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Federal Reserve

What is the Federal Reserve?

Contrary to what the name implies, the Federal Reserve is actually a private organization.  The following is a bill aimed at restoring to Congress its Constitutional duty of issuing money, as an escape clause was included in the Federal Reserve Act of 1913.  For a comprehensive understanding of the Federal Reserve, we recommend reading The Creature From Jekyll Island.

THE JERRY VOORHIS BILL

 

A BILL FOR MAKING THE 12 FEDERAL RESERVE BANKS THE PROPERTY OF THE AMERICAN PEOPLE

Be it enacted., That

(a) the Secretary of the Treasury of the United States is hereby authorized and directed forthwith to purchase the capital stock of the 12 Federal Reserve banks, and branches and agencies thereof, and to pay to the owners thereof the par value of such stock at the date of purchase.

(b) All member banks of the Federal Reserve System are hereby required and directed to deliver forthwith to the Treasurer of the United States, by the execution and delivery of such documents as may be prescribed by the Secretary of the Treasury, all the stock of said Federal Reserve banks owned or controlled by them, together with all claims of any kind or nature in and to the capital assets of the said Federal Reserve banks, it being the intention of this act to vest in the Government of the United States the absolute, complete, and unconditional ownership of the said Federal Reserve banks.

Something to Think About

"I am afraid that the ordinary citizen will not like to be told that banks can, and do, create money." - Rt. Hon. Reginald McKenna, former English Chancellor of the Exchequer, Chairman of the Midland Bank, speaking at a Midland Bank meeting in January 1924.

"When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money." - from Putting It Simply, by the Boston Federal Reserve Bank.