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Old 07-18-2008, 09:16 AM
 
Location: Texas
4,933 posts, read 6,975,108 times
Reputation: 5506

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Not a dime of your income taxes go toward government services. It goes to pay interest on money that never existed to begin with. So basically the federal reserve collects principle on money they never loaned out (there was no money to loan out to begin with) as well as collecting interest. Federal reserve notes are basically IOU's with nothing backing them accept the assets the federal reserve owns (junk government treasuries). If this is above your head (I really didn't get how it could work until it finally hit me), youtube Edward Griffin.

The Grace Commission - Wikipedia, the free encyclopedia
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Old 07-18-2008, 11:51 AM
 
Location: Ohio
21,311 posts, read 15,089,573 times
Reputation: 17742
Quote:
Originally Posted by TexianPatriot View Post
why would anyone subsidize the pockets of federal reserve shareholders?
Um, you mean your pockets? You are a Federal Reserve "shareholder."

The Federal Reserve is not a publicly traded corporation. It is a private corporation under government charter and there is one shareholder: the People of the United States.
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Old 07-18-2008, 12:34 PM
 
Location: Texas
4,933 posts, read 6,975,108 times
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Quote:
Originally Posted by Mircea View Post
Um, you mean your pockets? You are a Federal Reserve "shareholder."

The Federal Reserve is not a publicly traded corporation. It is a private corporation under government charter and there is one shareholder: the People of the United States.
FRB: Federal Reserve Act: Section 7

you see nothing wrong with people like the Morgans, Rothchilds, Rockafellers, ect. making a 6% dividend yield on money that never existed?
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Old 07-18-2008, 01:09 PM
 
3,698 posts, read 10,393,050 times
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The families don't get the 6% directly - it is paid out to the member banks, which are the shareholders.

Any owner of one of the member banks (which would be anyone that owns stock in a member bank) gets the benefit of that payment.
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Old 04-13-2009, 03:01 PM
 
Location: Texas
4,933 posts, read 6,975,108 times
Reputation: 5506
bump
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