Should it be legal for the Federal Reserve to be privately owned? Or, legal to mint money if unelected by us?

Question

http://mail.indymedia.org/imc-houston/2002-December/005074.html

The Federal Reserve IS privately owned. It is already legal for a non elected entity to print US dollars.

This is the biggest scam in history and most people do not know of its existence.

The ability to print money is a form of invisible taxation on each and everyone of us. Through inflation (supply of money) the value of our money decreases.

Those who made glib answers by quoting government sources should make a little more effort before shooting from the hip.

In answer to modeller_db's question. We should be interested because the US dollar is the world's reserve currency. When they print money and inflate they take value from all our currencies. The current spurt of global inflation is thanks to Federal Reserves policy.

crbeach - You are wrong. The Fed is not owned by the US Government or the people.

Answer 1

The US Federal Reserve should be state owned. Any other arrangement is a con and a violation of public rights

Answer 2

Question A regarding ownership
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Opinion: No, the Federal reserve should not be privately owned.

Fact: The Federal Reserve System is not private owned, though shares in individual Fed branches are required by bank members.


The Federal Reserve is run by the Board of Governors, all appointed by the president and confirmed by congress. There is absolutely no semblance of private ownership at this level.

The confusion over ownership rises from how the 12 Branches are organized. Member banks are required to buy shares in the branch and can vote for 6 of the 9 board members. That's where it ends. They cannot sell their shares on the open market (as a private shareholder could). The shares get a standard 6% dividend; they do not get more profit regardless how it operates.

In any regard, the 12 Fed Branches do not set monetary policy. They operate per the rules and regulations set forth by congress and the Board of Governors.

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


Question B regarding minting of money
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The Federal Reserve is not authorized to print currency. That is a function of the Bureau of Engraving.

The Federal Reserve is not authorized to place orders to the Bureau of Engraving. That is a function of the Treasury.

The Federal Reserve is authorized and chartered to distribute currency in response to the currency needs of the country.

All requests for new currency from the Federal Reserve must be approved and authorized by the Treasury.

Answer 3

I have to ask - this is the Yahoo Answers UK and Ireland site. Why the hell would we be interested in the American Federal Reserves?

Answer 4

In short, the Federal Reserve is NOT federal and there IS no reserve.....and one day it will probably bite us all in the butt.

Answer 5

Congress controls the minting of money. They delegate that authority to agencies and pay companies for services rendered, just like any other area of the law.

And you might want to check your facts directly. The Federal Reserve is controlled by the government, and headed by a government appointed official.

Answer 6

Are you kidding? Who in God's name could be trusted with the printing of our money??? Bad enough we have to deal with government waste without it being accountable but printing money has to remain the responsibility of Congress.Peace!

Vin