between monetary and fiscal policy.

 

[Iriemon]

Share in the profits? The more we go into debt, the more these bankers own us. The more they love it. And under Bush, they made it harder for you to file bankruptsy. But they made it easier for corporations.

Please look at this National Debt Clock and tell us how we/our government are sharing in the profits.

National Debt Clock

You don't understand the basic monetary system.

The Fed has nothing to do with the fiscal deficit and the debt, let alone the bankruptcy laws. The fiscal deficit is a function of excessive spending by the federal government. The profits of the Federal Reserve System last year was $43 billion, almost all of which was remitted to the federal treasury. The Fed makes profits by charging member banks interest when they borrow and on the securities the Fed holds.

You think you understand? There is nothing basic about it.

Henry Ford said: "It is well enough that people of the nation do not understand
our banking and monetary system, for if they did,
I believe there would be a revolution before tomorrow morning."

But you understand it?

I'm not saying I do. I just know when something stinks.

He's absolutely right Sealy. We can got thru it step by step if you want. The first step is, as you have already acknowledge, is that the Fed and the Govt are not unified enitites. They are separate. It is the Govt, not the Fed, that controls taxing and spending (that is what Toro referred to as "fiscal policy"). You can go to both the Congressional and WH websites and see they budget details. You can go to the US Treasury Department, part of the Government under the WH, and see records of tax receipts and payments out for the Govt. I'll show them to you if you want.

And when the Govt taxes less and spends more, it runs a deficit and has to borrow money which it does through the Treasury Department, again part of the Govt thru the WH. The Treasury Department borrows money thru things like Treasury Bills. Cumulative deficits grows the total debt the Govt owes. The Govt does that, not the Fed.

 

[sealybobo]

I've seen videos. Who is "bigeye" and why is that trustworthy to base our belief in?

The very first thing the video claims that all the money we pay in taxes goes to pay interest on the national debt.

You've claimed this before. I showed you government websites, including the bi-partisan Congressional Budget Office and the US Department of the Treasury, showing to the penny who much is paid for interest in both debt to the public and intra government debt, showing that statement is not even close to being accurate.

It's not even logical. The Govt is about $11 trillion in debt; a bit more than half that owed to the public and the rest intra-govt. If the Govt pays 5% for its debt (and it pays less than that) that would be about $550 billion a year. Not even close to being all of the rought $2.5 trillion in taxes paid last year.

Do you believe that our entire Govt and every person working in it are part of some giant conspiracy with the goal of hiding the truth of how much the Govt pays for interest on the debt?

Why do you believe some person who put up a website over what is published by various government agencies?

Because the government is in on it.

I agree that a distrust of the Govt is healthy. On the other hand, I find it hard to believe that employees of the Congressional Budget Office and Department of the Treasury have been involved in this ongoing massive conspiracy to falsify the books and records of the Govt to make it look like the Govt only pays a portion of its tax revenues in interest as oppose to all of it as the web guy says. I just find that hard to believe. I personally find it a lot easier to believe that some guy out in the WWW who writes a website doesn't know what the hell he is talking about for his "facts."



What scam? That the Govt is paying all its revenues in interest? How do they know that?



Are you willing to learn too?



Why do you have faith that Russo has his facts right?



No, it is because a majority of the people of the US want it that way. If a majority didn't want the income tax and all the programs it funds, they'd have elected someone like Ron Paul.

Blame the people, like me, for the income tax and fed reserve because we the people want it.



It's "caveat emptor" Latin for let the buyer beware, a phrase meaning that the buyer is responsible for his decision. It's a concept that the Buyer is reponsible for investigating what he is buying, and cannot rely on what the seller tells him.

In other words, you may be right, but nothing you say or do will matter. It is what it is.

Well I don't believe that. I think we can undo it. But not when we got intelligent guys like you out defending the current system.

Sorry. The current system is better than any other system I've seen proposed. I mean, who do you really want to control our money supply? Congress? They ultimately do; they could abolish the Fed with a simple law. But they same dimwits that can't balance a budget you want to give control of the money supply with its potential devestating consequences? Does that make sense?

Look DEEPER!!! Its a fucking scam!!! Private bankers took over our country.

“Give me control of a nation's money and I care not who makes her laws” Mayer Amschel Rothschild quotes

I agree with Ms. Rothchild, and it's why I prefer the Fed system as opposed to private banks controlling the money supply.

Show me the law that says I'm required to pay income tax. If you can do that one simple thing for me please.