did you know that the Federal Reserve has nothing to do with the US Federal Government?

Question

The Federal Reserve is a number of banks and they print the money and then the US government borrows it.
Wonderful idea, huh

Answer 1

And there is no law on the books that says we must pay taxes, which goes directly to that private banking system, The Federal Reserve. When investigating, a judge ruled that the government didn't have to provide proof of the law to pay taxes.

http://video.google.com/videoplay?docid=1616088001333580937

Answer 2

Yes, the Fed was intended to be quasi-independent. It was a compromise between those that felt it should be public and those that thought it should be private. The Bank Act of 1935 removed much of the autonomy of the Fed branches and strengthened public oversight over the system.

"Nothing to do with the U.S. Federal System" is a bit strong. Consider....

- the entire Board of Governors is appointed by the President and confirmed by congress

- Congress oversees the Federal Reserve. The Fed must submit a report of activities annually, and a monetary policy report twice a year.

- The Federal Reserve is not authorized to print money. That is a function of the Bureau of Engraving. The Fed cannot order money to be printed. That is a function of the Treasury. By law, The Fed submits requests to the Treasury for all currency which must be approved

- The Fed is subject to audits by the GAO as well as independent auditors (see http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#9 )

- All "profit" from the Fed is returned to the Treasury at the end of the year (excepting the 6% dividend paid to member banks)

- The U.S. Government does not borrow from the Fed directly. All U.S. Treasury Bills are sold to the public or interagency (e.g. Social security). The Fed obtains T-Bills on the open market from the public. Is this a bad thing? 98% of the interest earned on a Fed-owned bond is returned to the Treasury.

Answer 3

Absolutely right.
And did you know that JFK was probably assassinated because he had signed an order (10010 - I think)doing away with the Federal Reserve, and enabling the government to print its own money, therefore avoiding having to pay interest to the private bankers.

Answer 4

Scary huh? The most powerful man in the country (on earth) has no duty to American voters.

That's the Fed Chairman for those unfamilure.