Greenspan admits The Federal Reserve is not a Government Agency (house of representatives, unemployment)

[daminos]

In an interview with Jim Lehrer, Alan Greenspan admits that the Federal Reserve is not a government agency. This should put to rest the deniers on this board who are willingly ignorant:

When asked by Jim Lehrer what should be the proper relationship between a chairman of the Fed and The President of the United States, Greenspan said:

Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't, frankly, matter.

[GregW]

The Federal Reserve Banks are privately owned and always have been. The system was set up to limit the Federal government's control of the economy.

[daminos]

Originally Posted by GregW

The Federal Reserve Banks are privately owned and always have been. The system was set up to limit the Federal government's control of the economy.

Yet a great many of people are either ignorant of this fact or deny that this is the truth.

[ovcatto]

Willful ignorance?

When you try to spin "independent agency" into not being a Federal entity, that is willful ignorance.

There is a long list of independent agencies of the Federal government whose decisions are not subject to review by another agency, but they are indeed subject to review by the US Congress.

Federal Reserve Act

Section 2B. Appearances Before and Reports to the Congress

(a) Appearances before the Congress
The Chairman of the Board shall appear before the Congress at semi-annual hearings, as specified in paragraph

(2), regarding the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy; and
economic developments and prospects for the future described in the report required in subsection

(b).The Chairman of the Board shall appear before the Committee on Banking and Financial Services of the House of Representatives on or about February 20 of even numbered calendar years and on or about July 20 of odd numbered calendar years;
before the Committee on Banking, Housing, and Urban Affairs of the Senate on or about July 20 of even numbered calendar years and on or about February 20 of odd numbered calendar years; and
before either Committee referred to in subparagraph (A) or (B), upon request, following the scheduled appearance of the Chairman before the other Committee under subparagraph (A) or (B).

(b) Congressional report. The Board shall, concurrent with each semi-annual hearing required by this section, submit a written report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives, containing a discussion of the conduct of monetary policy and economic developments and prospects for the future, taking into account past and prospective developments in employment, unemployment, production,investment, real income, productivity, exchange rates, international trade and payments, and prices.
[12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat. 3028).]

[fasterserv]

Absolutely true. American voters have got to be some of the most willingly ignorant people on the planet when it comes to politics and government propaganda.

Originally Posted by daminos

Yet a great many of people are either ignorant of this fact or deny that this is the truth.

[daminos]

It is obvious that you are willingly ignorant. Who owns the private banks that make up the Federal Reserve System? Can you name any Government Agency that is owned by a private corporation/organization?

That the Federal Reserve System Chairman must address Congress twice a year (as noted in your post about the Federal Reserve Act) gives it a very thin veneer of being a Government Agency, and, unfortunately, this is convenient because gullible people like you can easily be deceived.

[ovcatto]

...shakes his head in realization that as simple as the concept of a national banking system is, it is a bit too complex for simple minds.

[daminos]

I notice that you won't (or can't) answer two simple questions. Maybe they are too complicated for you?

[saganista]

Speaking of simple questions, what is the difference between the Board of Governors and the Federal Reserve Banks? What rights do member banks have with respect to the shares of stock in the system that they are compelled by law to hold?

[doubbltunman]

I've said it on here one hundred times, I don't care if the chairman comes before congress once a week- The Federal Reserve System is NOT the federal gov, a gov agency, controlled by congress, or WE THE PEOPLE.

It is though the biggest scam pulled on the American people ever.

The banks wrote the Federal Reserve system, some of them in fierce competition with each other. They were able to sit down and hammer it out. Why?? Because it would benefit them, make them filthy rich and gain ultimate control behind the scenes of our gov.

They have finally succeeded in their willful TREASONOUS act. These banking family dynasties, some worth over 300 trillion$ made their money off the backs of every American who ever paid interest on any loan. They hide in the shadows and you'll never see the true $ amounts they hold, making Bill Gates fortune look like pennies in a mason jar. These families hold secret meetings and determine direct events all around the world, just as Obama will find out-dare he not buck their orders.

P.S. Before the Internet, they had more control over the media and papers. They also have a direct hand in whats reported and what is not. We would be better off without the federal reserve, with the U.S. government printing and in control of it's own money. For those of you that will believe our gov controls and issues the dollar, I'm sorry to be the one to tell you-you've been lied too-swindled, cheated, etc, etc.