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Federal reserve and the wealth of the AMERICAN PEOPLE?

Think about it, a small group of people including the rothschilds, royal families & rockefellers are controlling the federal reserve.

Do you actually have a question or are you just regurgitating a conspiracy theory you found on the Internet?

1. There isn’t enough gold in all of the world to back the U.S. currency. The economy is too large.

2. The Federal Reserve System is controlled by a Board of Governors, also known as the Federal Reserve Board. The Board of Governors, located in Washington, D.C., provides the leadership for the System.

The Board of Governors is the national component of the Federal Reserve System. The board consists of the seven governors, appointed by the president and confirmed by the Senate. Governors serve 14-year, staggered terms to ensure stability and continuity over time. The chairman and vice-chairman are appointed to four-year terms and may be reappointed subject to term limitations.

3. Private individuals, corporations and foreign governments cannot, BY LAW, hold more than a small amount of Federal Reserve stock. Also, stock of a Federal Reserve district bank cannot be bought or sold on the open market.

http://www.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_3.html

4. A network of 12 Federal Reserve Banks and 25 branches make up the Federal Reserve System under the general oversight of the Board of Governors. Reserve Banks are the operating arms of the central bank.

Each of the 12 Reserve Banks serves its region of the country, and all but one have other offices within their Districts to help provide services to depository institutions and the public. The Banks are named after the locations of their headquarters-Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

5. National banks are required to be member banks of the Federal Reserve. Some state banks, if they meet certain requirements, can choose to become member banks of the Federal Reserve. A member bank is REQUIRED BY LAW to subscribe to the stock of the Federal Reserve bank in their home district. This stock cannot be sold, traded or given away. This allows the Federal Reserve system some control over the amount of reserves a bank maintains. The Federal Reserve does require a bank to maintain a certain percentage of capital as a reserve, but the amount held by the Federal Reserve guarantees the member bank doesn’t short their reserves.

Approximately 38 percent of the 8,039 commercial banks in the United States are members of the Federal Reserve System. National banks must be members; state-chartered banks may join if they meet certain requirements.

Another interesting fact: The Federal Reserve owns outright $11 billion in gold reserves as evidenced by the Fed’s balance sheet. http://www.federalreserve.gov/Releases/h41/Current/

Another interesting fact #2: The Federal Reserve is required to return interest collected less a small amount for operations on U.S. Government securities to the U.S. Treasury. In 2006, the Federal Reserve collected $36.5 billion on the $770 billion in U.S. Government debt that it held. Of that amount, $29.1 billion was returned to the U.S. Treasury. Don’t believe me? Check the INDEPENDENTLY AUDITED financial statements of the Federal Reserve banks for yourself. They can be found in the Federal Reserve’s ANNUAL REPORT to Congress.

http://www.federalreserve.gov/boarddocs/rptcongress/annual06/pdf/audits.pdf

Another interesting fact #3: The Federal Reserve only holds about 8% of the total U.S. debt. Another 44% is held by THE U.S. GOVERNMENT! Yes, the government lends money to itself. Only about 47 to 48% of the total U.S. debt is held by private individuals, corporations and foreign governments.

http://www.fms.treas.gov/bulletin/index.html

http://www.treasurydirect.gov/NP/BPDLogin?application=np

BTW, that quote you have probably seen supposedly attributed to Woodrow Wilson is false. First, most of the quote is taken out of context from campaign speeches he made in 1911 and 1912. Since the Federal Reserve act wasn’t signed until 1913, how can they apply? You can read them for yourself in Woodrow Wilson’s book, “The New Freedom” which was published in 1913. You can get it from the Project Gutenberg at http://www.gutenberg.org/etext/14811
BTW, the quotes were referring to companies that were forming monopolies and his concern over anti-competitive acts by those companies.

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